Coca-Cola Europacific Partners Reports Strong 2023 Growth and Optimistic 2024 Outlook
Coca-Cola Europacific Partners (CCEP) has announced its financial results for 2023, highlighting a solid year of revenue growth and profitability. Strengthened by continued consumer demand and strategic pricing initiatives, CCEP remains confident about its outlook for 2024, despite macroeconomic challenges.
Revenue Growth and Profitability
CCEP reported a 7.5% increase in comparable revenue, reaching €18.3 billion. Revenue per unit case saw a 10% rise, driven by price adjustments and favorable product mix shifts. Meanwhile, volume declined by 2%, a result of price elasticity and changing consumer behaviors.
Comparable operating profit grew by 8.5% to €2.5 billion, supported by disciplined cost management and improved efficiencies. The company’s strategic efforts in revenue management helped offset inflationary pressures impacting raw materials and logistics costs.
Strong Performance Across Markets
All major regions contributed to growth, with Europe’s revenue increasing by 7% and the Asia-Pacific market showing resilience, despite some volume softness. France, Germany, and Iberia demonstrated particular strength, reflecting successful portfolio diversification and increased demand for low- and no-sugar options.
In Australia and Indonesia, pricing strategies and brand innovations helped counterbalance fluctuating market conditions. The company’s ability to adapt to regional consumer preferences played a crucial role in maintaining overall growth momentum.
Investments in Sustainability and Digital Transformation
CCEP continued to advance its sustainability commitments, making progress toward its net-zero goals and increasing investments in recycled packaging solutions. Digital transformation remained a priority, with further enhancements in supply chain efficiency and data-driven customer insights.
2024 Outlook: Confident Despite Headwinds
Looking ahead, CCEP projects mid-single-digit revenue and profit growth for 2024, emphasizing ongoing cost discipline and market expansion strategies. While macroeconomic uncertainties persist, the company remains focused on driving value through product innovation, premiumization, and further expansion into emerging markets.
CCEP’s strong performance underscores the resilience of the beverage sector, reinforcing its position as a key player in the global FMCG landscape.