Coca-Cola is no longer "happy". This drink, which has always occupied the C position of the Spring Festival Eve dinner, is facing the bleak situation of "not much sales abroad, but not much sales domestically" - according to its recently released performance report, its global single-box sales were flat last year, which means that Coca-Cola has experienced zero growth for the first time in the past 10 years, and it can be said to be "not selling much."


Text | "BUG" column Zhou Wenmeng

In the Asia-Pacific market, including the Chinese market, operating profits fell by 5% year-on-year last year; the Q4 financial report was the bleakest, with operating profits plummeting 36%, which can be said to be "unsaleable."

At the same time, with the price increase strategy in the past two years, a large number of complaints have been made on social platforms that "Coca-Cola is getting worse and worse", "the taste has changed" and "it has no sweetness". Expert analysis points out that simply relying on price increases will no longer work. In the future, we must rely on "volume" to share costs, otherwise we will fall into a cycle of "the more prices go up, the less people will buy them."

Zero sales growth for the first time in 10 years, CEO says it’s “exciting”

According to Coca-Cola's latest financial report, for the full year of 2025, the company's revenue was US$47.941 billion, an increase of 2%; net profit was US$13.137 billion, an increase of 23%; global single-box sales in 2025 were flat (zero growth). By category, sales of flagship brand Coca-Cola increased by 1% in the fourth quarter and remained flat for the whole year; sales of sugar-free Coca-Cola increased by 13% in the fourth quarter and 14% for the whole year.

In this regard, James Kunjie, Chairman and CEO of The Coca-Cola Company, said: "The performance in 2025 is exciting and fully demonstrates the resilience and growth momentum of our business."

But there is an indisputable fact: In 2025, Coca-Cola's global single-box sales will show zero growth for the first time in 10 years. The company's previous market strategy of "volume and price increases" has changed, and performance growth will come more from product price increases.

According to Coca-Cola's financial report, the main reason for the stagnant sales volume is that growth in Central Asia, North Africa and Brazil was offset by declines in the United States, Mexico and Thailand. However, from a global perspective, the stagnant growth of the Central Asian market, including China, is also a key factor in the slowdown in the company's sales and performance growth. By the fourth quarter of 2025, Coca-Cola's revenue in the Asia-Pacific region, including China, was US$1.139 billion, down 7% year-on-year; operating profit was US$250 million, down 36% year-on-year.


If the timeline is stretched out, the data in China can be seen in the Hong Kong stock financial reports of COFCO and Swire. According to incomplete statistics in the "BUG" column, based on the financial reports disclosed by COFCO Coca-Cola and Swire Coca-Cola's two authorized partners in China, as early as 2021, Coca-Cola's revenue in mainland China reached approximately HK$48.558 billion. However, by 2024, the company's revenue dropped to approximately HK$46.725 billion, showing a volatile downward trend.

This means that in the Asia-Pacific market, which is the most densely populated and has the greatest theoretical growth potential, Coca-Cola's sales are hardly optimistic.


In the financial report, Coca-Cola Chief Operating Officer Perry Kay said bluntly, "China is one of our most important markets. We are implementing a long-term development strategy in China, continue to consolidate our high-quality leadership position in our core business, and have made solid progress."

But the fact is that in the Chinese market, the situation faced by Coca-Cola is far more complicated and difficult than imagined.

Looking at the domestic market, local beverage companies such as Dongpeng Special Drinks, Nongfu Spring, and Yuanqi Forest have received more positive market feedback. According to Dongpeng Beverage's 2025 performance forecast, the company's revenue in 2025 is expected to be 20.76 billion to 21.12 billion yuan, and the net profit attributable to the parent company is 4.34 billion to 4.59 billion yuan, a year-on-year increase of 31% to 33% and 30% to 38% respectively. In addition, Nongfu Spring’s revenue in the first half of 2025 was 25.622 billion yuan, a year-on-year increase of 15.6%, showing strong performance. As a thorn in the side of Coca-Cola, Yuanqi Forest has grown from 600 million in revenue in 2019 to tens of billions today, forcing Coca-Cola to launch sugar-free sparkling water many times, but with little success.

The price has gone up, but the taste has changed, and consumers won’t pay.

In addition to external competitive pressure, the underlying reason for the slowdown in Coca-Cola's revenue and even sales growth is that its proactive adjustment of the formula has led to a "blander" taste. At the same time, the company failed to follow up on changes in consumer trends and frequently raised prices, resulting in less impulse orders from consumers.

On online platforms such as Xiaohongshu, a large number of comments such as "Coca-Cola is getting worse and worse", "the taste has changed" and "no sweetness anymore" have been heard one after another, eroding Coca-Cola's brand reputation. Behind this, due to cost considerations, Coca-Cola replaced sugars with better taste but more expensive prices such as sucrose with cost-effective sugars such as corn sugar and fructose syrup. This approach became the reason for the change in the taste of Coca-Cola.

In July last year, U.S. President Trump revealed on social media that he was discussing with Coca-Cola Company to "change the sweetening ingredient used in Coca-Cola from high-fructose corn syrup to sucrose, and said that such Coca-Cola is 'better.'" This approach also directly reflects the fact that Coca-Cola's "taste has deteriorated."


What is even more noteworthy is that while the taste has "changed", in recent years, Coca-Cola has also frequently raised prices and other actions to further increase product gross profit, thereby earning more profits from agents and even consumers.

Through the 2025 full-year financial report, we can intuitively find that when the company's sales volume remains flat, the average price of the company's products will increase by 4% in 2025, and the product price increase will not increase the volume. Domestically, in the first half of 2024, Swire Coca-Cola companies in Hubei, Jiangxi, Zhengzhou and other places issued price adjustment letters intensively. Price increases for many products ranged from 7% to 25%, and the recommended price of 500ml Coke increased from 3 yuan to 3.5 yuan.

With new product iterations weak and the classic Coca-Cola flavor changing, price increases are tantamount to drinking poison to quench thirst.

In this regard, some expert analysis pointed out, "In the past, Coca-Cola took advantage of global inflation and used methods such as 'increasing prices for large packages, shrinking small packages, and transmitting sugar taxes' to increase profits when sales were flat. But now the underlying logic has changed, and consumers in markets such as Europe and the United States have begun to refuse 4 There is no room for raising the price of a US$1 bottle of Coca-Cola; in addition, the US$1-USD Pepsi and regional brands have become substitutes for Coca-Cola. Simply relying on price increases will no longer work. In the future, we must rely on ‘volume’ to share costs, otherwise we will fall into a cycle of ‘the more prices go up, the less people will buy them.’”

According to Coca-Cola's management change plan, on March 31, 2026, current executive vice president and chief operating officer Bai Ruike will succeed Zhan Kunjie as the company's CEO. After nine years at the helm of the company, Zhan Kunjie will transition to executive chairman and continue to participate in corporate strategic decision-making.


(Coca-Cola’s current executive vice president and chief operating officer, Brickey)

According to the data, Perika joined Coca-Cola in Atlanta in 1996 and has since held a number of important positions in North America, Europe, Latin America and Asia. His responsibilities cover areas such as supply chain, new business development, marketing, innovation, general management and bottling operations, and his position levels have gradually increased. From 2013 to 2016, he served as the president of Coca-Cola's Greater China and South Korea operations, and was deeply involved in the Chinese market layout.

After the coaching change, the answer will soon be revealed as to whether Pericay can lead Coca-Cola back on the track of growth in Greater China to win greater market opportunities.