Coca-Cola India sets $1 billion sales target for Maaza by 2023

MUMBAI: Coca-Cola India aims to more than double retail sales of its mango beverages brand Maaza to $1 billion (Rs 6,850 crore) by 2023, as part of its strategy to widen fruit-based business.

The 40-year-old brand currently has annual sales of less than $400 million in India.

"At present, only 20% of the population would have tried Maaza. The remaining 80% is an opportunity for us and we will increase our distribution to achieve that," Coca-Cola India and South West Asia president Venkatesh Kini said.

The company said its bottlers will be setting up five greenfield projects in the next two years, and at least half of them will have manufacturing lines for Maaza. Coca-Cola and its bottlers in India procure mango pulp worth Rs 500 crore annually and the new target is to expand this to Rs 1,100 crore.