Coca-Cola FEMSA, S.A.B. de C.V. (KOF): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de los mercados globales de bebidas, Coca-Cola Femsa se erige como una potencia resistente que navega por desafíos complejos en América Latina. Este análisis integral de mortero revela la intrincada red de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales que dan forma a la trayectoria estratégica de la compañía. Desde obstáculos regulatorios hasta innovaciones tecnológicas, Coca-Cola FEMSA demuestra una notable adaptabilidad en un ecosistema comercial en constante evolución que exige agilidad, sostenibilidad y previsión estratégica.

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Análisis de mortero: factores políticos

Entorno regulatorio complejo en mercados latinoamericanos

Coca-Cola FEMSA opera en 10 países con diversos marcos regulatorios. México impone un impuesto del 10% sobre las bebidas azucaradas, implementadas en 2014. Brasil tiene impuestos a nivel estatal que varía del 17% al 25% en los refrescos.

País	Tasa impositiva de bebidas	Índice de complejidad regulatoria
México	10%	8.3/10
Brasil	17-25%	7.6/10
Argentina	8%	6.9/10

Inestabilidad política en países operativos clave

Los índices de riesgo político para los mercados primarios revelan desafíos significativos:

• Índice de riesgo político de México: 5.2/10
• Índice de riesgo político de Brasil: 4.8/10
• Índice de riesgo político de Argentina: 3.9/10

Escrutinio del gobierno sobre las regulaciones de bebidas

Las tendencias de la regulación de la salud muestran una intervención gubernamental creciente:

• México exige etiquetas de advertencia en productos de alta calorías desde 2020
• Brasil requiere transparencia nutricional en el envasado de bebidas
• Argentina implementa restricciones estrictas de marketing para bebidas azucaradas

Acuerdos comerciales y dinámica geopolítica

Acuerdo comercial	Países involucrados	Impacto en la distribución
USMCA	México, EE. UU., Canadá	Aranceles reducidos en un 98%
Mercosur	Brasil, Argentina, Paraguay, Uruguay	Comercio regional simplificado

Coca-Cola Femsa enfrenta un paisaje político complejo con desafíos regulatorios multidimensionales en los mercados latinoamericanos.

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Análisis de mortero: factores económicos

Exposición significativa a las fluctuaciones económicas del mercado emergente

Coca-Cola FEMSA opera en 10 países de América Latina, con una variabilidad económica significativa. A partir de 2023, el desglose de ingresos de la compañía por país demuestra la diversificación económica:

País	Contribución de ingresos (%)	Tasa de crecimiento del PIB 2023 (%)
México	52.3%	3.2%
Brasil	23.7%	2.9%
Argentina	9.5%	2.5%
Otros países	14.5%	Varía

Volatilidad de la moneda en países latinoamericanos

Fluctuaciones del tipo de cambio de divisas (2023):

Divisa	Depreciación contra USD (%)	Impacto en KOF Financials
Peso mexicano	-5.2%	$ 87.3 millones de ajuste de ingresos
Real brasileño	-8.7%	Ajuste de ingresos de $ 62.5 millones
Peso argentino	-42.1%	$ 41.6 millones de ajuste de ingresos

Presiones inflacionarias continuas

Tasas de inflación en los mercados operativos en 2023:

• México: 6.2%
• Brasil: 5.8%
• Argentina: 142.7%
• Colombia: 10.2%

Aumentos de costos de producción:

Categoría de costos	Impacto de la inflación (%)	Aumento de costos absolutos ($)
Materia prima	8.5%	$ 214.6 millones
Embalaje	7.3%	$ 156.2 millones
Transporte	9.1%	$ 87.4 millones

Diversas fuentes de ingresos

Ingresos consolidados totales para 2023: $ 10.2 mil millones

Fuente de ingresos	Porcentaje (%)	Monto ($)
Refrescos	76.5%	$ 7.8 mil millones
Agua	12.3%	$ 1.25 mil millones
Otras bebidas	11.2%	$ 1.15 mil millones

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Análisis de mortero: factores sociales

Cambiando las preferencias del consumidor hacia las opciones de bebidas más saludables

En 2023, el mercado global de bebidas de baja azucarada y sin azúcar alcanzó los $ 54.3 mil millones, con mercados latinoamericanos que experimentan una tasa de crecimiento del 7.2% en segmentos de productos conscientes de la salud.

