Coca-Cola has invested heavily in the world's second-largest economy since expanding there 40 years ago. The company now has over 50,000 employees and 45 factories in China, as well as a research and development center in Shanghai — its largest in the world.
Yet Ferguson, who has been running China operations for two years, said the business still has a long way to go. Currently, Coca-Cola has 10 percent share of the country's total non-alcoholic, ready-to-drink market.
"In China, we're well off the mark of where we have to be," Ferguson said. "We have a lot of catching up to do."
That means adapting its product line to meet the fast-evolving demands of Chinese consumers, he said. Last month, the business announced a $5.1 billion deal to buy Costa as part of its plans to sell more coffee, including in China. Meanwhile, Ferguson said it was experimenting with Chinese medicinal recipes to make its health drinks more appealing to local consumers.
His comments come shortly after the Atlanta, Georgia-headquartered company indicated its intentions to expand its health drinks line outside of China, too.
Reports on Monday revealed that the drink maker is in talks with Canadian marijuana producer Aurora Cannabis to develop a drink infused with Cannabidiol. Cannabidiol, otherwise known as CBD, is the non-psychoactive ingredient in marijuana that treats pain but doesn't get you high.
"This is the healthy side of marijuana, not the fun side of marijuana," Ferguson said.