In at-home channels, the company witnessed early pantry loading in certain markets, followed by more normalized demand levels, along with a sharp increase in e-commerce.

Zhu Danpeng, an independent food and beverage analyst, said the focus of Coca-Cola on beverages-marked by its slogan to become a total beverage company-has given it more edge in differentiation from other beverage producers, through its multiple brand and cross category strategy, creating a more diversified consumption scenario.

To further expand its beverage category, Coca-Cola has set up a joint venture with Chinese dairy giant China Mengniu Dairy Co to produce and sell chilled milk in China. Chilled milk is believed to have immense growth potential in China, given its value-added and better-tasting features.

Last month, Coca-Cola's coffee brand Costa Coffee said it will launch a line of ready-to-drink coffee products in China by the end of last month to further tap the country's rising ready-to-drink market.