Press release
Major Market Shift in Artificial Intelligence (AI) In Foodtech Industry: Transforming Food Preparation Impact Of AI And Robotics On The Future Of Foodtech
Artificial Intelligence (AI) In Foodtech Market Size
The market size for artificial intelligence (AI) in the foodtech industry has seen a significant increase recently. It's expected to rise from $6.38 billion in 2024 to $8.58 billion in 2025, with an estimated compound annual growth rate (CAGR) of 34.5%. The historical growth can be linked to factors such as the rise in demand for automation, improvements in supply chain optimization, growth in food safety measures and compliance, an increase in consumer requirements, and the enhanced operational efficiency and cost-effectiveness.
The size of the artificial intelligence (AI) market in foodtech is predicted to experience significant expansion in the years to come. The market will increase to a worth of $27.73 billion in 2029, displaying a compound annual growth rate (CAGR) of 34.1%. Factors contributing to the projected growth during this period include the surge in consumer demand for personalized diet plans, enhancement in food safety and quality management, optimization of the supply chain, waste reduction initiatives, and expansion of food safety surveillance. Predominant trends for this forecast period encompass technological advancements, customization in nutrition and meal preparation, the rise of intelligent farming and precision agriculture, implementation of predictive analytics for demand projection, and the integration of robots and automation in food processing.
What Factors Are Propelling the Expansion of the Artificial Intelligence (AI) In Foodtech Market?
The escalation in the food delivery sector is likely to fuel the expansion of artificial intelligence (AI) in the foodtech market in the future. The sector involves direct delivery of prepared food items from eateries, coffee shops, or other food outlets right to customers' locations, like their homes or workplaces. The upswing in the food delivery sector can be attributed to the mounting consumer need for convenience, the upsurge in online ordering platforms, and the broadened access to delivery services from a variety of food providers. AI contributes to the success of the food delivery sector by enhancing route planning for delivery personnel, forecasting customer tastes for personalized recommendations, and automating order handling to improve efficiency and minimize delivery times. For example, as reported by the Economic Times, a media firm in India, in the first half of 2023, the food delivery sector of Swiggy, an Indian online food ordering and delivery platform, witnessed a 17% annual growth in gross merchandise value (GMV), surging to $1.43 billion, in May 2024. Consequently, the boom in the food delivery sector is pushing the growth of artificial intelligence (AI) in the foodtech market.
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Which Businesses Are at the Forefront of Artificial Intelligence (AI) In Foodtech Market Development?
Major companies operating in the artificial intelligence (AI) in foodtech market are Microsoft Corporation, Cargill Incorporated, International Business Machines Corporation, Oracle Corporation, SAP SE, NVIDIA Corporation, Agilent Technologies Inc., Zebra Technologies Corporation, InstaCart, TOMRA Systems ASA, Blue Yonder Group Inc., Grubhub Inc., Google DeepMind Technologies Limited, Rebel Foods, Tovala, Saffron Tech, Blue River Technology, Brightseed, Clear Labs Inc., Nutrino Health Ltd., FoodLogiQ, NotCo Ltd., AgShift, Zest Labs, ImpactVision
What Are the Latest Innovations in the Artificial Intelligence (AI) In Foodtech Market?
Key players in the foodtech sector's artificial intelligence (AI) market are prioritizing the development of advanced tools like AI-backed kitchen assistive technology to streamline kitchen jobs, cut down labor expenses, and boost uniformity in food quality. These AI kitchen assistants, smart gear designed to help with various kitchen chores while augmenting the cooking and meal preparation process, can take several forms - ranging from apps to smart gadgets or integrated platforms. For instance, Miso Robotics, a United States-based firm specializing in automation machine production, rolled out Flippy 2, an AI-driven kitchen aide designed to automate frying functions, in November 2022. The device provides live stats for operational understanding and smoothly fits into current kitchen designs, contributing to superior food quality and quicker service. The robot, a comprehensive solution to managing the fry station, positively impacts the workflow in fast-food joints, cutting down delivery times and bolstering food consistency. This not only develops a more conducive workspace for the human workforce but also by taking over the frying tasks, it allows the human crew to focus on more interactive tasks such as serving customers at the drive-thru or cash counter.
How Is the Artificial Intelligence (AI) In Foodtech Market Segmented?
The artificial intelligence (AI) in foodtech market covered in this report is segmented -
1) By Component: Solution, Services
2) By Application: Food Production And Processing, Product Development And Innovation, Supply Chain Management, Food Safety And Compliance, Other Applications
3) By End-User: Food And Beverage Manufacturers, Restaurants And Food Service Providers, Other End-Users
Subsegments:
1) By Solution: AI-Based Food Quality Monitoring Systems, AI-Powered Predictive Analytics For Demand Forecasting, AI in Supply Chain Optimization, Smart Kitchen Solutions, AI For Personalization In Food Recommendations, Automated Food Processing And Packaging Systems, AI-Driven Food Safety Systems, AI-Powered Robotics For Food Preparation
2) By Services: AI Consulting Services, AI Integration and Implementation Services, AI Training and Support Services, Managed Services For AI Systems, AI Data Analytics Services, AI Algorithm Customization Services, AI Testing And Quality Assurance Services
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Where Is the Artificial Intelligence (AI) In Foodtech Market Growth Most Prominent?
North America was the largest region in the artificial intelligence (AI) in foodtech market in 2024. The regions covered in the artificial intelligence (AI) in foodtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Artificial Intelligence (AI) In Foodtech Global Market Report?
- Market Size Analysis: Analyze the Artificial Intelligence (AI) In Foodtech Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Artificial Intelligence (AI) In Foodtech Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Artificial Intelligence (AI) In Foodtech Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Artificial Intelligence (AI) In Foodtech Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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