Ai In Food & Beverage Market Bwc19398

AI In Food and Beverage Market by Application (Food Sorting, Quality Control and Safety Compliance, Consumer Engagement, Production & Packaging, Maintenance and Other Application), End User (Food Processing Industry, Hotel & Restaurant and Beverages Industry), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26
- Published Date: February 2020
- Report ID: BWC19398
- Available Format: PDF
- Page: 185
Report Overview
Global AI in Food & Beverage Market Forecast and Trends
The global market of AI in Food & Beverage projected a CAGR rise of 42.5% to reach USD 12.58 billion by 2026. Changes in consumer demand to favor easy, inexpensive and easily accessible food options have resulted in a transformation in the food and beverage industry, with market leaders leveraging advanced technologies such as artificial intelligence and machine learning to scale up operations and helping businesses remain relevant in a challenging market environment. To distinguish and also to fuel revenue growth, companies are increasingly digitizing their supply chain, which improves efficiency across the supply chain. Supply chains produce massive amounts of data, in which AI helps the company analyze these data and gain a better understanding of supply chain variables by predicting future scenarios.
Global AI in Food & Beverage Market: Overview
Artificial Intelligence (AI) is a process of producing smart machines that function and react like humans. The aim is to teach the machines just the way humans think intelligently. The computers have done what they were told to do so up to now. But they'll think and behave like a human with AI machines. The food processing industry leverages the AI to improve different offers, automate processes and deliver better customer experience. Innovations in the automation industry have started to affect the other industrial processes. Food and beverage industries are also rapidly transforming and have improved the various ways food is packaged and delivered. Despite facing several challenges to move towards automation, the food industry has managed to put in place a number of automatic processes. Food manufacturers are exploring various ways of improving efficiency through automation, whether it is actual food production or packaging.
Growth drivers
Growing Need for Analysis of Consumer Buying Behavior and Prediction of Inventory Levels to Reduce Food Wastage
With every passing day, the rising number of customers to be addressed by food and beverage companies is overwhelming and it needs enormous efforts to engage with customers. Using AI-enabled algorithms, Artificial Intelligence uses data derived from past records, so that sales-related outcomes can be predicted for a specified time. AI mainly helps food producers and retailers understand their customers better. The companies will be able to recognize the tastes and preferences of the consumers, which would help them anticipate potential sales trends for their goods. They would also be able to identify with those clients who engage with them repeatedly and predict their buying patterns. This would help them stock up on their inventories.
Growing Demand for Implementation of AI for Improving Supply Chain Processes
With supply chain continuing to be a major struggle to cope with in many F&B enterprises, AI can help bring about transparency in enterprise operations by managing the supply chain effectively. According to the United Nations Food and Agriculture Organization (FAO), nearly 1.3 billion tons of food produced, which accounts for an estimated one-third of the world's food produced for human consumption, goes waste each year. Food losses and waste were high in industrialized countries while food losses and waste were estimated at USD XXX billion in developing countries. Because of these reasons, AI may play an important role in monitoring food and beverages from the farmer, producer, and distributor until the supply chain ends. AI will help track the goods and also help to ensure that the food consumed is healthy by recognizing any particularities.
Requirement for Automated Sorting Of Food Products
Industries take considerable time to figure out the food items and materials. AI will help companies conduct fast and effortless sorting, as the sensor-based optical sorting technique that it applies can save companies significant time and effort on sorting. By automated sorting, the businesses will also be able to reduce labor costs. Therefore, businesses have a huge opportunity to make money by reducing waste and increasing yields, therefore ensuring better quality.
Restraint
Stringent Regulatory Compliances related to Food and Safety Processes
Food and beverage manufacturers face the challenge of meeting strict food and safety-related regulatory compliances. In fact, there is a need to monitor the inventory and ensure the quality of food at all times, as these entail significant operational costs. Because of these factors, companies run the risk of huge financial losses.
Higher Costs of Upgradations of Machines/Equipment
Thus automation in food processing and packaging is considered to increase productivity and efficiency, with machines performing the tasks continuously at a faster rate, these machines must be continually upgraded or new acquisitions of equipment must be made to meet customers ' demands. The high cost of such machines engaged in food processing and packaging will prolong the decision-making process as to how to proceed further for organizations.
