Bloomberg: Coca-Cola has lost market share in Pakistan and Turkey due to ongoing boycott campaign

WORLD, Sept. 17 (YPA) -Coca-Cola Icecek AS (CCI)  has lost market share in both Pakistan and Turkey due to ongoing boycott campaigns targeting Western brands linked to “Israel”, Bloomberg reported.

However, the product’s dominant position is likely to protect it from any long-term fallout from the prolonged conflict in Gaza, according to the report.

As per the report, CCI’s share of the Turkish market fell five percentage points to 54%, and its share of the Pakistan sparkling beverage market dropped four percentage points, according to data released last month by the company.

Declines were also observed in Kyrgyzstan, Jordan and Uzbekistan.

“Boycotts have had an impact evidently in these markets,” Hasnain Malik, head of equity strategy research at Tellimer Technologies Ltd, told Bloomberg.

“That creates a lasting opportunity for smaller, locally branded competitors, absent any change of popular perception about the incumbent.”

Global brands such as McDonald’s and Carrefour have also come under pressure from similar boycotts.

In a related development, the CO OP chain announced around three months ago that it had begun boycotting Israeli products across its stores.

@E.Y.M