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Jakarta, June 2026 — Herbal medicine producer PT Industri Jamu dan Farmasi Sido Muncul Tbk reported a 19% drop in revenue in the first quarter of 2026, yet its flagship product Tolak Angin continues to dominate Indonesia’s herbal cold remedy market with a commanding 72% share.
The company booked revenues of Rp 640.5 billion in Q1 2026, down from Rp 789.1 billion in the same period last year.
Management attributed the decline not to weakening consumer demand but to distributor inventory adjustments.
Distributors had stocked up heavily in late 2025, purchasing at older prices and later selling below official rates, which disrupted market pricing and temporarily reduced orders.
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Despite the headline decline, retail demand remains resilient.
Sales data show stable performance across Java and Sumatra, with no significant drop at consumer outlets.
Nielsen data confirm Tolak Angin’s dominance, while other Sido Muncul products also maintain strong positions Kuku Bima holds 51% of the energy drink market, and supplements such as Esemag and Tolak Linu continue to lead their categories.
Looking ahead, Sido Muncul is preparing to celebrate its 75th anniversary in November 2026 with a series of strategic initiatives.
These include the launch of SidoHerbalPedia, a consumer education portal on clinically tested herbal remedies upstream research to improve raw ingredient quality expanded medical studies on herbal treatments for cancer, diabetes, and immunity; and preclinical trials to validate product efficacy.
The company also plans to expand exports to mainstream markets in Saudi Arabia and China, while driving efficiency in production, packaging, supplier management, and promotions.
External challenges remain, particularly rising packaging costs linked to global currency fluctuations.
However, Sido Muncul sources 90% of its raw materials locally, limiting exposure to foreign exchange volatility. Imported materials account for only 5–6% of needs, mainly production aids, while plastic packaging contributes just 5–7% of total production costs.
Management remains optimistic, citing Indonesia’s strong herbal culture and growing consumer health awareness as long-term growth drivers.
Risks include selective consumer spending, higher energy and logistics costs, and global market volatility.
Yet with brand dominance, innovation, and export expansion, Sido Muncul believes it is well positioned to sustain momentum through 2026.
