Indonesia’s Ministry of Industry has projected that the food and beverage industry will grow by up to 7% in 2023, similar to what it has achieved during the pre-pandemic period. In addition, the industrial capacity utilization has already matched to the utilization level before the pandemic.
The optimistic projection is in tandem with positive sentiments among industry players, said the Director General of Agro-Industry Putu Juli Ardika.
Ardika remarked that the food and beverage industry has continued to grow significantly since the pandemic. In 2022, it recorded 4.9% growth, a significant increase from 2.54% in 2021.
Based on the Industrial Optimism Index (IKI), the food and beverage industry is still expanding strongly. Around 76% of food and beverage industry players are very optimistic of the industry growth.
Meanwhile, the export value of the food and beverage industry reached US$48.61 billion, or 16.65% of the total national exports during the final quarter of 2022.