Coca-Cola and Mondelez elevate India as priority

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TLDR

Coca-Cola and Mondelez reinforced India’s importance as a key global growth market at the CAGNY conference, with Coke expanding refranchising and investing in tech and Mondelez focusing on a local-first growth model in India and other emerging markets. India ranks among Coca-Cola’s top five markets and is central to both companies’ strategies.

Article

At the Consumer Analyst Group of New York (CAGNY) conference, global consumer companies Coca-Cola and Mondelez identified India as a “top priority market” amid broader global economic headwinds and saturation in other regions.

John Murphy, Global CFO, Coca-Cola:

“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 and has been in place.”

Mondelez presentation (via CFO Luca Zaramella):

The company said it is “leveraging a local-first operating model, advantaged route-to-market capabilities and significant headroom across priority markets including India, China, Brazil and Mexico.”  

Coca-Cola’s growth and refranchising focus

Coca-Cola’s global CFO, John Murphy, highlighted the company’s plan to “continue to complete the play on refranchising, notably in India and Africa,” emphasizing investments in new capabilities — particularly technology — and optimizing equity over time. The company, which sold 40 % of its stake in Hindustan Coca-Cola Holdings to Jubilant Bhartia Group in a deal worth around ₹12,500 crore, plans to prioritise improved working capital management. Coca-Cola reported a gain of $102 million in 2025 from refranchising bottling operations in India and elsewhere. India remains the fifth-largest market for Coca-Cola by volume.  

Mondelez’s emerging market strategy

Mondelez, which leads the Indian confectionery segment by market share, outlined its focus on expanding a scaled, volume-led growth engine across emerging markets, including India, China, Brazil, and Mexico. Its strategy hinges on a “local-first operating model, advantaged route-to-market capabilities and significant headroom across priority markets.”  

India’s rising significance

Both companies’ emphasis on India reflects broader industry recognition of the country’s consumption potential and growth opportunities, differentiating it from slower or saturated markets globally.