The Coca-Cola Company has raised its full-year guidance after surpassing analyst expectations in its Q2 2023 report today, announcing net revenue growth of 6% in the quarter. Organic revenue growth in the quarter was up 11%, bolstered by price hikes.  

• During the quarter, Coke’s average selling prices rose 10%. In North America, price/mix grew 9%, primarily driven by the pricing actions in the marketplace and “favorable channel and package mix.”
• During a call with investors this morning, CEO James Quincey expressed concern over the fact that, in some markets, consumers are beginning to switch to private-label drinks in categories such as water and juice. 
• “We need to anchor and continue to evolve and adapt our strategies on affordability, whether that be renewables, whether that be affordable small packs,” he said during the call. 
• Looking ahead, the beverage giant now expects to deliver full-year organic revenue growth of 8% to 9%, up from its previous range of 7% to 8%. Additionally, Coke expects comparable adjusted earnings share per growth of 5% to 6%, up from its previous range of 4% to 5%. 

Check back with BevNET later today for the full report.

Go Deeper: PepsiCo: Q2 Earnings Best Expectations, Optimism Behind Gatorade Innovations

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Non-alcoholic beverage sales picked up in the two-week period ending July 15, according to an analysis of NielsenIQ data by Goldman Sachs Equity Research.

• Retail dollar sales grew 10.1% year-over-year for the two-weeks, compared to 8.2% in the four-week period and 8.5% for the 12-weeks.
• The growth was supported by an improvement in volume declines, as volume increased by 0.5% in the two-weeks while average pricing increases decelerated, up 9.6% in the period.
• The energy category maintained its heightened performance, growing 14.2% in the period. Dollar sales for Monster (+12.9%) and Red Bull (+9.9%) were strong though slightly behind the category while number three brand Celsius was up triple digits at 165.4%.
• Other top growers included CSDs (+12.4%), still flavored water (+9%) and sports drinks (+8.1%).

Read the full recap on BevNET

Headed to the cocktail world’s biggest conference of the year? We’ve made a handy guide to some of the top events— and if you’re not attending— the trends and issues bubbling to the surface as the country’s hospitality industry gathers together. 

• As other trade events have shifted to focus on the physical and mental well being of trade workers, so has Tales of the Cocktail. Check out pop-ups from leading NA brands and panels exploring why a No/Low menu is a profit-builder.
• Agave spirit panels and tastings are getting geekier, more premium and expanding beyond Mexican spirits, illustrating tequila’s rise.

DEI is a big part of the conference’s beyond-the-bar focus including panels from Pronghorn on equity, and queer and Indigenous leaders exploring inclusion in spirits and hospitality.

Read the full story on BevNET

Nirvana Water Sciences Corp. has received a $2.6 million investment from Flagstaff International Inc. and other existing investors in the brand. The fresh capital is now expected to support the functional beverage brand’s new joint venture with health care service network Inspire Health Alliance, LLC.

• Inspire Health operates a platform of more than 1,500 physicians and surgeons across the U.S., according to a statement released by Nirvana this week.
• The joint venture will include a new line of dietary supplements produced by Nirvana “aimed at boosting and protecting lean muscle mass.” This will include a 3 oz. “Nirvana Super Pro” shots line infused with 3 grams of the brand’s water-soluble HMB muscle wellness ingredient which it also uses in its bottled water line.
• This spring, the brand expanded beyond bottled water, unveiling an expanded line of functional beverages, now available under the name Nirvana Super.
• Nirvana has targeted athletes and active consumers with its HMB-infused beverages, suggesting the water is a superior recovery product. That strategy previously brought in NBA All-Star Kyle Lowry as a founding investor in the brand in 2021.

Earlier this year, Nirvana acquired New York-based bottled spring water producer Alder Creek Beverages, giving the company 1,700 acres of land by the Adirondack Mountains containing two large aquifers.

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Fast-rising startup Barcode may have stolen headlines a couple weeks back with its major athlete endorsement, but this is a game that BodyArmor knows all too well. The Coke-owned sports drink has signed Cincinnati Bengals quarterback Joe Burrow to a multi-year contract to become the newest face of the brand.

