Investor Relations

Latin America

~525 Million Consumers Across 39 Markets

~525 Million Consumers Across 39 Markets

The Coca-Cola Company’s Latin America segment includes 39 markets (primarily developing and emerging) with ~525 million consumers and an industry retail value of ~$100 billion.


~525 million consumers

~$100 billion in industry retail value

~55% Reported NARTD value share

Organic Revenue Growth (Non-GAAP)

Comparable Currency Neutral Operating Income Growth (Non-GAAP)

Key Bottlers

Coca-Cola FEMSA
Coca-Cola SOLAR BR
Arca Continental
Coca-Cola Andina

The Power of Quality Leadership

Watch Alfredo Rivera, former president of the Latin America segment, speak about the power of quality leadership.

2022 Unit Case Volume by Category

Value Share Position


Sparkling Soft Drinks


Juice, Value-Added Dairy & Plant-Based Beverages


Water and Sports Beverages


Hot Beverages (Coffee and Tea)



2022 Highlights

  • Through aligned strategic priorities and enhanced execution in the market, we have gained 2 full points of NARTD value share since 2019.
  • We partnered with Rock in Rio, one of the biggest music festivals in the world, and created consumer content through livestreams and in the metaverse, boosting our reach from ~700,000 attendees to 45 million-plus regional consumers, growing festival sales double digits vs. the previous festival.
  • Our Modern Trade channel grew double digits in the fourth quarter, the sixth consecutive quarter it has grown double digits as we continue to reach more customers across the region.
  • Key collection programs like our partnership with Rappi™ are driving strong results, with countries like Panama achieving 100% collection during the year.
  • Established foundational distribution framework with key regional bottlers to enable the research and growth of potential future revenue streams.
  • While we continue to explore the Emerging category, numerous RTD rollouts like our Schweppes Premium Drink cocktails accelerated category growth over 130% during the year.

Quality Leadership in Action

A Business Embracing Agility

Latin America is a diverse group of countries with rapidly growing economies and fast-evolving consumers. 2022 marked an exceptionally transformational year for our LATAM business, as we embraced digital solutions for both ourselves and our customers and enabled a step-change in the digitization of our relationships across the industry, while establishing critical Long-Term Relationship Models (LTRM) with many of our bottlers, and continuing to launch consumer focused innovations like our alcohol ready-to-drink launches of Jack & Coke and Schweppes Premium Drink cocktails.

In the segment, more the 70% of traditional trade customers are now digitally connected and ordering via a non-salesperson dependent method, freeing those employees up to win incremental business. Further, we have noticed a mid-single-digit uptick in order size for those establishments who regularly order via these solutions, as storeowners can more strategically purchase shipments on their own time.

The LTRM is an evolution in our relationship, and empower our bottlers to "grow the pie" today by opening up avenues to earn incremental income and establishing certain corridors and milestones to ensure an equitable value can be arrived upon. As we have continued to experiment outside of our traditional categories, we see a tremendous opportunity in the ARTD space. Latin America has proven to be a successful learning ground and will continue to selectively participate within the category, leveraging the expertise and executional strengths of our regional bottling partners and enhanced organizational alignment.