Beverage maker Coca-Cola said its unit case volumes in developing and emerging markets benefited from “strong growth” in India in the October-December quarter, in its earnings release announced Tuesday.

Coca Cola Company chairman James Quincey said in an earnings call that India “had a cracking year” in 2022 and is off to a strong start this year. “We are encouraged by the potential to develop a fantastic beverage industry in India over many decades.. India typifies the long-term potential of the beverage industry to keep growing and I think it’s a market that is set to take off,” he said.

The maker of Coca-Cola, Thums Up and Sprite fizzy drinks said its developing and emerging markets declined low single digits for the quarter and grew mid single digits for the year, but that the performance benefited from strong growth in India and Brazil.

The company said its sparkling flavours unit case volumes declined 2 per cent for the quarter but grew 5 per cent in the year. In the ready-to-drink beverages segment, the company gained value share, led by gains in India, Australia, Japan, and South Korea, it said.

The company said its Thums Up brand experienced its highest monthly market share during the ICC World Cup Stump Cam campaign activation period. “The campaign showed strong results with Thums Up growing volumes ahead of the total sparkling portfolio in India during the activation period,” Quincey said on the call.