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Artificial Intelligence In Food and Beverages Market: Segmented By Application (Food Sorting, Consumer Engagement, and Quality Control): By End-user (Hotels and Restaurants, Food Processing Industry and Others): By organization Size (Small, Medium & Large Enterprises): Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
Artificial Intelligence In Food & Beverages Market to surpass USD 165.5 billion by 2031 from USD 4.5 billion in 2021 at a CAGR of 43.2% within the coming years, i.e., 2021-31.
Artificial Intelligence (AI) is the mechanism of developing smart robots that perform work and react similarly to humans. The goal is to teach machines how to think intelligently in the similar way humans do. Artificial Intelligence (AI) technologies are being endlessly developed in order to benefit human beings in various ways. Modernizations in automation industry have started affecting the other industrial processes. Food and beverages industry is also transforming rapidly and has improved the several ways in which foods are being packed and distributed. Several ways are being explored by food manufacturers to improve productivity through automation, whether it is actual processing or packaging of food.
Deviations in consumer trends toward preferring fast, affordable, and easily available food options have led to a revolution in the food and beverage industry, with market leaders leveraging advanced technologies, such as artificial intelligence to scale actions and help companies stay appropriate in a dynamic market atmosphere.
Based on End-use, the market is segmented into Hotels and Restaurants, Food Processing Industry, and Others. The Food Processing Industry segment holds the highest market share of Artificial Intelligence in Food & Beverages owing to quick shift in food processing industries towards adoption of AI-powered solutions for the enhancement of food processing units as well as improved yield and hygiene.
Artificial Intelligence in Food & Beverages Market by Application is segmented into Food Sorting, Consumer Engagement, and Quality Control. The market size of the Consumer Engagement segment is anticipated to grow at the highest CAGR during the forecast period due to Increasing need to predict taste, preference, and mode of purchase of customer is deriving placement of AI solutions in global F&B industry. F&B industries are growing to utilize artificial techniques to analyze the emotion of their customer in order to enhance product offerings.
Growing Need for Analysis of Consumer Buying Behavior to Reduce Food Wastage
The increasing number of clients that are to be handled by food and beverage companies are challenging with every passing day and it needs great energies to involve with customers. Artificial Intelligence uses data obtained from previous records by processing it using AI-enabled systems, so that the outcomes related to sales can be predicted for a specified time. AI primarily assists the food manufacturers and retailers by serving them to know their customers better. The companies will be able to identify the customers’ tastes and preferences, which would benefit them to forecast the possible sales pattern for their products. They would also be able to classify with those customers who repeatedly involve with them and predict their buying patterns. This would help them to heap up their inventories accordingly.
Improving Supply Chain Processes
With supply chain remaining to be a major struggle to handle within many Food & beverage industries, AI can aid bring about homogeneity in the working of industries by effectively managing the supply chain. Food wastage amounted to roughly USD 680 billion in industrial countries, while in developing countries, food losses and waste amounted to an estimated USD 310 billion. On account of these aspects, AI can play an important part in tracking food and beverages starting from the farmer, manufacturer, distributor till the end of the supply chain. AI can help in copying the products and also help in ensuring food that is consumed is safe by recognizing any individualities.
Reduction in Manual Labor & Increase in Unemployment
The profitability of an industry depends upon its productivity and cost-efficiency. The machine that works on artificial intelligence (AI) would be able to achieve repetitive tasks with a greater degree of effectiveness as compared to human-beings, that may lead organizations to implement automation to optimize their costs. This could lead to loss of jobs for human beings. As per the reports, approximately 65 percent of all employment in the five ASEAN nations comprising of Cambodia, Indonesia, The Philippines, Thailand, and Vietnam are at a high risk of displacement, owing to technology over the next decade or two. Nearly three in five jobs are expected to face a higher hazard of automation.
Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost every country around the world with the WHO declaring it a public health emergency. The global impacts of the coronavirus disease 2019 are already starting to be felt, and will significantly affect the Artificial Intelligence In Food & Beverages market in 2021. The outbreak of COVID-19 has brought effects on many features, like aircraft terminations; travel bans and quarantines; restaurants, cafes closed; all outdoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market instability; dropping business confidence, building panic among the population, and doubt about future. But as soon as the lockdown restriction gets over the respective market will catch its height.
ABB Ltd.
Company Overview, Business Strategy, Key Product Offerings, financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Artificial Intelligence in Food & Beverages Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America is estimated to contribute the largest share of the Artificial Intelligence in Food & Beverages Market during the forecast period owing to the overall preference and enthusiasm shown by the general population in the region towards adopting AI in food and beverages. Moreover, large number of players functioning in this region also influence to drive growth of the market in North America. Asia Pacific also holds a major share of the global market. The market in the region is also projected to register the highest CAGR during the forecast period.
| Report Attribute | Details |
| Market size value in 2021 | USD 4.5 billion |
| Revenue forecast in 2031 | USD 165.5 billion |
| Growth Rate | CAGR of 43.2% from 2021 to 2031 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Application, End-user, Organization Size and region |
| Region scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA) |
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Key companies profiled |
ABB Ltd., Agco Corporation, BBC technologies, BoMill AB, Bratney Companies, Buhler Holding AG, Compac Sorting Equipment, Duravant LLC, and Others |
The global Artificial Intelligence In Food & Beverages Market size was estimated at USD 4.5 billion in 2021 USD 165.5 billion by 2031.
Key players: ABB Ltd., Agco Corporation, BBC technologies, BoMill AB, Bratney Companies, Buhler Holding AG, Compac Sorting Equipment, Duravant LLC,
Food Processing & Consumer Engagement are anticipated to hold the largest Artificial Intelligence In Food & Beverages Market share.
Drivers: Growing Need for Analysis of Consumer Buying Behavior to Reduce Food Wastage, Improving Supply Chain Processes
Artificial Intelligence (AI) is the mechanism of developing smart robots that perform work and react similarly to humans.
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