Coca-Cola Femsa, S.A.B. de C.V. (KOF): Analyse du pilon [Jan-2025 mise à jour]

Dans le paysage dynamique des marchés mondiaux des boissons, Coca-Cola FEMSA est une puissance résiliente naviguant des défis complexes à travers l'Amérique latine. Cette analyse complète du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent la trajectoire stratégique de l'entreprise. Des obstacles réglementaires aux innovations technologiques, Coca-Cola FEMSA démontre une adaptabilité remarquable dans un écosystème commercial en constante évolution qui exige l'agilité, la durabilité et la prévoyance stratégique.

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Analyse du pilon: facteurs politiques

Environnement réglementaire complexe sur les marchés latino-américains

Coca-Cola FEMSA opère dans 10 pays avec divers cadres réglementaires. Le Mexique impose une taxe de 10% aux boissons sucrées, mise en œuvre en 2014. Le Brésil a une fiscalité au niveau de l'État allant de 17% à 25% sur les boissons gazeuses.

Pays	Taux d'imposition des boissons	Indice de complexité réglementaire
Mexique	10%	8.3/10
Brésil	17-25%	7.6/10
Argentine	8%	6.9/10

Instabilité politique dans les pays opérationnels clés

Les indices de risque politiques pour les marchés primaires révèlent des défis importants:

• Indice de risque politique du Mexique: 5.2 / 10
• Indice du risque politique brésilien: 4,8 / 10
• Indice des risques politiques d'Argentine: 3,9 / 10

Examen minutieux du gouvernement sur les réglementations des boissons

Les tendances de la réglementation de la santé montrent une intervention gouvernementale croissante:

• Le Mexique oblige les étiquettes d'avertissement sur les produits à haute teneur en calories depuis 2020
• Le Brésil nécessite une transparence nutritionnelle dans l'emballage des boissons
• L'Argentine met en œuvre des restrictions de marketing strictes pour les boissons sucrées

Accords commerciaux et dynamique géopolitique

Accord commercial	Pays impliqués	Impact sur la distribution
USMCA	Mexique, États-Unis, Canada	Tarifs réduits de 98%
Mercosur	Brésil, Argentine, Paraguay, Uruguay	Commerce régional simplifié

Coca-Cola FEMSA fait face à un paysage politique complexe avec des défis réglementaires multidimensionnels sur les marchés latino-américains.

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Analyse du pilon: facteurs économiques

Exposition importante aux fluctuations économiques du marché émergentes

Coca-Cola FEMSA opère dans 10 pays en Amérique latine, avec une variabilité économique importante. En 2023, la rupture des revenus de la société par le pays démontre la diversification économique:

Pays	Contribution des revenus (%)	Taux de croissance du PIB 2023 (%)
Mexique	52.3%	3.2%
Brésil	23.7%	2.9%
Argentine	9.5%	2.5%
Autres pays	14.5%	Varie

Volatilité des montures dans les pays d'Amérique latine

Fluctuations de taux de change (2023):

Devise	Dépréciation contre l'USD (%)	Impact sur KOF Financials
Peso mexicain	-5.2%	Ajustement des revenus de 87,3 millions de dollars
Brésilien réel	-8.7%	Ajustement des revenus de 62,5 millions de dollars
Peso argentin	-42.1%	Ajustement des revenus de 41,6 millions de dollars

Pressions inflationnistes en cours

Taux d'inflation sur tous les marchés opérationnels en 2023:

• Mexique: 6,2%
• Brésil: 5,8%
• Argentine: 142,7%
• Colombie: 10,2%

Augmentation des coûts de production:

Catégorie de coûts	Impact de l'inflation (%)	Augmentation absolue des coûts ($)
Matières premières	8.5%	214,6 millions de dollars
Conditionnement	7.3%	156,2 millions de dollars
Transport	9.1%	87,4 millions de dollars

Diverses sources de revenus

Revenus consolidés totaux pour 2023: 10,2 milliards de dollars

Source de revenus	Pourcentage (%)	Montant ($)
Boissons gazeuses	76.5%	7,8 milliards de dollars
Eau	12.3%	1,25 milliard de dollars
Autres boissons	11.2%	1,15 milliard de dollars

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Analyse du pilon: facteurs sociaux

Changer les préférences des consommateurs vers des options de boissons plus saines

En 2023, le marché mondial des boissons à faible teneur en sucre et sans sucre a atteint 54,3 milliards de dollars, les marchés d'Amérique latine connaissant un taux de croissance de 7,2% dans les segments de produits soucieux de leur santé.

