Many of the biggest food and beverage manufacturers in the world are nervously eyeing weight loss drugs, wondering what the trend will mean for their bottom line.
But Coca-Cola, the third-largest soft beverage producer in the world, isn’t worried, according to its CEO.
That’s because for years the company has been investing in diet and zero-sugar alternatives to its most popular products, like the classic Coca-Cola drink as well as Sprite and Fanta.
Having increased its full-year outlook during its Q3 earnings call this week, and watched its share price jump following the news, Coca-Cola is entering the final quarter of the year on a high.
CEO and chairman James Quincey said the company is currently seeing minimal impact from drugs like Ozempic and Wegovy.
“As we stand here today there’s very little data on what’s actually happening other than some anecdotal stuff,” Quincey told CNBC’s ‘Squawk On The Street’, adding that even projections don’t envision a “fundamental change” to the beverage industry.
“What’s important and distinctive about the Coca-Cola company from the beverage industry in general [is that] we in particular have been on a journey for those people who want to consume less calories, to provide zero calorie drinks, to have innovation, to take down the calories in other drinks, and to have smaller package sizes,” Quincey continued.
Indeed, 28% of the company’s global portfolio is now in low or no sugar products, while approximately 66% of its sparkling portfolio now comes in packages containing 100 calories or less.
The company also navigated a potential issue after a leaked WHO memo revealed aspartame, a sweetener used in common drinks and foods such as Diet Coke, would be labeled a possible carcinogen by the organization’s cancer research arm.
However, a second report released a month later from the World Health Organization confirmed that an ingredient found in the drink is safe at “real-world exposure levels.”
According to the findings—which were conducted by 13 members and 13 experts from 15 countries—the average 154lb person would need to consume more than nine to 14 cans of diet beverages every day over the course of their life to raise safety concerns.
“We think an environment where people an environment where people are looking to consume less calories … absolutely, we have the portfolio that is fit for that,” Quincey continued….
Click Here to Read the Full Original Article at Fortune | FORTUNE…