Coca-Cola Icecek market share falls amid boycotts 

TURKEY – Coca-Cola Icecek AS has recorded market share declines in two of its largest markets as boycotts targeting Western brands linked to Israel reshape consumer behavior across several regions. 

The Istanbul-based bottler and distributor reported its share of the Turkish market dropped five percentage points to 54%, while in Pakistan, its sparkling beverage market share fell by four percentage points, according to recently released company data. Similar declines were recorded in Kyrgyzstan, Jordan, and Uzbekistan. 

“Boycotts have had an impact evidently in these markets,” said Hasnain Malik, head of equity strategy research at Tellimer Technologies Ltd. “That creates a lasting opportunity for smaller, locally-branded competitors, absent any change of popular perception about the incumbent.” 

The company continues to face both geopolitical and macroeconomic headwinds. Its second-quarter net income fell 31% to 5.1 billion liras (US$124 million), though the results still came in above analyst expectations.  

Chief Executive Officer Karim Yahi has previously acknowledged the pressure from the Middle East conflict but emphasized that overall volumes are still growing, supported by Coca-Cola Icecek’s dominant position across Central Asia. 

Local brands have begun capitalizing on the shift in consumer sentiment. Cola Next in Pakistan and Mojo in Bangladesh have gained marginally, though analysts maintain that Coca-Cola’s global recognition provides resilience.  

“Most people who wanted to boycott Western brands have already done so,” said Alex Dray, director of emerging markets research at Gimme Credit. “Consumers are likely to return when the conflict ends.” 

Coca-Cola to close Massachusetts site 

Separately, Coca-Cola has confirmed it will close its Northampton bottling plant in the UK by the end of 2025, placing about 300 jobs at risk.  

The facility, which produces non-carbonated drinks such as Minute Maid, was initially slated for closure in 2021, with operations extended several times. 

Local officials attributed the delays to complications in transferring bottling to a third party. State Representative Lindsay Sabadosa noted that outbreaks of E. coli and financial instability at the successor firm hindered the transition. 

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