Global AI in Food & Beverage Market is Projected to reach US$ 12.58 Billion by the year 2026
Published | 19 February 2020
According to BlueWeave Consulting, The global AI in food & beverages Market expected to reach US$ 12.58 billion in 2026 with a lucrative CAGR of 42.5%. Key factors driving growth are the growing need to reduce the cost of food & beverage, raising the value of big data in food & beverage, increasing adoption of precision medicine and increasing the cost of hardware.
Increasing applicability of AI-based medical care technologies and increasing venture capital funding can also be attributed to the surge in demand for this technology. CarePrevist, Inc., for example. Uses AI technology to track changes in behavioral patterns and activity for early prediction of health problems. Increasing number of cross-industry collaborations are expected to improve the adoption of AI by the food & beverage sector which is also responsible for its lucrative rate of growth. In September 2018 GNS food & beverage entered into a cross-industry agreement with Alliance and Amgen to perform clinical oncology studies. The goal of the collaboration was to use data from clinical trials and artificial intelligence (AI) to identify factors that enhance treatment responses in patients with colorectal metastatic cancer (CRC).
Better customer service by companies to stimulate market with a significant growth in food & beverage market during the forecast period
Artificial intelligence is used in understanding consumer behavior which is expected to result in more accurate and reliable predictions. In addition, it allows companies and advertisers to engage in deeper experiences, connect with customers on a personal level, and improve their overall experience related to the brand. Therefore, people are increasingly adopting chatbots to work effectively on the offline mode. More than 50 per cent of consumers are willing to spend more on companies offering better customer service, according to an American Express Survey. That opens up opportunities for artificial intelligence. These opportunities in the food and beverage industry are likely to trigger the development of global artificial intelligence. Artificial intelligence also helps deduce, track and evaluate consumer feelings and actions across different social media platforms.
North American regional segment expected to witness lucrative growth in global AI in Food & Beverage market
In North America, readiness for adoption and a high fractional increase in replacement AI are the leading drivers of their economic impact, reflecting the region's leading position on AI and its implementation, as well as the high potential for automation expected to occur at regional level from now until 2026. In addition, food processing is one of the major United States manufacturing sectors. 16 percent of the volume of exports from all US manufacturing plants comes from food processing plants, according to the United States Department of Agriculture. Artificial intelligence is expected to grow in the food and beverage industry in Asia Pacific with the highest CAGR. Increasing the use of deep learning and neuro-linguistic programming (NLP) technologies in Asia Pacific law applications, agriculture, marketing, and finance are reasons for such a rapid expansion of artificial intelligence in the region's food and beverage markets. In addition, the presence of many of the region's leading market players has also led to an exponential increase in artificial intelligence in the food and beverage market in the region.
Challenges faced by F&B
F&B businesses are constantly being challenged by the changing global trends. First, meeting the regulatory compliances relating to food and safety processes, which today has become a priority for businesses. Furthermore, handling production lines and pieces of equipment and reducing the supply chain waste are another obstacle for F&B businesses. In addition, the management of inventory stocks, the maintenance of food quality and other services which are especially cost-oriented. A combination of these challenges will bring a huge financial setback and damage the reputation of the brand.
AI In Food & Beverage: Competitive Landscape
Artificial intelligence in Food & Beverage market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide artificial intelligence in Food & Beverage industry. However, the companies that hold the majority share of artificial intelligence in Food & Beverage market are Raytec Vision SpA, Rockwell Automation Inc., ABB Ltd, Honeywell International Inc., Key Technology Inc., TOMRA Sorting Solutions AS, GREEFA, Sesotec GmbH, Martec of Whitell Ltd, Sight Machine Inc. and Other Prominent Players.
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the AI in Food & Beverage market size & forecast. The report promises to provide state-of-the-art technology of AI in Food & Beverage and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
BlueWeave Consulting & Research Pvt. Ltd
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