“We think that the expansion of volume in emerging markets is going to continue.”

In context

“and that is clearly having an effect on demand. We also are gaining in these markets by expanding our distribution. That's always an extra benefit that we have. And we've been doing smart downsizing. One of the things we do in these markets is our LUPs or lower unit price. We try to keep that price constant that we have the entry into the category not being affected. Going forward, we expect the recovery in Europe to continue because pricing has landed and we are back on the shelf, and we are running full force in our commercial activities. Our inventory levels around the world are very healthy, including in North America, so we don't see any effect there. The elasticities remain relatively benign. But here and there, some modest upticks, but all the dynamics are included in our outlook. We think that the expansion of volume in emerging markets is going to continue. And in fact, it's a good problem to have. But in India and Mexico, the key challenge is to how to keep up with the heavy volume increase that we're seeing. And then we believe that everything we're doing for our long-term strategy is the things we are focused on and different activities that we have planned confirmation that is working for us, particularly also, for instance, the reinvestments we're doing. Maybe quickly on the consumer because that is probably the biggest factors to keep in mind as you think about volumes going forward. We find that consumer demand remains very resilient in our key markets. Consumers continue to prioritize spending on grocery and branded products. And we see the consumer confidence outlook for '24 stable for developed markets in North America and Europe,”