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Domestic beverage industry expects 5 percent sales growth in 2024
Ready-to-drink beverage sales have remained subdued despite major holidays and events that had been expected to boost sales.
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(Left to right) Indonesian Soft Drink Producers Association (ASRIM) chairman Triyono Prijosoesilo, Industry Ministry director for the beverage, tobacco and refreshment industry Merrijantij Punguan Pintaria and Center of Reform on Economics (CORE) executive director Mohammad Faisal pose for a picture after a media briefing titled “Beverage Industry Performance in 2023, Opportunities and Challenges in 2024” in Jakarta on March 13. (JP/Ruth Dea Juwita)
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he Indonesian Soft Drink Producers Association (ASRIM) expects sales of non-alcoholic, ready-to-drink beverages to rise between 4 and 5 percent this year, despite a wavering market in the past few years.
The projection marks an increase from the 3.1 percent year-on-year (yoy) sales growth last year, driven largely by the robust performance of bottled mineral water, which accounted for about 60 percent of total revenue in the industry.
Excluding mineral water, the industry experienced a 2.6 percent yoy sales decline, the association said.
“The ready-to-drink beverage market has seen a significant decline, with a flat three-year compound annual growth rate [CAGR] between 2020 and 2022, suggesting no growth,” ASRIM chairman Triyono Prijosoesilo said during a media briefing on Wednesday.
The sales figure presented by the industry excluded sales of drinks that require mixing or preparation before being served.
Triyono noted that consumption rates had remained subdued despite major holidays and events that were expected to increase sales, such as Christmas, New Year and the February general election.
Household consumption, which accounts for more than half of the country’s GDP, grew by 4.82 percent last year, according to Statistics Indonesia (BPS), slower than the 4.93 percent growth booked in the previous year.
