AI In Food And Beverages: A Booming Global Market In 2023 - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Aug. 2, 2023 /PRNewswire/ -- Artificial Intelligence (AI) has revolutionized various industries, and the food and beverages sector is no exception. The integration of advanced AI and machine learning techniques in this domain has brought about significant improvements in food waste management, deliveries, and food safety. Big data analytics and machine learning models enable AI to extract valuable insights into consumer demands and preferences, driving product innovation and customer satisfaction.
The global AI in food and beverages market is projected to witness remarkable growth, with a compound annual growth rate (CAGR) of 46.6%. The market size is expected to increase from $4.46 billion in 2022 to $6.53 billion in 2023. However, the Russia-Ukraine war has disrupted global economic recovery from the COVID-19 pandemic, leading to economic sanctions, supply chain disruptions, and inflation across goods and services. Despite these challenges, the market is poised for substantial growth, with a projected size of $27.99 billion in 2027 at a CAGR of 43.9%.
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The AI in food and beverages market is experiencing rapid growth, primarily fueled by the increasing number of start-ups in the industry. These start-ups are at the forefront of innovation, introducing new food processing solutions, enhancing food delivery systems, and tackling food waste issues. AI plays a crucial role in supporting these startups by analyzing customer demands and desires, providing valuable insights that aid in product development and refinement.
Technological advancements are a key trend in this market, with companies embracing new technologies to maintain their competitive edge. The integration of AI and related technologies enhances overall operational efficiency, enabling businesses to cater to changing market demands effectively.
According to the Global AI in Food and Beverages Market Report 2023, North America held the largest market share in 2022. However, Asia-Pacific is anticipated to be the fastest-growing region during the forecast period. The report encompasses various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.
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The market is segmented based on type, organization size, application, marketing channel, and end-user.
- By Type: The market includes hardware and software solutions, both of which contribute to optimizing food and beverage processes.
- By Organization Size: AI adoption is witnessed across small, medium, and large enterprises, demonstrating its versatility and scalability.
- By Application: AI finds applications in food storing, consumer engagement, quality control, safety compliance, production and packaging, maintenance, and other areas, covering the entire food and beverage lifecycle.
- By Marketing Channel: Companies leverage traditional offline marketing channels as well as online platforms to engage with consumers effectively.
- By End User: The beneficiaries of AI in this market include hotels and restaurants, food processing industries, and various other end users, enhancing their efficiency and customer experience.
AI in food and beverages market is witnessing rapid expansion, driven by startups' emergence and technological advancements. AI-powered solutions are optimizing operations and decision-making across the food and beverage industry, leading to increased productivity, reduced waste, and improved customer satisfaction. As the global market continues to grow, businesses that embrace AI will likely gain a competitive advantage in this dynamic sector.
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