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Beverage Industry Purchasing Index Bounces Back in 2023

The beverage industry purchasing index shows expansion in every metric after contractions in 2022.

The 2023 beverage industry purchasing index is growing in 2023, albeit at a slightly slower pace than the overall market.
The 2023 beverage industry purchasing index is growing in 2023, albeit at a slightly slower pace than the overall market.
PMMI Business Intelligence: 2023 Purchasing Plans and Priorities

Business is booming on the beverage front, with companies reporting expansion in every metric of the beverage industry purchasing index in 2023.

That’s according to PMMI Business Intelligence’s 2023 report, “Purchasing Plans and Priorities.”  The industry’s growth comes at a slightly slower pace than the overall market, but it is a significant improvement compared to the contractions from the most recent Q2 2022 measurement.

Beverage industry purchasing index posts growth

The beverage industry is growing in all purchasing index metrics.The beverage industry is growing in all purchasing index metrics.PMMI Business Intelligence: 2023 Purchasing Plans and PrioritiesThe 2023 purchasing index measures industry performance based on three main metrics, all aligned with CPG responses to a survey conducted for the report. It measures equipment investments, scheduled projects, and the number of SKUs manufactured. An index of 50 represents no change.

This year’s equipment investment activity shows expansion at 71.9 points, as does the metric for scheduled projects at 68.8 points and new SKUs at 75 points.

Interviewed companies expect moderate growth in 2023, and most indicate plans to move forward with investments. Although inflation impacts some beverage sector niches, most companies expect demand to continue growing, although at a slower pace than in years prior. “Soft growth” is the mean expectation.

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