The Coca-Cola Company (KO) Morgan Stanley Global Consumer & Retail Conference summary

Growth outlook and industry dynamics

• Confident in achieving top-end growth of 5–6% through a balanced contribution from volume and pricing, returning to pre-pandemic patterns.

• Beverage industry retains significant long-term growth potential, especially in emerging markets where per capita consumption is low.

• Volume growth is expected to remain in the 1–2%+ range, with pricing power maintained through innovation and execution.

• Mix management leverages premiumization and affordability, tailored by country and market maturity.

• Developing and emerging markets drive most of the volume growth, with long-term consistency in countries like India and Nigeria.

Portfolio strategy and innovation

• Sparkling beverages, especially zero sugar variants, have sustained momentum through relevant marketing and packaging innovation.

• Portfolio management focuses on doing justice to each brand and adapting to consumer preferences, not dictating consumption.

• Health and wellness trends are addressed by offering a variety of options, including low/no calorie and functional beverages.

• Adaptability in product and packaging helps navigate regulatory and consumer shifts, including trends like GLP-1.

Sustainability and business strategy

• Sustainability is integral, with updated goals on water, packaging, and climate, aiming for water positivity and circular packaging.

• Water stewardship includes replenishing more water than used and relocating plants as needed.

• Packaging strategy emphasizes recyclability, material reduction, and cost efficiency.

• Energy efficiency and green energy adoption are key to climate goals.