Press release
AI In Food And Beverages Market Demand, Analysis And Outlook 2024-2033
AI In Food And Beverages Market
The ai in food and beverages market size is expected to see exponential growth in the next few years. It will grow to $39.4 billion in 2028 at a compound annual growth rate (CAGR) of 42.5%. The growth in the forecast period can be attributed to advanced product development, enhanced customer engagement, sustainable and eco-friendly practices, precision agriculture, dynamic pricing strategies. Major trends in the forecast period include enhanced customer experience, blockchain integration for transparency, robotic process automation (rpa), ai in flavor and product development, food safety monitoring.
Market Overview -
Artificial intelligence in food and beverages refers to the utilization of advanced artificial intelligence and machine learning techniques in the food and beverages sector to control food waste, deliveries, and food safety. Big data analytics and machine learning models are used by AI to derive practical insights about consumer demands and preferences that help with product creation.
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Startups Paving The Way For Growth In Food And Beverage Tech
The growing number of startups in food and beverages is expected to propel the growth of the AI in food and beverage market going forward. A food and beverage startup refers to a brand-new company operating in the food industry that brings innovation into the space by creating new food processing solutions, improving food delivery, and eliminating food waste. AI in food and beverage helps startups by analyzing the prevalent customer demands and desires and extracting useful insights pertaining to their needs that help to develop products. For instance, according to EMW Law, a UK-based commercial law firm, the number of new food and drink start-ups in the UK has increased 47% from 3,996 to 5,885 in 2021 compared to the previous year. Therefore, the growing number of startups in food and beverages is driving the growth of the AI in food and beverage market.
Competitive Landscape -
Major companies operating in the ai in food and beverages market report are 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., Foodable Network LLC, 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
The Rising Significance Of Technological Trends In AI For Food And Beverages
Technological advancements are a key trend gaining popularity in the AI in food and beverages market. Companies operating in the AI in food and beverages market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Tastewise, an Israel-based software company launched TasteGPT, a chatbot technology. The chatbot is intended to speed up productivity for the company's clients, which includes brands while cutting down on research and development periods. In a couple of seconds, TasteGPT can respond to queries from businesses on innovation and insight.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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