Varun Beverages - Sting, Energising The Growth Path: Motilal Oswal

Varun Beverages' newly launched segments--energy drink, dairy and juices--are registering strong growth versus existing products.

<div class="paragraphs"><p>Varun Beverages' portfolio for PepsiCo. (Source: Company website)</p></div>
Varun Beverages' portfolio for PepsiCo. (Source: Company website)

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Motilal Oswal Report

Varun Beverages Ltd.’s newly launched segments – energy drink, dairy beverages and juices are registering strong growth versus existing product segments.

The company has entered into the energy drink segment in CY17 with the launch of Sting in India, thereby competing with global players. The contribution from this segment to overall Varun Beverages’ portfolio has been moving up since the launch.

The Indian energy and sports drinks market is expected to witness ~13.3% compound annual growth rate during CY22-CY27.

The energy drink ‘Sting’ has been performing very well for Varun Beverages with 2.9 times YoY volume growth and contributing ~7.2% of its total domestic sales volumes in H1 CY22.

Coca-Cola’s ‘Charged’ is the major competitor of ‘Sting’ with both companies targeting the lower end of the price range in the domestic energy drink market.

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Motilal Oswal Varun Beverages Company Update.pdf


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