Global AI in Food & Beverage Market: Application
On the basis of its application, the market is segmented into food processing, quality control, customer interaction, production & packaging, maintenance and so on, from which the production and packaging segment is expected to hold the largest market share, due to the increasing demand for a variety of modern and ready-made packaging as demand for food exports is picked up, need to be achieved.
Global AI in Food & Beverage Market: Regional Insights
On the basis of regional analysis, the global artificial intelligence in food and beverages market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is estimated to occupy the highest market share, owing to the general preference and enthusiasm shown by the general population in the region towards adopting AI in food and beverages. Agriculture and its allied industries that include food and beverages have created about 21.6 billion jobs that covers nearly 11% of the employment in the United States of America. The market in Asia Pacific region especially in countries such as China and India is anticipated to grow at a high rate, owing to AI in Food and Beverages Industry being embraced by market players in the region at a faster rate.
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.
Recent Development
· March 2019 - TOMRA Sorting Recycling has released TOMRA Insight, a cloud-based data application that opens new opportunities for users of equipment to be sorted. This can turn the sorting from an automated method into a fact-based decision-making management tool at every stage of the value and supply chain.
· August 2018 - VERYX wireless sorters for fresh-cut leafy greens were introduced at Key Technology. VERYX is the only belt-fed sorter in the world capable of inspecting fully in-air product with top and bottom sensors to detect and remove both foreign materials (FM) and product defects. These integrated VERYX systems are specifically designed to deal with the challenges of sorting leafy greens by incorporating Key's experience in sorting and conveying.
Scope of the Report
Attribute |
Details |
Years Considered |
Historical data – 2016-2019 Base Year – 2019 Forecast – 2020 – 2026 |
Facts Covered |
Revenue in USD Billion/Billion |
Market Coverage |
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
Product/Service Segmentation |
By Application, By End-User, By Region |
Key Players |
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. |
By Application
· Food Sorting
· Quality Control and Safety Compliance
· Consumer Engagement
· Production & Packaging
· Maintenance
· Other Application
By End-User
· Food Processing Industry
· Hotel & Restaurant
· Beverages Industry
By Region:
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
The objective of the Study:
· To analyze and forecast the global AI in Food & Beverage market size of the market in terms of value.
· To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.
· The Global AI in Food & Beverage market segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America, and their leading countries.
· To outline, categorized, and forecast the global AI in Food & Beverage market based on the application, and end-user coupled with the region.
· To examine competitive developments like technological advancement, services, and regulative framework within the global AI in Food & Beverage market.
· To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
· To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Sources
2.2. Quantitative Research
2.2.1. Primary & Secondary Sources
2.3. Breakdown of Primary Research Respondents, By Region
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents
2.5. Market Size Estimation
2.6. Assumption for The Study
2.7. Market Breakdown & Data Triangulation
3. Executive Summary
4. Global AI in Food & Beverage Insights
