Coca-Cola's namesake cola saw its largest volume increase in close to two decades thanks to a boost from the World Cup.
The beverage giant said in an earnings call Tuesday that Coca-Cola volumes grew 5% in the second quarter, the biggest volume jump in 17 years excluding COVID-19 recovery. Powerade volume also grew 8% during its second quarter.
Coca-Cola products had an average incidence of 80% across venues in 16 World Cup host cities. CEO Henrique Braun said it was the highest incidence of beverages ever in the tournament, which equates to about one drink per attendee at the venues.
Powerade was additionally a sponsor of World Cup Hydration Breaks, or three minute pauses in game play to help players combat high temperatures.
Coca-Cola was the official nonalcoholic beverage sponsor of the World Cup, which took place from June 11 to July 19. The beverage giant said the event reflected how Coca-Cola is leveraging consumer insight and innovation to drive growth, a major priority for Braun as the company seeks to build more $1 billion brands.
“We entered the tournament with a stronger foundation and greater system alignment, allowing us to bring the activation to life with more speed, precision and scale,” Braun said on the call.
The company’s approach to the World Cup included updated packaging and increased digital engagement, each tailored to local markets, according to Braun.
“When you talk about the overall result, it definitely helped us, but it helped because we are ready for it,” Braun said.
Coca-Cola’s overall net revenue grew 7% to $13.4 billion in the second quarter, and it additionally gained value share in the nonalcoholic ready-to-drink category.
The World Cup represented a massive marketing opportunity for CPG companies across market segments. Circana data shows that consumers preferred to watch World Cup matches at home rather than bars or restaurants, which led to more repeat shopping drips for beverages and snacks.
Braun said the World Cup was "one factor" in Coca-Cola's performance, noting how other innovations also helped power earnings, including the new Mr. Pibb formulation, which grew volume 20%.
