Hard seltzer has been trending strongly, and Coca-Cola wants a piece of the pie. Indeed, off-premise hard seltzer sales showed a shocking 160% year-over-year increase in 2020, reaching a number of $4.1 billion.
Coca-Cola recently created its own version of hard seltzer, not intimidated in the slightest by other companies such as White Claw and Truly that have dominated the market. In their initial trial run, Coca-Cola is pretty encouraged by the feedback they’ve received.
“So the early responses in Latin America and Europe are good,” Coca-Cola Chairman and CEO James Quincey happily divulged. “It has been in the U.S. for a couple of weeks, particularly in the Southern states and particularly Texas where Topo Chico is very strong.”
Quincey added that in only two weeks, the product has be doing particularly well in Texas. But he also acknowledged the fact that they’ve still got a long road ahead if they want to roll the product out nation-wide.
Coca-Cola is one of the largest conglomerates in the entire world, so it makes sense that they’d jump on the hard seltzer trend. If any company can keep up with times, they sure can.
As a result, Coca-Cola shares have been slightly up as of early this week.
