Coca-Cola sees boost to 2024 revenue from rising soda demand in US

Coca-Cola is aiming to hit the higher end of its organic sales forecast for 2024 as growing demand for its higher-priced sodas and juices in the US helped it post a surprise rise in quarterly sales on Wednesday, reports Reuters.

Shares of the company, however, fell 1.5 per cent in premarket trading as Coca-Cola reiterated its growth forecast for annual adjusted profit to be between 5 per cent and 6 per cent despite price hikes.

Coca-Cola has been experimenting with pack sizes to drive growth. It offered 12-ounce slim cans to attract customers with tight budgets in the US, while launching reformulated versions of its Sprite and Fanta in India and South Korea.

Its average selling price rose 10 per cent in the third quarter, while unit case volumes fell 1 per cent. It expects annual organic sales to grow about 10 per cent compared with a prior view of 9 per cent to 10 per cent rise.

In Europe, the company has been spending heavily to sponsor music festivals and sporting events such as the Euro 2024 Football Championship and the Paris Olympics to attract youth.