Coca-Cola Amatil will benefit in the medium-term from volume growth in Indonesia, higher margins in Australia and increased earnings from alcohol, analysts believe.

In a report to clients, Citigroup analysts Andy Bowley and Craig Woolford said Indonesia offers "exciting volume growth potential given low per-capita consumption and economic growth''.

However, they said Coca-Cola Amatil's (CCA) current capex plans only support volume growth of 10-15% in the medium-term.

In Australia, CCA's market position has allowed it to increase profits by lifting prices in excess of costs.

"While we recognise that pricing cannot grow in excess of cost of goods sold in perpetuity, price growth can drive margin expansion over the short to medium-term,'' the analysts said.

They said 2010 will be a landmark year for CCA's joint venture with SABMiller, Pacific Beverages, which is set to open a 500,000-hectolitre brewery in May.

The JV's beer portfolio is enjoying consistent volume growth.