Coca-Cola is planning to expand its business in China by building factories and adding new products with overall investment of $4bn during the period from 2015-2017, according to Coca-Cola China and Korea business division president David Brooks.

The move by the company is to meet the growing demand for its products and to be in-line with the increased competition in the country, where soft drinks market is worth $69.12bn.

Speaking at an interview in Shanghai, Brooks was quoted by Bloomberg as saying that the company is also open to acquisitions in China and may consider deals with complementary businesses, such as makers of juices or plant-protein drinks like almond milk.

"You will see an absolute increase in investment on an annual basis and on a three-year basis," Brooks added.

With the China investment, the American soda maker aims to double global revenues to $200bn in the ten years to 2020.

Shanghai-based China Market Research Group managing director Shaun Rein said the beverage market is quite competitive right now and Coke is going to have to do a lot more acquisitions rather than growing through organic growth.

"It is starting to compete against some really well-capitalized local players like JDB, which has a herbal tea called ‘JDB Red Can’ that out-sells Coke in many provinces in China and is double the price," Rein added.

Coca-Cola also faces stiff competition from PepsiCo and the local Hangzhou Wahaha Group, where PepsiCo has already opened new factories and has tied-up with Tingyi Cayman Islands Holding to expand distribution in the country.