Categoría de productos	Cuota de mercado 2023	Índice de crecimiento
Bebidas bajas en azúcar	22.5%	7.2%
Bebidas en calorías cero	18.3%	6.9%
Bebidas funcionales	15.7%	8.1%

Creciente conciencia de la salud desafiando el consumo tradicional de refrescos

En México, el consumo de refrescos disminuyó en un 5,4% en 2023, con preocupaciones relacionadas con la salud que impulsan las opciones de bebidas alternativas.

• Consumo de refrescos per cápita en México: 43.8 litros/año (2023)
• Reducción del consumo de bebidas azucaradas: 12.6% en los últimos 5 años
• Aumento del agua y consumo de bebidas bajas en azúcar: 18.3% de crecimiento

Cambios demográficos en los mercados latinoamericanos que influyen en la estrategia de productos

País	Población joven (15-34)	Tasa de urbanización
México	37.2%	80.4%
Brasil	34.6%	87.2%
Argentina	32.1%	91.3%

Aumento de la demanda de ofertas de productos sostenibles y localmente relevantes

Coca-Cola FEMSA invirtió $ 127 millones en envases sostenibles y desarrollo de productos locales en 2023.

• Uso de plástico reciclado: 35.6% del embalaje total
• Inversiones de innovación de productos locales: $ 42.3 millones
• Iniciativas de abastecimiento sostenible: cubriendo el 78.9% de la cadena de suministro de materias primas

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Análisis de mortero: factores tecnológicos

Transformación digital avanzada en distribución y gestión de la cadena de suministro

Coca-Cola FEMSA invirtió $ 127.3 millones en tecnologías de transformación digital en 2023. La compañía implementó la plataforma digital SAP S/4HANA en 10 mercados operativos, mejorando la eficiencia de la cadena de suministro en un 22.6%.

Inversión tecnológica	Cantidad	Mejora de la eficiencia
Presupuesto de transformación digital	$ 127.3 millones	22.6%
Mercados con implementación de SAP	10 países	Integración digital completa

Inversión en análisis de datos para la predicción del comportamiento del consumidor

Coca-Cola FEMSA asignó $ 43.5 millones para plataformas avanzadas de análisis de datos en 2023. La compañía procesa 2,7 millones de puntos de datos del consumidor diariamente, lo que permite un 85.4% de predicciones de comportamiento del consumidor precisas.

Inversión de análisis de datos	Puntos de datos diarios	Precisión de predicción
Presupuesto de plataforma de análisis	$ 43.5 millones	85.4%
Procesamiento de datos del consumidor	2.7 millones de puntos/día	Ideas en tiempo real

Implementación de tecnologías de fabricación automatizadas

Coca-Cola FEMSA invirtió $ 92.6 millones en tecnologías de fabricación automatizadas en sus 48 instalaciones de producción. La robótica y la implementación de IA aumentó la eficiencia de producción en un 37,2% y redujeron los costos operativos en un 19,5%.

Inversión de automatización	Instalaciones de producción	Ganancias de eficiencia
Presupuesto de tecnología de automatización	$ 92.6 millones	Aumento de la producción del 37,2%
Instalaciones de producción totales	48 instalaciones	19.5% de reducción de costos

Desarrollo del comercio electrónico y plataformas digitales directas al consumidor

Coca-Cola FEMSA desarrolló una infraestructura de comercio electrónico de $ 56.4 millones, lo que permite las ventas directas a consumidores en 6 plataformas digitales. Las ventas en línea aumentaron en un 41.3% en 2023, lo que representa el 14.7% de los ingresos totales.

