The global Artificial Intelligence (AI) in food and beverage market is expected to reach a market size of USD 62.83 Billion at a steady CAGR of 44.4% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing need for more secure and efficient production facilities in food and beverages industries.
Subject matter experts conducting the study also take a closer look at the products at their development stage and in the pipeline to help business owners conclude on the business strategies that can lower their cost and promise great returns or profits. Strong emphasis on new launches, acquisition and mergers, collaboration, import and export status and supply chain management empowers the business evangelists, manufacturers and business owners build a robust strategy when it comes to making an investment.
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Food and beverages industries are increasingly adopting AI solutions to track costs, oversee stock levels, and maintain transparency in supply chain processes. Rising need to reduce food waste is also driving utilization of AI in the food and beverages industry.
Focus on improving food safety standards and need to adhere to stringent regulations related to food quality and safety of processes is driving adoption of Artificial Intelligence in the food and beverages industry. Moreover, AI enables maintenance of high accuracy in visual inspections, detection of quality-related issues in real-time, and helps to identify the root cause of quality issues, which will also help in enhancement of production processes in future.
The competitive landscape section of the report talks about the recent advancements in the R&D and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.
Key market participants include Raytec Vision S.p.A., Rockwell Automation Inc., ABB Ltd., Honeywell International Inc., Key Technology Inc., TOMRA Sorting Solutions AS, GREEFA, Sesotec, Sight Machine Inc., and AGCO Corporation.
Key Highlights of Report
In October 2020, ABB Ltd. announced the acquisition of Codian Robotics B.V., which is a leading provider of delta robots. The offerings of Codian Robotics include a hygienic design line, which is ideal for hygiene-sensitive industries, including pharmaceuticals and food and beverages.
Food processing industry segment accounted for largest market share of 49.0% in 2020. Increasing initiatives across food processing industries and rising adoption of AI-powered solutions at food processing units are expected to continue to drive revenue growth of this segment.
Consumer engagement segment revenue is expected to expand at a rapid CAGR of 45.2% during the forecast period. Food and beverage companies are increasingly deploying Artificial Intelligence that can monitor emotions of customers over social media networks and platforms in order to obtain responses of consumers, using which food and beverage companies can improve customer experience and enhance product offerings.
The global Artificial Intelligence (AI) in Food and Beverage market report covers the analysis of drivers, trends, limitations, restraints, and challenges arising in the Artificial Intelligence (AI) in Food and Beverage market. The report also discusses the impact of various other market factors affecting the growth of the market across various segments and regions. The report segments the market on the basis of types, applications, and regions to impart a better understanding of the Artificial Intelligence (AI) in Food and Beverage market.
Emergen Research has segmented the global Artificial Intelligence (AI) in food and beverage market on the basis of end-use, application, and region:
End-use Outlook (Revenue, USD Billion; 2021–2028)
Hotel and Restaurant
Food Processing Industry
Application Outlook (Revenue, USD Billion; 2021–2028)
Production and Packaging
Quality Control and Safety Compliance
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The research study also offers insights into various regulatory frameworks and evaluates the growth of the industry in each key region of the world. The report also provides an assessment of the micro and macro-economic factors influencing the growth of the market in the mentioned regions. The global Artificial Intelligence (AI) in Food and Beverage market is segmented into the following based on the key regions of the world:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The all-inclusive report on the Global Artificial Intelligence (AI) in Food and Beverage Market added by Emergen Research demonstrates that the global Artificial Intelligence (AI) in Food and Beverage market is presumed to grow at a steady CAGR throughout the forecast timeline. The report analyzed the key market drivers, restraints, growth opportunities, investment opportunities, threats, and limitations of the Artificial Intelligence (AI) in Food and Beverage market. The report also offers accurate forecast estimation at a global and regional level to impart a better understanding of the scope of the market.
Summary of the Global Artificial Intelligence (AI) in Food and Beverage Report:
Comprehensive analysis of the market including risks and opportunities
Details of business strategies and plans undertaken by key market players
Analysis of current and future trends that will affect the growth of the market in the forecast timeline
In-depth analysis of drivers and constraints for better understanding of the market
The report encompasses a detailed forecast for the years 2021-2028.
The report provides valuable insights on key market growth driving trends and monetary competence in the forecast timeline.
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