Varun Beverages still has fizz

This is the second part in our year-end Public Markets Special for 2023. Read more about it here.

Consumption has always been deemed a strong theme in India. Players are fond of quoting low penetration figures to advertise consumption’s growth potential. While it may be too far-fetched to expect India to reach the per capita consumption levels of more developed countries, the low base and expanding middle class do offer many opportunities. This is especially true for low-value but high-aspiration categories. Such as branded beverages.

First, a quick look at the numbers. Household penetration of cold beverages in the …