Export market full of opportunities, F&B industry may grow over 5%
JAKARTA. The geopolitical instability post-pandemic leads to bigger opportunities in the export market, thus bringing the estimated growth of food and beverages (F&B) manufacturing industry up by 5% this year. Adhi Lukman, Chairman of Indonesia Food and Beverages Manufacturer Association (lit. Gabungan Produsen Makanan dan Minuman Indonesia/GAPMMI), laid out his projection last week.
“I am optimistic that the growth projection [of F&B manufacturing industry] may reach over 5%,” Lukman claimed, as quoted by Bisnis. Said confidence stems from the seemingly better prospect of F&B manufacturing industry compared to others amidst the national economic recovery post-pandemic and the tension in the export market following global geopolitical issues.
Furthermore, Lukman said that export opportunities are getting bigger as several countries lose their suppliers. For example, Singapore, which has lost its chicken supplier, Malaysia, now decides to import processed chicken from Indonesia. “Many of the countries, which had distributed their products globally, face some issues. It drives other countries to seek alternatives from Indonesia,” he explained.
Furthermore, the export of F&B products is projected to increase in the Middle East and Africa as many of the manufacturers aim to expand their market aside from the traditional big markets, such as the United States, Japan, and China. For the record, the export of processed food throughout January-November 2022 increased 20%. (AM/ZH)