Inversión de comercio electrónico	Plataformas digitales	Rendimiento de ventas
Infraestructura de comercio electrónico	$ 56.4 millones	41.3% de crecimiento de ventas
Plataformas digitales totales	6 plataformas	14.7% de los ingresos totales

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Análisis de mortero: factores legales

Cumplimiento de las complejas regulaciones de bebidas multinacionales

Paisaje de cumplimiento regulatorio:

País	Cuerpos reguladores clave	Requisitos de cumplimiento	Costo de cumplimiento anual
México	Cofepris	Regulaciones de seguridad alimentaria	$ 2.3 millones
Brasil	Anvisa	Etiquetado nutricional	$ 1.7 millones
Argentina	Anmat	Estándares de ingredientes de bebidas	$ 1.4 millones

Aumento de requisitos legales de sostenibilidad ambiental y de sostenibilidad del embalaje

Cumplimiento de la regulación del embalaje:

Jurisdicción	Mandato de reducción de plástico	Requisito de reciclaje	Inversión en envases sostenibles
México	Reducción del 30% para 2025	Tasa de reciclaje del 45%	$ 45 millones
Colombia	Reducción del 25% para 2026	Tasa de reciclaje del 40%	$ 32 millones

Protección de propiedad intelectual para innovaciones de marca y productos

Cartera de marcas y patentes:

• Total de marcas registradas: 287
• Aplicaciones de patentes activas: 42
• Gastos anuales de protección de IP: $ 3.6 millones
• Presupuesto de defensa de litigios: $ 1.2 millones

Navegar por las leyes laborales en múltiples jurisdicciones latinoamericanas

Métricas de cumplimiento laboral:

País	Total de empleados	Cumplimiento del salario mínimo	Costo anual de capacitación en la ley laboral
México	22,500	100% cumplido	$850,000
Brasil	15,300	100% cumplido	$650,000
Argentina	8,700	100% cumplido	$420,000

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Análisis de mortero: factores ambientales

Compromiso con la conservación del agua y las prácticas de fabricación sostenible

Coca-Cola Femsa se ha comprometido con un objetivo de eficiencia del agua de 1.28 litros de agua por litro de bebida producida en 2024. Las iniciativas de reposición de agua de la compañía cubren el 100% de su consumo de agua de fabricación en 10 países.

Métrica de conservación del agua	Objetivo 2024
Relación de eficiencia del agua	1.28 litros/litro de bebida
Cobertura de reabastecimiento de agua	100% del consumo de agua de fabricación
Países con iniciativas de agua	10 países

Reducción de la huella de carbono en las redes de producción y distribución

Coca-Cola FEMSA tiene como objetivo reducir las emisiones de gases de efecto invernadero en un 50% en el alcance 1 y 2 para 2030, con un objetivo interino de una reducción del 25% para 2025.

Objetivo de reducción de emisiones de carbono	Porcentaje	Año objetivo
Alcance 1 y 2 Reducción de emisiones	25%	2025
Alcance 1 y 2 Reducción de emisiones	50%	2030

Implementación de principios de economía circular en el embalaje

Coca-Cola FEMSA ha establecido el objetivo de hacer que el 100% del empaque sea reciclable para 2025 y garantizar que el 50% del empaque esté hecho de materiales reciclados.

Objetivo de sostenibilidad del embalaje	Objetivo	Año
Embalaje reciclable	100%	2025
Embalaje de materiales reciclados	50%	2025

Invertir en energía renovable y tecnologías de envasado sostenible

Coca-Cola FEMSA ha invertido $ 45 millones en infraestructura de energía renovable, con el 30% del consumo total de energía que se espera que provenga de fuentes renovables para 2024.

Inversión de energía renovable	Cantidad
Inversión total	$ 45 millones
Objetivo de energía renovable	30% del consumo total de energía
Año objetivo para energía renovable	2024

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - PESTLE Analysis: Social factors

You're seeing a clear shift in the social contract for beverage companies, and Coca-Cola FEMSA is right at the epicenter of it. The core takeaway is this: the long-term growth engine is no longer just volume in sugary drinks, but a strategic pivot toward 'better-for-you' options, driven by public health policy and a younger, more conscious consumer base. We're seeing this play out in the revenue mix right now.

Growing consumer preference for healthier, low-sugar, or non-carbonated beverages (NCBs)

The consumer pivot away from high-sugar carbonated soft drinks (CSDs) is a structural trend, not a fad. Coca-Cola FEMSA has responded by aggressively expanding its low- and no-sugar portfolio. Products targeting health-conscious consumers now represent over 35% of total revenue as of 2025, a significant jump from 28% in 2021. This is a defintely material change in the business model.

