Description
The global artificial intelligence (AI) in the food beverages market size is expected to register a CAGR of 45.7% from 2021 to 2027 and grow from USD 3.1 billion in 2020 to USD 29.6 billion by 2027. Artificial intelligence (AI) in the food and beverage market is growing significantly due to consumer demand changes toward preferring fast, affordable, and easily accessible food options. This has led to a transformation in the food and beverage industry, with market leaders leveraging advanced technologies, such as machine and artificial intelligence, to scale operations and help companies stay relevant in a dynamic market environment.
Traditional equipment, such as automatic sorting systems, was focused on sorting the defective raw materials or contaminated finished goods from the good ones. Today, the advancement in AI-enabled solutions has created the capability to sort the foods for their optimized use. These broad benefits of sorting drive the growth of AI in the food and beverage market due to drastic efficiency improvements and increased regulations to improve food safety during the forecast period.
Globally, food processing is one of the most crucial revenue-generating industries for a majority of the developed and emerging economies. The evolution of the IoT (Internet of Things), from consumer applications to Industrial IoT (IIoT) and robotics in the industrial sector, has aided the companies to formulate solutions, thereby catering to critical issues related to the production and execution by eliminating the possible chance of human errors.
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Global Artificial Intelligence in Food Beverages Market Dynamics
Drivers: Drastic Improvements in Effectiveness Across the Supply Chain
Artificial intelligence has been actively gaining prominence over the recent past, with various companies actively investing in discovering the potential of technology in production. This emerging technology of artificial intelligence is helping F&B firms with supply chain management through predictive analytics, transparency, and logistics. Organizations are increasingly digitizing their supply chain to differentiate between driving revenue growth, which is improving the efficiency across the supply chain, thereby generating a massive amount of data, where AI is helping the organization to analyze the data and gain a better understanding of variables in the supply chain by anticipating upcoming scenarios.
Furthermore, the integration of AI in supply chains is helping businesses to innovate rapidly by reducing the time to market, thereby establishing an agile supply chain capable of foreseeing and dealing with uncertainties. This is driving the growth of artificial intelligence in the food and beverage sector.
Restraints: High Cost Associated with Large-scale Deployment of AI Technology
F&B organizations are increasingly digitizing their supply chain to differentiate between driving the revenue growth as per how promising these technologies are and the number of benefits they already deliver; many companies are willing to use these solutions for their business transformation. Though F&B has benefitted in multiple ways by implementing AI across its different supply chain processes, there are thin margins in the industry already, and many foods and beverage companies have limited resources that cannot make significant investments, just like Google or Amazon in their R&D and innovation. This high cost of large-scale deployment in the sector is restricting the market from growing.
Also, integrating new AI systems into the existing technology stacks is a very complex process, especially for large conglomerates with fragmented operations as F&B brands usually build tightly integrated and customized in-house technology that would reflect the company's unique need. It is generally complicated to incorporate AI and the traditional system, further hampering the market's growth.
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Scope of the Report
The study categorizes artificial intelligence (AI) in the food beverages market based on application, end-user, and region.
By Application Outlook (Revenue, USD Million, 2017-2027)
- Food Sorting
- Quality Control and Safety Compliance
- Consumer Engagement
- Production and Packaging
- Maintenance
- Other Applications
By End-User Outlook (Revenue, USD Million, 2017-2027)
- Food Processing Industry
- Hotel and Restaurant
- Beverage Industry
By Region Outlook (Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The consumer engagement segment is projected to account for the largest market share by application
The global artificial intelligence (AI) in the food beverages market by application has been segmented into quality control and safety compliance, production and packaging, consumer engagement, maintenance, food sorting, and other applications. The consumer engagement segment is the highest market contributor in the global artificial intelligence (AI) market in food beverages and has a market share of 28.7% in 2020. Artificial intelligence is making its presence felt everywhere and is now emerging as a powerful marketing trend. Chatbots have gained momentum in the past couple of years for cost-effectively driving business outcomes. With improved customer experience, Chatbots are powered by AI that acts on humans' behalf when coupled with existing messenger and other mobile apps and web-based platforms. Effective chatbots are aiding the infinite number of people 24/7 at a fraction of the cost of traditional customer services.
Additionally, many customers are adopting chatbots, as they can efficiently work on the offline mode. An American Express report stated that more than 50% of the consumers are willing to spend more in the firms that provide superior customer service. This opens a tremendous opportunity for AI, which, in turn, is likely to grow the market of artificial intelligence (AI) in the food and beverage sector.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global artificial intelligence (AI) in the food beverages market has segmented North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to register the highest CAGR of 47.3% in the global artificial intelligence (AI) in the food beverages market during the forecast period. The high population density of consumers and the rapidly growing and economically developing nations in Asia-Pacific have been among the few factors that have augmented the rapid adoption of AI in the region. In China, a high projected marginal impact of AI-uptake on productivity is the primary driver, reflecting the region’s low starting labor productivity base compared to other countries. The recent push by the government to implement both replacement and augmenting artificial intelligence technologies on a large scale has been an enabler of AI adoption in the country’s industrial sector, including the food and beverage industry.
Asia-Pacific is also experiencing tremendous growth in the food and beverage industry due to increased health awareness, urbanization, and disposable income. Due to this, many foods and beverage industry players are moving from manual to AI food processing to grow the output and develop new products, ultimately driving the market for AI in the food and beverage sector. Japan's Kirin Holdings is already tapping the AI services for beer-making to shorten product development and speed training.
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Key Market Players
The artificial intelligence (AI) in the food beverages market is mildly concentrated in nature, with few numbers 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. Every corporation follows its business strategy to attain the maximum market share.
Recent Developments
- In February 2019, PTC and Rockwell Automation Inc. announced, from the 2019 ARC Industry Forum, that in the last three months, several manufacturers across a variety of countries and industries selected the FactoryTalk Innovation Suite, powered by PTC, solution as part of their digital transformation initiatives.
- In March 2019, Melinda teamed up with GREEFA to achieve the best internal fruit quality. Recently, Melinda selected GREEFA as its partner for the state-of-the-art solutions that are good value for money perfectly meet their needs.
- In April 2019, Sensotec Canada, a Sensotec GmbH, expanded to a new facility in Guelph, Ontario. The new facility includes a demo center for product testing, customer training, and improved support for North American customers.
- In March 2019, TOMRA Sorting Recycling launched a cloud-based data platform, TOMRA Insight, unlocking new opportunities for sorting equipment users.
Key Issues Addressed
- What is the market size by various segmentation of the artificial intelligence (AI) in food beverages by region and its respective countries?
- What are the customer buying behavior, key takeaways, and Porter's 5 forces of the artificial intelligence (AI) in food beverages market?
- What are the key opportunities and trends for manufacturers involved in the artificial intelligence (AI) in food beverages supply chain?
- What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
- What and how regulations, schemes, patents, and policies are impacting the growth of the market?
- What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
- The market player positioning, top winning strategies by years, company product developments, and launches will be?
- How has COVID-19 impacted the demand and sales of artificial intelligence (AI) in food beverages in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
- Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
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