Coca-Cola Icecek AS saw a drop in sales in Pakistan and Turkey due to calls in the region to boycott brands with perceived links to Israel amid conflict in the Middle East and an economic slowdown.
Due to the effective boycott, sales of Coca-Cola in Turkey and Pakistan have been significantly reduced during July-September 2024.
According to the latest data from global economic journal Bloomberg, the volume of sales of Coca-Cola in Turkey fell by 12.2 percent compared to the same period last year and by 22.9 percent in Pakistan.
Coca-Cola’s shares also fell 7.1 per cent to 45.12 Turkish lira, marking its worst single-day fall since May 2023, Bloomberg said.
It should be noted that the boycott campaign has also affected American fast food chains such as McDonald’s and KFC, as consumers in parts of Asia, the Middle East and Europe have turned away from American brands due to relations with Israel following the ongoing Palestinian genocide in Gaza.