4.1. Industry Value Chain Analysis
4.2. DROC Analysis
4.2.1. Growth Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Regulatory Framework
4.5. Company Market Share Analysis,2019
4.6. Porter’s Five forces analysis
4.6.1. Bargaining Power of Suppliers
4.6.2. Bargaining Power of Buyers
4.6.3. Threat of New Entrants
4.6.4. Threat of Substitutes
4.6.5. Intensity of Rivalry
4.7. Strategic Outlook
5. Global AI in Food & Beverage Market Overview
5.1. Market Estimates & Forecast by Value, 2016-2026
5.1.1. By Value (USD)
5.2. Market Share & Forecast
5.2.1. By Application
5.2.1.1. Food Sorting
5.2.1.2. Quality Control and Safety Compliance
5.2.1.3. Consumer Engagement
5.2.1.4. Production & Packaging
5.2.1.5. Maintenance
5.2.1.6. Other Application
5.2.2. By End-User
5.2.2.1. Food Processing Industry
5.2.2.2. Hotel & Restaurant
5.2.2.3. Beverages Industry
5.2.3. By Region
5.2.3.1. North America
5.2.3.2. Europe
5.2.3.3. Asia Pacific
5.2.3.4. Latin America
5.2.3.5. Middle East & Africa
6. North America AI in Food & Beverage Market
6.1. Market Estimates & Forecast by Value, 2016-2026
6.1.1. By Value (USD)
6.2. Market Share & Forecast
6.2.1. By Application
6.2.2. By End-User
6.2.3. By Country
6.2.3.1. U.S
6.2.3.2. Canada
7. Europe AI in Food & Beverage Market
7.1. Market Estimates & Forecast by Value, 2016-2026
7.1.1. By Value (USD)
7.2. Market Share & Forecast
7.2.1. By Application
7.2.2. By End-User
7.2.3. By Country
7.2.3.1. Germany
7.2.3.2. U.K
7.2.3.3. France
7.2.3.4. Italy
7.2.3.5. Rest of Europe
8. Asia Pacific AI in Food & Beverage Market
8.1. Market Estimates & Forecast by Value, 2016-2026
8.1.1. By Value (USD)
8.2. Market Share & Forecast
8.2.1. By Application
8.2.2. By End-User
8.2.3. By Country
8.2.3.1. China
8.2.3.2. India
8.2.3.3. Japan
8.2.3.4. South Korea
8.2.3.5. Rest of APAC
9. Latin America AI in Food & Beverage Market
9.1. Market Estimates & Forecast by Value, 2016-2026
9.1.1. By Value (USD)
9.2. Market Share & Forecast
9.2.1. By Application
9.2.2. By End-User
9.2.3. By Country
9.2.3.1. Brazil
9.2.3.2. Mexico
9.2.3.3. Argentina
9.2.3.4. Rest of Latin America
10. Middle East & Africa AI in Food & Beverage Market
10.1. Market Estimates & Forecast by Value, 2016-2026
10.1.1. By Value (USD)
10.2. Market Share & Forecast
10.2.1. By Application
10.2.2. By End-User
10.2.3. By Country
10.2.3.1. Saudi Arabia
10.2.3.2. UAE
10.2.3.3. South Africa
10.2.3.4. Rest of MEA
11.Company Profile (Company Overview, Financial Matrix, Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
11.1. Raytec Vision SpA
11.2. Rockwell Automation Inc.
11.3. ABB Ltd
11.4. Honeywell International Inc.
11.5. Key Technology Inc.
11.6. TOMRA Sorting Solutions AS
11.7. GREEFA
11.8. Sesotec GmbH
11.9. Martec of Whitell Ltd
11.10. Sight Machine Inc.
11.11. Other Prominent Players
*Financial details in case unlisted companies will be provided as per data availability.
**The segmentation and the companies are subjected to modifications based on the in-depth secondary for the final deliverable
List of Figures
Fig: Global AI in Food & Beverages Segmentation
Fig: Company Market Share Analysis, 2019
Fig: Global AI in Food & Beverages Market Size, By Value (USD Million), 2016-2026
Fig: Global AI in Food & Beverages Market Share, By Application, By Value, 2016-2026
Fig: Global AI in Food & Beverages Market Share, By End-User, By Value, 2016-2026
Fig: Global AI in Food & Beverages Market Share, By Region, By Value, 2016-2026
Fig: North America AI in Food & Beverages Market Size, By Value (USD Million), 2016-2026
Fig: North America AI in Food & Beverages Market Y-o-Y Growth, By Value, 2017-2026
Fig: North America AI in Food & Beverages Market Share, By Application, By Value, 2016-2026
Fig: North America AI in Food & Beverages Market Share, By End-User, By Value, 2016-2026
Fig: North America AI in Food & Beverages Market Share, By Country, By Value, 2016-2026
