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AI in Food & Beverages Market Trends & Growth Forecast 2024-2033
AI in Food & Beverages Market
According to The Business Research Company's, The ai in food and beverages market size has grown exponentially in recent years. It will grow from $6.53 billion in 2023 to $9.56 billion in 2024 at a compound annual growth rate (CAGR) of 46.3%. The growth in the historic period can be attributed to quality control and assurance, supply chain optimization, consumer demand for personalization, efficient production processes, regulatory compliance.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
AI In Food And Beverages Market 2024 Key Insights:
• The ai in food and beverages market will grow to $39.4 billion in 2028 at a compound annual growth rate (CAGR) of 42.5%.
• Startups Paving The Way For Growth In Food And Beverage Tech
• The Rising Significance Of Technological Trends In AI For Food And Beverages
• North America was the largest region in the AI in food and beverages market in 2023
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