the Global Artificial Intelligence (AI) in Food Beverage Market the size is expected to register a CAGR of 45.7% from 2021 to 2027 and grow from $3.1 billion in 2020 for $29.6 billion by 2027. Artificial intelligence (AI) in the food and beverage market is witnessing significant growth due to shifting consumer demand for fast, affordable, and easily accessible food options. This has led to a transformation of the agribusiness industry, with market leaders leveraging advanced technologies, such as artificial intelligence and machine, to scale operations and help businesses stay relevant in a market environment. dynamic.
Traditional equipment, such as automatic sorting systems, focused on sorting defective raw materials or contaminated finished products from good ones. Today, the advancement of AI-based solutions has created the ability to sort food for its optimal use. These vast benefits of sorting are driving the growth of AI in the food and beverage market owing to drastic improvements in efficiency and increased regulations to enhance food safety over the forecast period.
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Globally, food processing is one of the most crucial revenue generating industries for the majority of developed and emerging economies. The evolution of IoT (Internet of Things), from consumer applications to Industrial IoT (IIoT) and robotics in the industrial sector, has helped companies formulate solutions, thereby addressing critical issues related to production and execution by eliminating the risk of human error.
Global Artificial Intelligence in Food Beverage Market Dynamics
Drivers: Drastic efficiency improvements across the supply chain
Artificial intelligence has actively gained prominence over the past few years, with various companies actively investing in discovering the potential of technology in production. This emerging artificial intelligence technology helps foodservice companies manage the supply chain through predictive analytics, transparency and logistics. Organizations are increasingly digitizing their supply chain to differentiate between revenue growth, which improves the efficiency of the entire supply chain, thus generating a massive amount of data, where the AI helps the organization analyze data and better understand variables in the supply chain by anticipating future scenarios.
Additionally, integrating AI into supply chains helps companies innovate quickly by reducing time to market, thereby establishing an agile supply chain that can predict and manage uncertainties. This is driving the growth of artificial intelligence in the food and beverage industry.
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Constraints: high cost associated with large-scale deployment of AI technology
F&B organizations are increasingly digitizing their supply chain to differentiate revenue growth based on the promise of these technologies and the number of benefits they already deliver; many companies are ready to use these solutions for their business transformation. Although F&B has benefited in myriad ways from implementing AI in its various supply chain processes, margins are already thin in the industry, and many food and beverage companies have resources limited which cannot make large investments, just like Google or Amazon in their R&D and innovation. This high cost of large-scale deployment in the industry limits the growth of the market.
Additionally, integrating new AI systems into existing technology stacks is a very complex process, especially for large conglomerates with fragmented operations, as F&B brands typically build tightly integrated and customized in-house technology that would reflect the need unique to the company. It is usually complicated to integrate AI and the traditional system, which further hinders the growth of the market.
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The study categorizes the Artificial Intelligence (AI) in Food Beverages market based on application, end-user, and region.
By Outlook Application (Revenue, USD Million, 2017-2027)
- Sorting of food
- Quality control and safety compliance
- Consumer Engagement
- Manufacturing and packaging
- Other Apps
By End-User Insights (Revenue, USD Million, 2017-2027)
- Food industry
- Hotel and Restaurant
- The beverage industry
Outlook by Region (Revenue, USD Million, 2017-2027)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The consumer engagement segment is expected to account for the largest market share by application
Global Artificial Intelligence (AI) in Food Beverages Market by Application has been segmented into Quality Control & Safety Compliance, Production & Packaging, Consumer Engagement, Maintenance, Food Sorting and Other Applications. The consumer engagement segment is the largest contributor to the global artificial intelligence (AI) in food beverages market and holds a 28.7% market share in 2020. Artificial intelligence is being felt everywhere and is now emerging as a powerful marketing trend. Chatbots have gained momentum over the past two years to drive business results in a cost-effective way. With enhanced customer experience, chatbots are powered by AI that acts on behalf of humans when paired with existing messaging and other mobile apps and web platforms. Effective chatbots help endless numbers of people 24/7 at a fraction of the cost of traditional customer services.
Additionally, many customers are adopting chatbots because they can work effectively offline. A report by American Express said that more than 50% of consumers are willing to spend more at companies that provide superior customer service. This opens up a tremendous opportunity for AI, which in turn is likely to grow the market for artificial intelligence (AI) in the food and beverage industry.
Asia-Pacific accounts for the highest CAGR during the forecast period
On the basis of regions, the Global Artificial Intelligence (AI) in Food Beverage Market has segmented into North America, Asia-Pacific, Europe, South America, Middle East, and Europe. ‘Africa. Globally, Asia Pacific is estimated to register the highest CAGR of 47.3% on the global artificial intelligence (AI) in food beverage market during the forecast period. High consumer population density and rapidly growing and economically developing countries in Asia-Pacific were among the few factors that increased the rapid adoption of AI in the region. In China, an expected high marginal impact of AI adoption on productivity is the main driver, reflecting the region’s low initial labor productivity compared to other countries. The government’s recent push to implement replacement and augmentation AI technologies on a large scale has been a catalyst for the adoption of AI in the country’s industrial sector, including the food and beverage industry. drinks.
Asia-Pacific is also witnessing phenomenal growth in the food and beverage industry due to increased health awareness, urbanization, and disposable income. For this reason, many players in the food and beverage industry are switching from manual food processing to AI to increase production and develop new products, ultimately driving the market for AI in food and drinks. Japan’s Kirin Holdings is already leveraging AI services for beer brewing to shorten product development and speed up training.
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Main market players
Artificial Intelligence (AI) in Food Beverage Market is slightly concentrated in nature with few global players operating in the market such as Rockwell Automation Inc., Raytec Vision SPA, ABB Ltd, Key Technology Inc., TOMRA Systems ASA, GREEFA, Honeywell International Inc., Sesotec GmbH, Martec of Whitwell Ltd and Sight Machine Inc. Each company follows its business strategy to achieve the maximum market share