India 4th largest market for smartwater: Coca-Cola

India is the fourth largest market globally for premium bottled water brand 'SmartWater', Coca-Cola said while announcing its results for the third quarter.

New Delhi: India, China and Southeast Asia drove the volume growth for Coca-Cola in the Asia Pacific region where unit case volume rose by 4 per cent during the third quarter of 2019, the US-based beverages giant said on Friday.

India is the fourth largest market globally for premium bottled water brand 'SmartWater', Coca-Cola said while announcing its results for the third quarter.

During the year, the company has leveraged its framework to successfully grow SmartWater in India, where it has become the second-largest premium water brand in the market since its initial launch in 2018, Coca-Cola said in a release.

"India is now the fourth-largest market globally for the smartwater brand, with a target to be in 90,000 outlets by the end of 2019," said Coca-Cola.

According to the company, water, enhanced water and sports drinks grew 2 per cent during the quarter "led by the Ciel and Cristal brands in Latin America and strong growth in Dasani internationally as well as Kinley in India, partially offset by the deprioritization of low-margin commodity water in China."

During the quarter, CoCa-Cola's net revenues grew by 8 per cent to USD 9.5 billion. Profit jumped by 38 per cent to USD 2.6 billion.

Commenting on the results The Coca-Cola Company chairman and CEO James Quincey said:" Our performance gives us confidence that our strategies are taking hold with our consumers, customers and system,"

He further added: "We are positioning the company to create a better-shared future for all of our stakeholders by delivering on our vision and growing sustainably."

It's signature Coca-Cola brand posted a retail value growth of 6 per cent globally (year-to-date) "through an accelerated pace of innovation and optimizing price pack architecture in the marketplace."

Introduced in 1996 in US markets, Glaceau smartwater was acquired by the Coca-Cola in 2007 and is now available in several countries including UK, Australia, Canada and the Middle East.

It is Coca-Cola's one of the billion-dollar brand.