Global Ai In Food And Beverages Market Size 2024, Forecast To 2033
6 Mar, 2024
The AI in food and beverages market size has grown exponentially in recent years. It will grow from $6.53 billion in 2023 to $9.56 billion in 2024 at a compound annual growth rate (CAGR) of 46.3%. The growth in the historic period can be attributed to quality control and assurance, supply chain optimization, consumer demand for personalization, efficient production processes, regulatory compliance. The AI in food and beverages market size is expected to see exponential growth in the next few years. It will grow to $39.4 billion in 2028 at a compound annual growth rate (CAGR) of 42.5%. The growth in the forecast period can be attributed to advanced product development, enhanced customer engagement, sustainable and eco-friendly practices, precision agriculture, dynamic pricing strategies. Major trends in the forecast period include enhanced customer experience, blockchain integration for transparency, robotic process automation (RPA), AI in flavor and product development, food safety monitoring.
Global AI In Food And Beverages Market Key Driver
The burgeoning number of startups in the food and beverage industry is poised to propel the growth of the AI in food and beverage market. Food and beverage startups introduce innovation into the sector through new food processing methods, enhanced delivery systems, and waste reduction strategies. AI technologies aid these startups by analyzing consumer preferences and extracting valuable insights to tailor product development. In 2021, the United Kingdom witnessed a 47% increase in the number of new food and drink startups, soaring from 3,996 to 5,885, as reported by EMW Law, a UK-based commercial law firm. Thus, the growing presence of startups in the food and beverage domain is stimulating the expansion of the AI in food and beverage market.
Get A Free Sample Of The Global AI In Food And Beverages Market ReportGlobal AI In Food And Beverages Market Segments
The ai in food and beverages market covered in this report is segmented –
1) By Type: Hardware, Software
2) By Organization Size: Small Enterprises, Medium And Large Enterprises
3) By Application: Food Storing, Consumer Engagement, Quality Control, Safety Compliance, Production And Packaging, Maintenance, Other Applications
4) By Marketing Channel: Traditional Marketing Channel (Offline), Online Marketing Channel
5) By End User: Hotels And Restaurants, Food Processing Industries, Other End Users
By Geography:The regions covered in the ai in food and beverages market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the AI in food and beverages market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global AI in food and beverages market report during the forecast period. The regions covered in the ai in food and beverages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major AI In Food And Beverages Industry Players
Raytec Vision SpA, Rockwell Automation Inc., ABB Ltd., Honeywell International Inc., TOMRA Sorting Solutions AS, Sesotec GmbH, Martec of Whitell Ltd., Key Technology Inc., Greefa Co., Sight Machine Inc., Foodable Network LLC, Compac Sorting Equipment Ltd., Agco Corporation, National Recovery Technologies LLC, Bulk Handling Systems, Buhler AG, QualySense AG, BoMill AB, Clarifai Inc., BBC Technologies, Intelligent X Brewing Co., International Business Machines Corporation, Microsoft Corporation, Google LLC, Amazon.com Inc., Siemens AG, Schneider Electric SE, Emerson Electric Co., Yokogawa Electric Corporation, Mitsubishi Electric Corporation, Omron Corporation, Fanuc Corporation, GEA Group AG, Tetra Pak International SA, Krones AG, Sidel International AG, Alfa Laval AB, SPX Flow Inc., JBT Corporation
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AI In Food And Beverages Market Overview
Artificial intelligence in food and beverages refers to the utilization of advanced artificial intelligence and machine learning techniques in the food and beverages sector to control food waste, deliveries, and food safety. Big data analytics and machine learning models are used by AI to derive practical insights about consumer demands and preferences that help with product creation.
AI In Food And Beverages Global Market Report 2023 provides data on the global ai in food and beverages market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ai in food and beverages market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.