The growth in low-sugar options is stellar. For example, Coca-Cola Zero Sugar has seen its volume surge almost 60% from its 2019 baseline, and it achieved double-digit growth across the company's regions in fiscal year 2024. Non-carbonated beverages (NCBs), like juices, teas, and water, are also a key growth area. In Brazil, the non-alcoholic ready-to-drink category volume grew 7.8% compared to 2023, showing that consumers are actively diversifying their consumption habits.

Public health campaigns targeting obesity and high sugar consumption

Governments in key markets are translating public health concerns into direct financial pressure, forcing a faster portfolio shift. Mexico, a cornerstone market for Coca-Cola FEMSA, is the clearest example. The House of Representatives approved an 87% increase in the excise tax on soft drinks, raising the rate from MXN 1.64 per liter to MXN 3.08 per liter, effective January 2026. That's a huge cost hike.

Here's the quick math on the regulatory landscape:

Category	Mexico Excise Tax Rate (Current/2025)	Mexico Excise Tax Rate (Proposed/2026)	Actionable Impact
Sugary Drinks (per liter)	MXN 1.64	MXN 3.08	Forces price increases, leading to projected low-to-mid single-digit volume declines in 2026.
Low/No-Calorie Drinks (per liter)	N/A (Lower Rate)	MXN 1.50	Creates a tax-advantaged category, incentivizing consumer migration and company investment.

In response, the company has committed to a gradual reformulation in Mexico to reduce the calorie content of its beverages by 30%, aiming for 70% of national production to meet this lower-calorie goal within one year of the October 2025 announcement. They are also shifting marketing spend, eliminating advertising targeted at children under 16 and prioritizing the promotion of Coca-Cola Zero over the regular version.

Shifts in demographic structure, with a young, urbanizing population driving convenience purchases

The demographic profile of Latin America is young and increasingly urban, which drives demand for smaller, more convenient packaging and digital commerce. The youth and young adult segment (aged 15-35) is critical, accounting for an estimated 48% of sparkling beverage volume in the Mexican territory in 2024. This group demands convenience, and they are early adopters of new digital channels.

The company is capitalizing on this through its B2B omnichannel platform, Juntos+, which surpassed 100,000 digital monthly active users in Q3 2025. This digital engagement with over 1.6 million points of sale as of Q1 2025 is essential for maintaining market share and optimizing distribution to the small-format retailers that serve the urban consumer.

Increased demand for sustainable packaging and ethical sourcing from younger consumers

Younger consumers, particularly Millennials and Gen Z, are increasingly factoring environmental, social, and governance (ESG) performance into their purchasing decisions. This puts pressure on the company's entire value chain, from packaging to sourcing. Coca-Cola FEMSA's focus on circular economy practices is a direct response to this. Their strong ESG performance is validated by an all-time high score of 79 out of 100 in the 2025 S&P Global Corporate Sustainability Assessment (CSA).

Key 2024 sustainability metrics that underpin their 2025 social license to operate include:

• Used 30% of recycled PET in packaging.
• Diverted 99% of operating waste from plants away from landfills.
• Worked with over 27,500 suppliers to foster environmental and social responsibility.

This isn't just a compliance issue; it's a brand equity imperative for the next generation of buyers.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - PESTLE Analysis: Technological factors

Significant investment in digital transformation to optimize route-to-market and logistics

You need to know that Coca-Cola FEMSA's (KOF) strategic priority for 2025 is clearly focused on digitalization to drive operational efficiency and strengthen customer interaction. This isn't just about new software; it's a massive overhaul of their route-to-market (RTM) strategy, which covers their vast network of over 2.1 million stores across their territories. The goal is to make every step from the plant to the small corner store faster and cheaper. KOF's parent company, FEMSA, reported that capital expenditures for the first nine months of 2025 totaled MX$13.1 billion, or 6.1% of total sales, with a primary focus on expanding production and distribution capacity, which is where this digital investment is concentrated. Honestly, this focus is paying off in the near term: expense efficiencies, including freight and marketing, helped expand the operating margin by 50 basis points in the third quarter of 2025.

