Investor Relations

Europe, Middle East & Africa

~2.0 Billion Consumers Across ~130 Markets

~2.0 Billion Consumers Across ~130 Markets

The Coca-Cola Company’s Europe, Middle East & Africa segment features ~130 markets and approximately 2.0 billion consumers with ~$254 billion in industry retail value.


~2.0 billion consumers

~$254 billion in industry retail value

~23% value share

Organic Revenue Growth (Non-GAAP)

Comparable Currency Neutral Operating Income Growth (Non-GAAP)

Key Bottlers

Coca-Cola Europacific Partners
Coca-Cola Icecek
Coca-Cola Hellenic Bottling Company
Coca-Cola Beverages South Africa

Strengthening Our System for Enduring Advantage

Watch Brian Smith, President and Chief Operating Officer and former president of the Europe, Middle East & Africa segment, speak about strengthening our system for enduring advantage.

2021 Unit Case Volume by Operating Unit

2021 Unit Case Volume by Category

Value Share Position


Sparkling Soft Drinks


Juice, Dairy & Plant




Tea & Coffee



2021 Highlights

  • EMEA showed resilience despite varying levels of lockdown throughout the majority of the year, with sequential improvement versus 2019 and full year volume ahead of 2019.
  • The KO system delivered the highest incremental retail value in Europe among FMCG players, while winning value share across nearly all categories.
  • Eurasia and Middle East recorded winning performance across most metrics, with system recovery outpacing the economic recovery, and share gains in both NARTD and sparkling soft drinks.
  • Increased focus on premiumization efforts in key African markets helped drive year over year revenue growth.
  • Successful relaunch of Coca-Cola Zero Sugar as double-digit volume growth continues to drive share gains for NARTD in EMEA with value share growing ahead of volume share.

Quality Leadership in Action

Integrated Execution Driving System Excellence

It goes without saying that strong innovation and marketing would not take flight without excellence in execution. Working with our bottlers, we are constantly seeking to provide optimized customer solutions by segmenting markets based on occasion, brand, price, package and channel. This led to driving the highest incremental retail value among FMCG players in Europe in 2021.

Digging deeper into system alignment, we have leveraged the learnings from refillable successes in LATAM and begun to roll out the refillable initiative across the segment and are seeing promising signs of success in areas where the universal bottle and affordability RGM campaigns work in tandem, like in South Africa. Additionally, in more developed markets like Germany where collection rates are high, we were able to couple our refillable initiatives with a premiumization strategy, to offer consumers a highly sustainable glass bottle which led to winning an incremental 1 million households in 2021 versus 2019.