What Has Been the Growth of the AI In Food And Beverages Market So Far?
The ai in food and beverages market has seen considerable growth due to a variety of factors.
•The market size for AI in the food and drinks industry has been increasing drastically over recent years. The market's projected growth value is expected to rise from $9.4 billion in 2024 to $13.61 billion in 2025, achieving a compound annual growth rate (CAGR) of 44.8%.
The historical growth of the market has been driven by factors such as quality assurance and control, optimization of the supply chain, personalized consumer demand, regulatory adherence, and efficient production procedures.
What Are the Future Growth Projections for the AI In Food And Beverages Market?
The ai in food and beverages market is expected to maintain its strong growth trajectory in upcoming years.
• In the food and beverages sector, the market outlook for AI technologies holds significant growth potential in the forthcoming years, with projections estimating it to reach "$56.47 billion by 2029, representing a compound annual growth rate (CAGR) of 42.7%.
Accelerated growth in the forecast period can be linked to numerous factors such as innovative product creation, enriched buyer interaction, eco-conscious measures, precise farming practices, and adaptable pricing models. The emerging trends expected in the forecast period encompass an improved customer journey, implementing blockchain for increased transparency, robotic process automation (RPA), application of AI in flavor creation and product innovation, alongside food safety oversight.
What Factors Are Driving Growth In The AI In Food And Beverages Market?
The growth of the AI in food and beverage market is projected to be accelerated by the escalating demand for dietary supplements. These dietary supplemental aids typically comprise one or more nourishing components such as vitamins, minerals, herbs, amino acids, and enzymes. The urgency for dietary supplements arises primarily due to an enlarging elderly population, enhanced health consciousness, and hectic lifestyles, as consumers seek handy solutions to uphold their health and wellness. AI scrutinizes individual health data, predilections, and dietary necessities to formulate personalized supplement suggestions, thereby elevating consumer satisfaction and commitment towards supplementation practices. For instance, as per the 2022 Consumer Survey on Dietary Supplements carried out by Council for Responsible Nutrition, a non-profit trade association based in the US, the 2022 survey incorporated 3,133 U.S. adults aged 18 and above, amongst whom 2,342 confessed to seasonal, sporadic, or regular usage of dietary supplements. The survey also revealed that 75% of Americans incorporate dietary supplements into their regular regimen. Hence, the augmented demand for dietary supplements fuels the growth of the AI in food and beverage market.
What Are The Main Segments Of The Global AI In Food And Beverages Market?
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
Subsegments:
1) By Hardware: Sensors, Robots, Processors, Automation Systems, IoT Devices
3) By Software: Machine Learning Software, Data Analytics Software, Quality Control Software, Supply Chain Management Software, Customer Relationship Management (CRM) Software
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What Emerging Trends Are Influencing The Growth Of The AI In Food And Beverages Market?
Emerging technology trends are becoming increasingly significant in the AI in food and beverages sector. Businesses in the AI in food and beverages industry are leveraging new innovations to maintain their market stance. For example, in March 2023, Tastewise, an Israeli software firm, introduced a chatbot, TasteGPT. With an aim to boost efficiency for its clientele including several brands, this technology is purposed to reduce the time spent on research and development. TasteGPT is equipped to provide business insights and innovation responses in just a few seconds.
Who Are the Key Players in the AI In Food And Beverages Market?
Major companies operating in the AI in food and beverages market include:
• 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.
• 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
What Is The Most Dominant Region In The AI In Food And Beverages Market?
North America was the largest region in the AI in food and beverages market in 2024.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
