Core Insights - Coca-Cola has established a resilient business model in the consumer goods industry, but faces long-term risks from structural trends and economic or regulatory forces [1] Group 1: Long-term Risks - Health trends and sugar regulation are significant long-term headwinds, with a global shift towards healthier beverages and increasing government regulations on sugar consumption [4][5] - Sugar taxes and regulations are being introduced worldwide, impacting affordability and volume sales [5][6] - The company's identity is closely tied to its core cola products, which may limit growth potential in developed markets despite progress with healthier options [6][7] Group 2: Currency Fluctuations - More than half of Coca-Cola's revenue comes from international markets, exposing the company to foreign exchange volatility [8] - A stronger U.S. dollar negatively impacts reported revenue and profits, even with consistent unit sales [8][9] - Currency fluctuations have historically reduced Coca-Cola's reported revenue growth by several percentage points, with a notable 5% reduction in 2024 due to FX impacts [9][10]