Global consumer giants The Coca-Cola Company and Mondelez International have identified India as a top priority market, outlining fresh investments and expansion strategies at the recently concluded Consumer Analyst Group of New York (CAGNY) conference.
Amid slowing growth in developed markets, both companies highlighted India’s scale, consumption potential and long-term growth trajectory as central to their global strategies.
Coca-Cola’s Global Chief Financial Officer John Murphy said the beverage maker will continue advancing its refranchising strategy in India and Africa while investing in technology and optimizing capital allocation.
“We know we need to invest more in new capabilities, particularly with the role that technology increasingly plays in our lives. We have a capital allocation model that is tried and true,” Murphy said.
Over a year ago, Coca-Cola sold a 40% stake in Hindustan Coca-Cola Holdings to Jubilant Bhartia Group for around ₹12,500 crore as part of its asset-light strategy. The company has also divested bottling operations in parts of Gujarat, Rajasthan, Bihar, the Northeast and West Bengal to independent franchise bottlers over the past two years.
India is currently Coca-Cola’s fifth-largest market by volume. The company reported a gain of $102 million from refranchising some of its bottling operations in India during the year ended December 2025.
Murphy added that Coca-Cola will continue to support some company-owned bottling franchises in India and Africa in the near term, but expects that exposure to reduce over the next few years as the refranchising journey progresses.
Meanwhile, Mondelez underscored India as one of its most compelling growth opportunities. Presenting at the same conference, Chief Financial Officer Luca Zaramella said India is a $1.7 billion revenue market for the confectionery major, backed by strong growth and cash generation.
Mondelez operates four local manufacturing facilities in India and caters to around 4.5 million retail outlets. The company has direct distribution coverage across 2.5 million stores and plans to add nearly 100,000 outlets annually as it expands its volume-led growth engine.
The maker of brands such as Cadbury and Oreo said it is leveraging a local-first operating model and strengthening route-to-market capabilities to drive deeper penetration across priority markets, including India.
With rising disposable incomes, urbanisation and premiumisation trends reshaping consumption patterns, both Coca-Cola and Mondelez see India as a critical pillar of their emerging market growth strategy.