India expected to emerge as one of Coca-Cola’s top three markets, says Murphy

New Delhi: Coca-Cola expects India’s growth momentum to remain robust in the year ahead and sees the country emerging as one of its top three global markets in the coming years, according to Global President and CFO John Murphy.

Speaking in New Delhi on Friday, Murphy said the Indian market rests on a strong foundation, supported by resilient consumer sentiment and an evolving retail landscape, even as the company faced weather-related disruptions in 2025.

“Notwithstanding how many items have come at us over the last couple of years, I think the underlying consumer sentiment overall is quite robust. There are some markets where that's not the case. But I think when I look at the year ahead, it's a pretty solid foundation from which we can look at,” Murphy said during a selected media roundtable.

India is currently the fifth-largest market for The Coca-Cola Company by volume. The company operates in the country through its bottling arm Hindustan Coca-Cola Beverages (HCCB) and multiple bottling partners.
When asked whether India could move into Coca-Cola’s top three markets globally, Murphy said, “I think India is moving in the right direction”.

Coca-Cola had described 2025 as a challenging year in India, citing a shorter summer season caused by higher-than-normal monsoon rainfall. However, the company expects growth momentum in 2026 to continue to be “very robust”.

“And it has all of the underlying fundamentals to believe that it will be top 3 in the coming years,” Murphy said.
According to Murphy, India remains one of the company’s most important markets, with several structural factors supporting sustained growth over time. He pointed to government measures over the past decade, including investments in infrastructure, universal electrification and the digitisation of the economy, as key contributors to consumption growth.

“I think that's not a one-year or three-year or five-year journey; that's a long journey, and continuing to invest in those foundational areas to stimulate the economy, I think, is very important. Secondly, think it's important to encourage investment and to encourage investment across multiple sectors,” he said.

Commenting on the rise of e-commerce and hyperlocal delivery platforms, Murphy said, “Digitisation of the economy is going to be a pretty significant tailwind for a business like ours”.

Coca-Cola completed the divestment of a 40% stake in HCCB to the Jubilant Bhartia Group last year.