Coca-Cola Icecek loses market share in Turkey, Pakistan

September 08, 2025 (MLN): Coca-Cola Icecek AS has seen its market share erode in Turkey and Pakistan as boycott campaigns targeting Western brands linked to Israel continue to reshape consumer behaviour across the region.

In Turkey, the company's share of the sparkling beverages market slipped to 54% from 59%, while in Pakistan, it declined to 43% from 47%, according to data released last month.

Smaller declines were also 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 Istanbul-based bottler and distributor is navigating both geopolitical headwinds and macroeconomic pressures.

Second-quarter net income dropped 31% to 5.1 billion liras ($124 million), although the results still exceeded analyst expectations.

Coca-Cola Icecek did not respond to requests for comment, according to the Bloomberg

Chief executive officer Karim Yahi had previously acknowledged the impact of the Middle East conflict on performance, though he stressed that overall volumes remain in growth and the company's dominant position across Central Asia provides resilience.

Local rivals such as Cola Next in Pakistan and Mojo in Bangladesh have gained at the margins, though analysts believe Coca-Cola's strong brand recognition will help it weather the fallout.

"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."

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