Catégorie de produits	Part de marché 2023	Taux de croissance
Boissons à faible teneur en sucre	22.5%	7.2%
Boissons zéro calories	18.3%	6.9%
Boissons fonctionnelles	15.7%	8.1%

Conscience en santé croissante contestant la consommation traditionnelle de boissons gazeuses

Au Mexique, la consommation de boissons gazeuses a diminué de 5,4% en 2023, avec des préoccupations liées à la santé à l'origine de choix de boissons alternatives.

• Consommation des boissons gazeuses par habitant au Mexique: 43,8 litres / an (2023)
• Réduction de la consommation de boissons sucrées: 12,6% au cours des 5 dernières années
• Augmentation de la consommation d'eau et de boissons à faible teneur en sucre: croissance de 18,3%

Changements démographiques dans les marchés latino-américains influençant la stratégie des produits

Pays	Jeune population (15-34)	Taux d'urbanisation
Mexique	37.2%	80.4%
Brésil	34.6%	87.2%
Argentine	32.1%	91.3%

Demande croissante d'offres de produits durables et localement pertinentes

Coca-Cola Femsa a investi 127 millions de dollars dans l'emballage durable et le développement de produits locaux en 2023.

• Utilisation du plastique recyclé: 35,6% de l'emballage total
• Investissements locaux sur l'innovation des produits: 42,3 millions de dollars
• Initiatives d'approvisionnement durable: couvrant 78,9% de la chaîne d'approvisionnement des matières premières

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Analyse du pilon: facteurs technologiques

Transformation numérique avancée dans la distribution et la gestion de la chaîne d'approvisionnement

Coca-Cola FEMSA a investi 127,3 millions de dollars dans les technologies de transformation numérique en 2023. La société a mis en œuvre la plate-forme numérique SAP S / 4HANA sur 10 marchés opérationnels, améliorant l'efficacité de la chaîne d'approvisionnement de 22,6%.

Investissement technologique	Montant	Amélioration de l'efficacité
Budget de transformation numérique	127,3 millions de dollars	22.6%
Marchés avec implémentation SAP	10 pays	Intégration numérique complète

Investissement dans l'analyse des données pour la prédiction du comportement des consommateurs

Coca-Cola FEMSA a alloué 43,5 millions de dollars aux plateformes avancées d'analyse de données en 2023. La société traite quotidiennement 2,7 millions de points de données des consommateurs, ce qui permet de 85,4% de prédictions de comportement des consommateurs.

Investissement d'analyse des données	Points de données quotidiens	Précision de prédiction
Budget de la plate-forme d'analyse	43,5 millions de dollars	85.4%
Traitement des données des consommateurs	2,7 millions de points / jour	Idées en temps réel

Mise en œuvre des technologies de fabrication automatisées

Coca-Cola FEMSA a investi 92,6 millions de dollars dans les technologies de fabrication automatisées dans ses 48 installations de production. La robotique et la mise en œuvre de l'IA ont augmenté l'efficacité de la production de 37,2% et réduit les coûts opérationnels de 19,5%.

Investissement d'automatisation	Installations de production	Gains d'efficacité
Budget de la technologie d'automatisation	92,6 millions de dollars	Augmentation de la production de 37,2%
Installations de production totale	48 installations	19,5% de réduction des coûts

Développement de plateformes numériques du commerce électronique et directes aux consommateurs

Coca-Cola FEMSA a développé une infrastructure de commerce électronique de 56,4 millions de dollars, permettant des ventes directes aux consommateurs sur 6 plateformes numériques. Les ventes en ligne ont augmenté de 41,3% en 2023, ce qui représente 14,7% des revenus totaux.