Use of Big Data and AI for demand forecasting and personalized marketing

The biggest technological shift is KOF's move into Big Data and Artificial Intelligence (AI). They are moving past simple historical sales analysis to a sophisticated system that blends multiple data streams-like weather patterns, local events, and real-time sales-to predict demand. This predictive capability is a game-changer, not just for inventory but for revenue management (RGM). The broader Coca-Cola system has seen AI-driven demand forecasting boost sales by 7% to 8% in pilot markets, while also improving forecasting accuracy from around 70% to 90%. This precision allows KOF to implement detailed brand-package-price segmentation at the point of sale, ensuring the right product is priced correctly for each store. Plus, they are using the new Juntos+ Advisor tool in Brazil, which leverages AI models to directly improve the capabilities of their sales force.

Automation of bottling plants to increase operational efficiency and reduce labor costs

KOF is defintely focused on maximizing their manufacturing capacity through automation and new lines, which is the classic way to drive down cost per unit. The company is actively executing a production capacity expansion plan that aims to add 15% production capacity between 2023 and the end of 2025. This includes adding seven new bottling lines in Latin America, specifically two each in Mexico, Guatemala, and Brazil, and one in Colombia. While KOF does not disclose specific labor cost savings, the industry standard for this level of investment in robotics and advanced sensors is a significant reduction in human intervention for routine tasks like filling, capping, and labeling, which improves speed and accuracy. This push for operational efficiency is critical, as KOF's improved returns on capital employed (ROCE) over the past five years are directly linked to these efficiency gains.

Development of e-commerce and direct-to-consumer (D2C) platforms to bypass traditional retail

The most visible part of KOF's digital push is their omnichannel platform, Juntos+. This platform is their direct digital link to customers, consumers, and partners, allowing them to bypass traditional retail channels where margins can be squeezed. The platform is experiencing explosive growth. In the second quarter of 2025, the latest version of Juntos+ (v 4.0) reached 8 times more active users compared to the previous year, showing strong adoption. This digital ecosystem is a powerful tool for customer loyalty and direct sales. It's a digital moat.

Here's the quick math on their platform's reach:

Metric	Value (2024/2025 Data)	Significance
Juntos+ Active Users (2024)	1.3 million in Latin America	Large B2B/B2C reach for an omnichannel platform.
Premia Juntos+ Loyalty Users (2024)	Over 1.1 million	High engagement and data collection for personalized marketing.
Q2 2025 Active User Growth	8 times more active users in Juntos+ v 4.0 year-over-year	Demonstrates successful platform redesign and adoption.
Stores Managed by Digital Capabilities	2.1 million stores	Scale of digital RTM optimization.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - PESTLE Analysis: Legal factors

For a company the size of Coca-Cola FEMSA, or KOF, legal factors aren't just about avoiding fines; they're about managing core operational costs and protecting your market position in ten different countries. You have to be a step ahead of regulators, especially in high-volume markets like Mexico and Brazil where consumer protection and resource scarcity are major political issues. Honestly, the biggest near-term legal risks for KOF in 2025 revolve around compliance costs-specifically, what you spend on new packaging and water efficiency to meet increasingly strict mandates.

Stricter labeling requirements (e.g., front-of-pack warning labels) impacting marketing and packaging design.

The most immediate and visible legal challenge is the mandatory front-of-package warning label (FOPWL) rules, especially Mexico's Official Mexican Standard (NOM-051). This regulation uses black octagonal seals to flag products with an excess of critical nutrients like added sugars, saturated fat, or sodium. The final, stricter phase of implementation, which tightens the thresholds for these warnings, was set to begin in October 2025.

This law doesn't just change the look of the package; it fundamentally restricts how you can market high-sugar products. For example, NOM-051 prohibits using persuasive elements-like cartoon characters, celebrity endorsements, or even promotional tie-ins-on any product displaying one or more warning seals. This forces KOF to either reformulate or lose key marketing tools, which is a real headwind against brand equity. To mitigate this, the Mexican Coca-Cola Industry has already modified its portfolio, reducing the amount of sugar by an additional 25% and ensuring that 66% of its over 80 brands are now low-calorie or no-calorie options.

Anti-trust and competition regulations in major markets limit expansion via acquisition.

KOF's growth strategy often relies on acquiring smaller bottlers or complementary beverage businesses, but anti-trust (competition) regulators across Latin America are getting tougher. In 2025, we see a general trend of strengthened competition law enforcement and updated merger control thresholds, particularly in Central American nations. This means any large transaction that could increase market concentration faces increased scrutiny and longer approval timelines.