• As part of the deal, Burrow will be a spokesperson for BodyArmor at local retail events in the Cincinnati area, plus in national out-of-home advertising and in digital and social media activations. 
• BodyArmor is tied in deep with professional athletes from fellow NFL players Panthers quarterback Bryce Young, 49ers running back Christian McCaffrey and Cowboys wide receiver CeeDee Lamb to a host of other professional athletes across the NBA, WNBA, MLB and Women’s Soccer. BodyArmor is also the Official Sports Drink of Major League Soccer.
• Along with its celebrity-athlete endorsements, the brand added Jennifer Lopez as the face of BodyArmor Lyte’s “Choose More” campaign.

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Despite middling success in the past, tech companies are still adamant that a pod-based, customizable drink system – think Keurig for non-coffee bevs – can work if properly designed, with kitchen accessory maker Ninja the latest to try its hand: meet Ninja Thirsti, now available for pre-order for $179.99 and coming soon to retailers like Amazon, Walmart, Best Buy and Kohls. Promising “thousands of drink variations with endless combinations of flavor,” Ninja Thirsti will offer 20+ flavors of Flavored Water Drops that can be used to enhance water with flavor, vitamins, energy and extra hydration. Will it work? Good intentions and internet buzz will only take you so far (see: Juicero), though Ninja does have a track record in this field. We’ll be watching (and drinking).

There’s lots of reasons to swap out dairy milk in favor of a plant-based alternative – allergens, taste, versatility – but nutrient content is rarely a strong justification, according to a recent unpublished study presented at the annual meeting of the American Society for Nutrition.

Per CNN, the study analyzed nutrition labels and ingredients for 233 plant-based milk products from 23 different manufacturers. The results? Only 28 of beverages examined had as much or more protein, vitamin D and calcium as dairy milk. 

Lead study author and dietitian Abigail Johnson tempered concerns, noting that it’s easy to get the specific nutrients from other sources, but warned “if a consumer thinks plant-based milks are a one-to-one substitution for dairy, many of them are not.” Rather, from a nutritional perspective, alt milks can offer a low calorie/low fat option with some fiber.

While still a major brand at grocery, Kraft Heinz’s flagship coffee brand Maxwell House has been largely missing for the category’s proliferation of RTDs and premium at-home products over recent years. And yes, that’s a long-winded setup to say that, after an eight-year break since its last product launch, Maxwell House is back with Iced Latte with Foam. 

• Per the company: “The unique cold-stirred foam technology provides a thick, creamy, and flavorful coffee all without the use of a café’s specialized equipment. All you need is a glass, cold water and a spoon.”
• Iced Latte with Foam is available online and in grocery stores nationwide in 6-packs of 1 oz. sachets for $6.99.
• This launch may be a tease of what’s to come next year when Maxwell House reveals its first rebrand in nearly a decade, with the deliberate remit of reaching “a younger category of coffee drinkers.” The familiar tagline will be updated as well, now “Live Life to the Last Drop.” No word on RTDs, yet. 
• Elsewhere, Kraft Heinz has flexed its other coffee-aligned brand, IHOP, into grocery stores earlier this year.

A cohort of 60 hemp beverage makers want to clear out some of the haze surrounding their category, and this month, officially formed the Hemp Beverage Alliance (HBA). While hemp-derived brews – including both THC and CBD-infused – may not be the novelty they were five years ago, those making them are still working through growing pains including how to standardize products sold across state lines and educate consumers on dosing and use occasions. 

Beyond the product itself, the HBA – whose membership includes brands like Klaus, Vertosa, Cycling Frog, Jibby and others – believes mainstream availability (such as on-premise and grocery) of low-dose drinks could support the growth of both the hemp and cannabis industries. But, the group faces a varying degree of red tape and will have to work state by state to help clear the regulatory forward. 

Read more about the HBA’s full list of priorities on BevNET.

The Non-Alc beverage space is constantly expanding with sales opportunities and new product offerings, but many retailers haven't ironed out their sets or review processes yet. Join David Crooch of Ritual Beverage tomorrow at 1 PM ET to talk about where we started with non-alc, where it's going, and how brands can carve out a spot in retail and distribution to shine. Register.