Investissement de commerce électronique	Plates-formes numériques	Performance des ventes
Infrastructure de commerce électronique	56,4 millions de dollars	Croissance des ventes de 41,3%
Plates-formes numériques totales	6 plateformes	14,7% des revenus totaux

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations complexes des boissons multinationales

Paysage de conformité réglementaire:

Pays	Organes de réglementation clés	Exigences de conformité	Coût annuel de conformité
Mexique	Cofepris	Règlement sur la sécurité alimentaire	2,3 millions de dollars
Brésil	Anvisa	Étiquetage nutritionnel	1,7 million de dollars
Argentine	Anmat	Normes d'ingrédients de boisson	1,4 million de dollars

Augmentation des exigences légales de la durabilité de l'environnement et de l'emballage

Conformité du règlement d'emballage:

Juridiction	Mandat de réduction du plastique	Exigence de recyclage	Investissement dans un emballage durable
Mexique	Réduction de 30% d'ici 2025	Taux de recyclage de 45%	45 millions de dollars
Colombie	Réduction de 25% d'ici 2026	Taux de recyclage de 40%	32 millions de dollars

Protection de la propriété intellectuelle pour les innovations de marque et de produits

Marque de commerce et portefeuille de brevets:

• Total des marques enregistrées: 287
• Demandes de brevets actifs: 42
• Dépenses de protection IP annuelles: 3,6 millions de dollars
• Budget de défense du contentieux: 1,2 million de dollars

Navigation des lois du travail dans plusieurs juridictions latino-américaines

Métriques de la conformité du travail:

Pays	Total des employés	Conformité au salaire minimum	Coût annuel de formation en droit du travail
Mexique	22,500	100% conforme	$850,000
Brésil	15,300	100% conforme	$650,000
Argentine	8,700	100% conforme	$420,000

Coca-Cola Femsa, S.A.B. de C.V. (KOF) - Analyse du pilon: facteurs environnementaux

Engagement envers la conservation de l'eau et les pratiques de fabrication durables

Coca-Cola FEMSA s'est engagée dans un objectif d'efficacité de l'eau de 1,28 litre d'eau par litre de boissons produites en 2024. Les initiatives de réapprovisionnement en eau de l'entreprise couvrent 100% de leur consommation d'eau manufacturière dans 10 pays.

Métrique de conservation de l'eau	Cible 2024
Ratio d'efficacité de l'eau	1,28 litres / litre de boissons
Couverture de réapprovisionnement en eau	100% de la consommation d'eau de fabrication
Pays avec des initiatives d'eau	10 pays

Réduire l'empreinte carbone à travers les réseaux de production et de distribution

Coca-Cola FEMSA vise à réduire les émissions de gaz à effet de serre de 50% entre les étendus 1 et 2 d'ici 2030, avec un objectif provisoire de 25% de réduction d'ici 2025.

Cible de réduction des émissions de carbone	Pourcentage	Année cible
Réduction des émissions de la portée 1 et 2	25%	2025
Réduction des émissions de la portée 1 et 2	50%	2030

Mise en œuvre des principes d'économie circulaire dans l'emballage

Coca-Cola FEMSA s'est fixé pour objectif de rendre 100% d'emballage recyclable d'ici 2025 et de s'assurer que 50% des emballages sont fabriqués à partir de matériaux recyclés.

Objectif de durabilité de l'emballage	Cible	Année
Emballage recyclable	100%	2025
Emballage des matériaux recyclés	50%	2025

Investir dans des énergies renouvelables et des technologies d'emballage durables

Coca-Cola FEMSA a investi 45 millions de dollars dans des infrastructures d'énergie renouvelable, avec 30% de la consommation totale d'énergie qui devrait provenir de sources renouvelables d'ici 2024.

Investissement d'énergie renouvelable	Montant
Investissement total	45 millions de dollars
Cible d'énergie renouvelable	30% de la consommation d'énergie totale
Année cible pour les énergies renouvelables	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).