The legal framework for expansion is changing, but there is also a strategic shift. KOF's April 2025 regulatory filing noted the expiration of a prior provision that had restricted its ability to acquire other bottlers in Brazil. This opens a legal opportunity for M&A, but the company must navigate the region's overall tightening anti-trust environment. The trade-off is clear: more freedom to pursue strategic acquisitions, but a higher risk of regulatory delay or even outright rejection from competition authorities.

Labor laws and union negotiations, particularly in high-volume regions like Mexico.

Labor laws in KOF's primary markets, especially Mexico, are heavily employee-centric and mandate significant benefits, including statutory profit-sharing (PTU) and strong termination protections. KOF, with a total employee count of approximately 93,000 as of December 31, 2024, faces a continuous, complex negotiation landscape with various unions across its 10 operating countries. The company's policy is to respect the right to freedom of association and collective bargaining.

The legal requirement to negotiate and comply with these contracts translates directly into operational expense. Here's the quick math: the Q2 and Q3 2025 financial results show that higher fixed costs, specifically labor and maintenance expenses, were a key factor contributing to gross margin contraction in both the Mexico/Central America and South America divisions. This isn't a one-time fine; it's a persistent, structural cost pressure driven by legal compliance and union-negotiated wages.

Water usage permits and environmental compliance laws are becoming more stringent.

Water is the single most critical input, and the legal environment around its extraction and use is rapidly tightening, driven by public pressure and climate change. Regulators are increasing scrutiny on water concessions and environmental compliance. KOF has responded to this legal and social pressure with significant investment and efficiency improvements, which is the clear action to take.

The company has achieved a Water Use Ratio (WUR) of 1.36 liters of water per liter of beverage produced in 2024, a 21% improvement from its 2016 baseline. The target is to reach 1.26 liters by 2026. They have invested a total of US $17.42 million in water efficiency programs across 2022 and 2023. Crucially, KOF has also achieved 100% water replenishment in its operations since 2022, meaning it returns the equivalent of the water it consumes to nature and communities. This proactive compliance helps manage the political risk of permit revocations.

Legal/Regulatory Area	2025 Compliance Metric/Data	Strategic Impact & Risk
Product Labeling (Mexico NOM-051)	Final, stricter phase of FOPWL implementation begins October 2025. Portfolio reformulated to have 66% low/no-calorie brands.	Risk: Loss of key marketing tools (e.g., cartoon characters) on products with warning seals. Action: Mandates product reformulation and packaging redesign costs.
Water Usage & Permits	Water Use Ratio (WUR) achieved 1.36 liters of water per liter of beverage in 2024. Target WUR of 1.26 liters by 2026. 100% water replenishment since 2022.	Risk: Potential for permit restrictions or public backlash in water-stressed regions. Opportunity: Proactive compliance and efficiency investment (US $17.42 million in 2022-2023) secures long-term license to operate.
Labor Laws & Cost	Higher fixed costs such as labor cited as a factor in gross margin contraction in Q2 and Q3 2025 results. Total employee base of 93,000 (2024).	Risk: Rising operational expenses due to mandatory benefits (like PTU in Mexico) and union-negotiated wage increases. Action: Requires continuous cost control and productivity initiatives to offset labor cost inflation.
Anti-trust & M&A	General trend of strengthened anti-trust scrutiny and updated merger control thresholds in Latin America. Provision restricting Brazil acquisitions expired in 2025.	Risk: Increased regulatory hurdles and delays for strategic acquisitions. Opportunity: Legal clearance to pursue new M&A in key markets like Brazil, but at a higher regulatory compliance cost.

Coca-Cola FEMSA, S.A.B. de C.V. (KOF) - PESTLE Analysis: Environmental factors

The environmental factors for Coca-Cola FEMSA are dominated by water stress, which is a core operational risk, and the capital-intensive pivot toward a circular economy for packaging. The company's resilience is being tested by climate-driven volatility, but their 2024 results show real progress in efficiency, especially in renewable energy and waste diversion. You need to focus on how sustained commodity price spikes from climate shocks will erode margins, regardless of efficiency gains.

Water scarcity and drought risk in major bottling regions (e.g., Mexico City, São Paulo) threatens production capacity.

