How Coca-Cola Plans To Stay On Top Of The Beverage Industry
Coca-Cola is on a mission to rise not only in the soda industry, but across drink categories as a "total beverage company." Despite the overall shift in consumer preferences toward less sugar and more healthy options when it comes to drinks, the beverage giant plans to stay on top with a new business strategy to pave the way to more success in the future.
James Quincey, who will take over as the company's CEO in May, introduced a plan called "Coke's Way Forward" to better shape the company to expand not only domestically, but globally, Adweek reported. The plan will include broadening the company's offerings with organic tea, coconut water, dairy, coffee, juices, and water.
"We're organizing the company to be the leader in every one of those categories," Katie Bayne, senior vice president of global sparkling brands at Coca-Cola, said.
The company also plans to reduce sugar in more than 500 of its beverages this year to cater to the consumer trend away from sugary drinks. Additionally, the company plans to offer smaller package sizing and mini bottles to encourage buying small rather than not at all.
"Every market around the globe is growing their small sizes, because consumers want them," Bayne said. "It's a great way for people to come back to Coke or try it for the first time."
Coca-Cola is also launching products with added benefits, such as Coca-Cola Plus with added fiber in Japan and Coke infused with vitamin-C in China.