[223+ Pages Report] According to a survey released by Facts and Factors, the global Artificial Intelligence (AI) in Food and Beverages market was valued at USD 3.07 Billion in 2020 and is predicted to reach USD 29.45 Billion by the end of 2026, rising at a CAGR of nearly 45.70% between 2021 and 2026.
Artificial Intelligence (AI) is the process of making intelligent machines that act and react in the same way that people do. The purpose is to teach machines to think intelligently in the same manner that people do. Until recently, the machines have done exactly what they were taught. However, AI will allow computers to think and act like humans. AI is being used in the food processing sector to improve diverse offers, optimize processes, and provide a better consumer experience. Artificial intelligence (AI), today's most important general-purpose technology, is rapidly infiltrating sectors, presenting enormous potential for innovation and prosperity. AI has already altered the competition rules and produced substantial changes. Food and beverage companies want to leverage artificial intelligence (AI) technology to produce value instead of relying on traditional, human-centered business procedures. Commodity cycles, capital planning issues, and growing operational risks all make it more important than ever to make smarter, more efficient decisions in the food and beverage industry.
Artificial Intelligence (AI) in Food and Beverage Market is projected to be driven by the growing need to analyze consumer buying behavior and predict inventory levels to reduce food waste. The rising need for AI implementation to improve supply chain processes is expected to boost AI in the food and beverages market within the forecast period. Furthermore, increasing research and development activities, as well as modernization and technological advancements in the devices used to monitor artificial intelligence in the food sector, will create new opportunities for artificial intelligence in the food & beverages market over the forecast period. Strict standards in the regulation of food and safety processes and higher costs of machinery/equipment improvements are some factors that limit the development of artificial intelligence (AI) in the food and beverages market. The food and beverage industry's growing embrace of big data technologies to supplement manufacturing capacities. A significant increase in venture capital investments, as well as growing demand for automation in the industry, as well as great pressure to reduce production costs, are projected to fuel the rise of artificial intelligence (AI) in the food and beverage sector. Growing investments in food and beverage infrastructure, as well as a greater emphasis on automation and digitalization, are projected to fuel the rise of AI in the food and beverage sector.
The global artificial intelligence (AI) in the food and beverages market is segregated based on organization size, application, end-user, and region. Based on organization size, the global artificial intelligence (AI) in the food and beverages industry is categorized into small, and medium & large enterprises. Based on application, the global artificial intelligence (AI) in the food and beverage industry is categorized into quality control and safety compliance, food sorting, production and packaging, consumer engagement, maintenance, and other applications. Based on the end-user, the global artificial intelligence (AI) in the food and beverages industry is categorized into food processing, grocery, hotels & beverages industry, and others.
In 2020, North America is likely to be the leading regional artificial intelligence (AI) in the food and beverages market. North America is expected to have the largest market share, given the overall inclination and excitement demonstrated by the region's wider population for AI in food and beverages. In North America, AI in the food and beverage sector is increasing, with the United States leading the way. Their readiness for adoption and high fractional increase in adoption of AI, which reflects the region's leading position on AI and its implementation, as well as the high automation potential expected at the regional level between now and 2030, are the leading drivers of their economic impact in North America.
Some main participants of the global artificial intelligence (AI) in the food and beverages market are ABB Ltd., Agco Corporation, BBC technologies, BoMill AB, Bratney Companies, Buhler Holding AG, Compac Sorting Equipment, Duravant LLC, Foodable Network, LLC, GREEFA, Honeywell International, Inc., INTELLIGENTX Brewing Co., Key Technology Inc., Martec Of Whitwell Ltd., Max-Ai, MilltecClarfai, Inc., National Recovery Technologies, Llc, QualySense AG, Raytec Vision SpA, Rockwell Automation, Inc., Sesotec GmbH, Sight Machine Inc., Startup Creator, and TOMRA Systems, amongst others.
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