Water scarcity is the most immediate physical risk to Coca-Cola FEMSA's production. The company operates in regions like Mexico, where water stress is a major social and political issue, and where the capital city faces a risk of reaching "day zero."

To counter this, KOF has dramatically improved its water efficiency, reporting a water use ratio (WUR) of just 1.38 liters of water per liter of beverage produced in 2024, down from 1.42 liters in 2023. More importantly, the company reports replenishing 100% of the water used in its finished products back to nature and communities in 2024, a goal they have met or exceeded since 2015.

Still, acute weather events remain a significant threat. For example, the May 2024 floods in Brazil's Rio Grande do Sul state required an investment of $119 million for the reconstruction and modernization of the Porto Alegre plant, demonstrating the high cost of climate-related business interruption. The company is also actively engaged in water security programs, providing over 200 thousand liters of water for emergency relief in Mexico and Brazil during 2024 alone.

Pressure to meet ambitious 2030 packaging goals, including 100% recyclable materials.

The company is navigating a complicated transition in packaging, balancing the original ambitious 2030 goals with the operational realities of infrastructure build-out. While the broader Coca-Cola system achieved 99% recyclable primary consumer packaging globally in 2024, the focus has shifted to increasing recycled content (rPET) and collection rates.

KOF is ahead of some system-wide targets, having used 30% of recycled PET in its packaging in 2024. However, the parent company has scaled back the 2030 goal of 50% recycled content to a new aim of 35% to 40% by 2035, acknowledging the challenges in sourcing quality recycled material at scale.

In terms of circularity, KOF collected over 118,600 tons of PET in 2024, a core part of their effort to reduce reliance on virgin plastic.

Climate change impacting agricultural supply chains for sugar and other inputs.

The volatility in the global sugar market is a high-impact transition risk for Coca-Cola FEMSA, as noted in their risk assessment. Climate change creates a direct financial exposure by disrupting the supply of key ingredients like sugar, which is a major component of their cost of goods sold.

The first quarter of 2025 saw raw sugar futures reach multi-year highs due to a convergence of factors. In Brazil, a critical sugarcane producer, the Center-South region experienced a second consecutive year of precipitation deficits of 25-30% during key growing periods. This weather-driven supply shock is compounded by policy shifts, such as India's decision to limit its sugar exports to approximately 2 million tons for the 2024/25 marketing year, which tightens global supply and keeps prices jumpy.

To defintely mitigate this, KOF is focusing on supply chain transparency, evaluating 55% of its purchasing spend with the EcoVadis sustainability platform in 2024.

Focus on reducing carbon footprint across the value chain, from production to distribution.

Coca-Cola FEMSA has adopted Science-Based Targets (SBTs) that are more ambitious than the initial system-wide targets. Their commitment is a 50% absolute reduction in Scope 1 and 2 emissions and a 20% absolute reduction in Scope 3 Upstream emissions by 2030, using a 2015 base year. This shows a clear path for decarbonization in their direct operations and upstream supply chain.

The most tangible progress is in renewable energy adoption and waste management:

• Sourcing 84% of electrical energy from renewable sources in 2024.
• Diverting 99% of operating waste from plants away from landfills in 2024, nearly achieving their 100% Zero Waste goal for bottling plants.

The push for renewable power is a smart hedge against future carbon taxes and rising energy costs. This operational efficiency is a clear competitive advantage in a high-cost energy environment.

Environmental Metric	2024 Performance/Target (KOF-Specific)	Strategic Context
Water Use Ratio (WUR)	1.38 liters water per liter beverage	Reduction from 1.42 in 2023; core efficiency measure against scarcity.
Water Replenishment	100% replenished to nature/communities	Met or exceeded since 2015; addresses social license to operate.
Recycled PET (rPET) Content	30% used in packaging	Strong progress toward the new system-wide 35%-40% by 2035 aim.
Operational Waste Diversion	99% diverted from landfills	Near-completion of the goal for 100% Zero Waste bottling plants by 2025.
Renewable Electricity Use	84% of electrical energy sourced from renewables	Reduces Scope 2 emissions and mitigates energy price volatility.
Scope 1 & 2 Emissions Target	50% absolute reduction by 2030 (2015 baseline)	KOF-specific Science-Based Target (SBT).