Artificial Intelligence in Food & Beverages Market Size
The Artificial Intelligence in Food & Beverages Market is expected to register a CAGR of 28.64%, during the forecast period, 2018 - 2023.
Food processing is one of the most crucial revenue generating sector for a majority of the developed and developing economies around the globe. The advent of Internet of Things (IoT) and robotics in the industrial sector, has helped overcome critical issues related to production and execution by eliminating the potential chance of human errors, while reducing the redundancy in the work being performed by manual labor. The change in consumer demands towards preferring fast, affordable, and easily accessible food options has led to a transformation in the food & beverages industry, with market leaders leveraging advanced technologies, such as artificial intelligence and machine learning to scale operations and help companies stay relevant in a dynamic market environment.
Artificial intelligence has the potential to fuel innovation in production and packaging to reach consume expectations in terms of quality of the product on the palate and its related impact on the cost. To attain the potential tradeoff between the quality and price, industry stakeholders are actively leveraging the potential of AI across the various applications, such as product design, quality control, maintenance, as well as consumer engagement among others.
Improving the Efficiency of the Conventional Industrial Infrastructure
Artificial intelligence has been actively gaining prominence since the last five years, with companies actively investing in exploring the potential of the technology in the industry. The emergence of the technology has been instrumental in revamping the overall infrastructure responsible for the manufacturing of consumer packaged goods (CPG). Small and emerging players in the market have been gaining immense market traction by developing streamlining software, which helped achieve considerable process improvements by utilizing insights obtained through data collected on a consistent basis. This integration of advanced technology has revolutionized the efficiency improvements in the food and beverage industry, with significant reductions in downtime, repair costs as well as additional labor requirements and cost.
Thus, vendors in the market have been encouraging the use of artificial intelligence to leverage such efficiency benefits to achieve considerable cost optimization.
Customer Engagement Set to Propel the Use of Artificial Intelligence in F&B Industry
Enterprises have been found to leverage the benefits of Artificial Intelligence, through the use of advanced analytical tools, such as speech and text analytics combined with image and voice recognition technologies for optimizing time and enhancing the overall customer experiencing by constantly engaging them in activity. Dietary applications are a major development, which by itself is set to propel the use of AI in the F&B industry exponentially as consumers are found to be increasingly reliant on health and nutritional benefits associated with the food & beverages intake.
The millennial population has been exposed to the use of AI across different end-user applications in the entertainment sector, however, growing proliferation of the technology is the food service sector has led to companies developing chat bots and customer engagement tools, which have immensely helped improve the quality of service being provided to the customers.
Key Developments of Artificial Intelligence in Food & Beverages Market
- January 2018 – Tomra Sorting Recycling has signed a contract with SKM Recycling (SKM) to supply automated sorting technology. Tomra is expected to supply 40 Autosort units featuring proprietary 3D laser technology for SKM's three new sorting facilities in Australia to reduce wastage. SKM, is engaged in processing recyclables from household and commercial streams and is constructing three new plants to process over 350,000 tons of kerbside collected material.
Major Players of Artificial Intelligence in Food & Beverages Market
- TOMRA Sorting Solutions AS.
- Sesotec GmbH.
- Key Technology Inc.
- Raytec Vision SpA.
- Rockwell Automation Inc.
- ABB Ltd.
- Honeywell International Inc.
- Martec of Whitell Ktd.
- NotCo, among others.
Reasons to Purchase this Report
- Gain a comprehensive understanding of the market penetration of Artificial Intelligence in the Food & Beverages industry
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segments that are expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
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1.1 Scope of the Study
1.2 Executive Summary
2. Research Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Methodology
2.4 Research Phases
3. Artificial Intelligence in Food & Beverages Market Analysis
3.1 Market Overview
3.2 Industry Attractiveness - Porter's Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Buyers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products
3.2.5 Competitive Rivalry
3.3 Industry Value Chain Analysis
4. Market Dynamics
4.1 Artificial Intelligence in Food & Beverages Market Drivers
4.1.1 Drastic Improvements in Efficiency Across the Supply Chain
4.1.2 Reduced Chance of Humar Error and Associated Inaccuracies
4.1.3 Attractive with the Ability to Generate Consumer Interest
4.2 Restraints to the Artificial Intelligence in Food & Beverages Market
4.2.1 High Cost related to Large Scale Deployment
5. Artificial Intelligence in Food & Beverages Market Technology Snapshot
6. Market Segmentation & Forecast
6.1 Artificial Intelligence in Food & Beverages Market By Application
6.1.1 Food Sorting
6.1.2 Quality Control & Safety Compliance
6.1.3 Consumer Engagement (Chatbots, etc.)
6.1.4 Production & Packaging
6.2 Artificial Intelligence in Food & Beverages Market By End-users
6.2.1 Hotels & Restaurants
6.2.2 Food Processing Industry
6.2.3 Beverages Industry
6.3 Artificial Intelligence in Food & Beverages Market By Geography
6.3.1 North America
6.3.4 Rest of the World
7. Artificial Intelligence in Food & Beverages Market Companies
7.1 TOMRA Sorting Solutions AS
7.3 Sesotec GmbH
7.4 Key Technology Inc.
7.5 Raytec Vision SpA
7.6 Rockwell Automation
7.7 ABB Ltd.
7.8 Honeywell Internatonal Inc.
7.9 Martec of Whitell Ltd.
*List not exhaustive
8. Artificial Intelligence in Food & Beverages Market Investment Analysis
9. Future of Outlook Artificial Intelligence in Food & Beverages Market