The global Artificial Intelligence (AI) in food and beverage market size is expected to reach USD 62.83 billion in 2028 and register a robust CAGR of 44.4% throughout the forecast period. Consumer shift towards fast, easily accessible, and affordable food products has led to an alteration in the food & beverage industry.
Technological advancements such as machine learning and AI has influenced market growth. AI has been gaining traction over the last few years, with various companies actively investing in discovering potential of technology in the global industry. AI helps in supply chain management, predictive logistics, and analytics. Many market players dealing in perishable food products like vegetables, fruits, eggs, meat, poultry are utilizing AI to provide advanced forecasting models and improved quality assurance which is boosting market growth. Increasing need in food & beverages companies to decrease operational costs across supply chain is enhancing growth of the AI in food & beverage market. Growing need for reducing human errors is another driver propelling growth of the AI in food and beverage market.
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Some key highlights in the report:
- The consumer engagement segment is accounted for largest market revenue share in 2020 and is expected to incline rapidly throughout the forecast period. Increasing need to predict taste and consumers’ mode of purpose is driving the market growth.
- The food processing industry segment revenue accounted for largest market share in 2020 and is expected to register rapid CAGR during the forecast period owing to rapid shift towards AI-powered solutions for enhanced food processing units and improved productivity along with hygiene. Increasing need for food safety monitoring of products at various stages is escalating adoption of AI technologies in food processing sector.
- North America accounted for largest revenue share of 40.2% in the global market in 2020 and is projected to dominate other regional market over the forecast period. High revenue contribution is attributed to involvement of key market players, adopting AI solutions to forecast inventory levels and reduce food waste. Moreover, use of AI in restaurants to reduce human error, water, and transportation costs is driving the market in this region.
- Asia Pacific is expected to register robust revenue CAGR throughout the forecast period owing to constant demand for feed and food products due to increasing population in Asia Pacific countries and growing need to deliver safe and hygienic food products. Also, key market players are investing in R&D for advancements in food processing techniques which is expected to support the market growth in this region.
- Key players in the market 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.
- ABB Ltd. announced acquisition of Codian Robotics BV in October 2020. Codian Robotics has a hygienic design that is best suited for industries such as food & beverages and pharmaceuticals with high hygiene standards.
For the purpose of this report, 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; 2018–2028)
- Hotel and Restaurant
- Food Processing Industry
- Beverage Industry
Application Outlook (Revenue, USD Billion; 2018–2028)
- Consumer Engagement
- Food Sorting
- Production and Packaging
- Quality Control and Safety Compliance
- Other Applications
Regional Outlook (Revenue, USD Billion; 2018–2028)
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
Middle East & Africa
- Saudi Arabia
- Rest of MEA
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