Beer companies trying to get a slice of the expanding hard-seltzer pie makes immediate sense. Coca-Cola, on the other hand, isn't known as a booze purveyor. The company hasn't sold alcohol in the U.S. since it dropped its line of wines in 1983, according to Forbes. The only alcohol Coca-Cola markets currently is Lemon-Do, launched in Japan in 2018. Coke's biggest recent attempt at world domination — er, market expansion — was in the realm of coffee. Coca-Cola acquired Costa, Britain's biggest coffee chain, in 2018 for $5.1 billion (via CBS News). The Topo Chico purchase one year earlier was peanuts in comparison, costing Coca-Cola a mere $220 million.
In the unending effort to boost profits and please investors, soft drink companies are always looking to diversify and keep up with consumer tastes. The market for hard seltzer is expected to grow more than 20 percent per year through 2024, according to The Spirits Business. Coca-Cola gets 69 percent of its revenue from soft drinks (via The Motley Fool), a market that is growing at a rate of 6 percent per year (via PR Newswire).
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August 01, 2020 at 12:17AM
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Why everyone's talking about the new Topo Chico drink - Mashed
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