Fig: Europe AI in Food & Beverages Market Size, By Value (USD Million), 2016-2026
Fig: Europe AI in Food & Beverages Market Y-o-Y Growth, By Value, 2017-2026
Fig: Europe AI in Food & Beverages Market Share, By Application, By Value, 2016-2026
Fig: Europe AI in Food & Beverages Market Share, By End-User, By Value, 2016-2026
Fig: Europe AI in Food & Beverages Market Share, By Country, By Value, 2016-2026
Fig: Asia-Pacific AI in Food & Beverages Market Size, By Value (USD Million), 2016-2026
Fig: Asia-Pacific AI in Food & Beverages Market Y-o-Y Growth, By Value, 2017-2026
Fig: Asia-Pacific AI in Food & Beverages Market Share, By Application, By Value, 2016-2026
Fig: Asia-Pacific AI in Food & Beverages Market Share, By End-User, By Value, 2016-2026
Fig: Asia-Pacific AI in Food & Beverages Market Share, By Country, By Value, 2016-2026
Fig: Latin America AI in Food & Beverages Market Size, By Value (USD Million), 2016-2026
Fig: Latin America AI in Food & Beverages Market Y-o-Y Growth, By Value, 2017-2026
Fig: Latin America AI in Food & Beverages Market Share, By Application, By Value, 2016-2026
Fig: Latin America AI in Food & Beverages Market Share, By End-User, By Value, 2016-2026
Fig: Latin America AI in Food & Beverages Market Share, By Country, By Value, 2016-2026
Fig: Middle-East & Africa AI in Food & Beverages Market Size, By Value (USD Million), 2016-2026
Fig: Middle-East & Africa AI in Food & Beverages Market Y-o-Y Growth, By Value, 2017-2026
Fig: Middle-East & Africa AI in Food & Beverages Market Share, By Application, By Value, 2016-2026
Fig: Middle-East & Africa AI in Food & Beverages Market Share, By End-User, By Value, 2016-2026
Fig: Middle East & Africa AI in Food & Beverages Market Share, By Country, By Value, 2016-2026
List of Tables:
Table: Global AI in Food & Beverages Market Size, By Application, By Value, 2016-2026
Table: Global AI in Food & Beverages Market Size, By End-User, By Value, 2016-2026
Table: Global AI in Food & Beverages Market Size, By Region, By Value, 2016-2026
Table: North America AI in Food & Beverages Market Size, By Application, By Value, 2016-2026
Table: North America AI in Food & Beverages Market Size, By End-User, By Value, 2016-2026
Table: North America AI in Food & Beverages Market Size, By Country, By Value, 2016-2026
Table: Europe AI in Food & Beverages Market Size, By Application, By Value, 2016-2026
Table: Europe AI in Food & Beverages Market Size, By End-User, By Value, 2016-2026
Table: Europe AI in Food & Beverages Market Size, By Country, By Value, 2016-2026
Table: Asia-Pacific AI in Food & Beverages Market Size, By Application, By Value, 2016-2026
Table: Asia-Pacific AI in Food & Beverages Market Size, By End-User, By Value, 2016-2026
Table: Asia-Pacific AI in Food & Beverages Market Size, By Country, By Value, 2016-2026
Table: Latin America AI in Food & Beverages Market Size, By Application, By Value, 2016-2026
Table: Latin America AI in Food & Beverages Market Size, By End-User, By Value, 2016-2026
Table: Latin America AI in Food & Beverages Market Size, By Country, By Value, 2016-2026
Table: Middle-East & Africa AI in Food & Beverages Market Size, By Application, By Value, 2016-2026
Table: Middle-East & Africa AI in Food & Beverages Market Size, By End-User, By Value, 2016-2026
Table: Middle East & Africa AI in Food & Beverages Market Size, By Country, By Value, 2016-2026
Table: Raytec Vision SpA Financial Analysis
Table: Rockwell Automation Inc. Financial Analysis
Table: ABB Ltd Financial Analysis
Table: Honeywell International Inc. Financial Analysis
Table: Key Technology Inc. Financial Analysis
Table: TOMRA Sorting Solutions AS Financial Analysis
Table: GREEFA Financial Analysis
Table: Sesotec GmbH Financial Analysis
Table: Martec of Whitell Ltd Financial Analysis
Table: Sight Machine Inc. Financial Analysis
Market Segmentation
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