Market Trends of AI in Food & Beverages Industry
Consumer Engagement is Expected to Register a Significant Growth
- The investment made by the former chairman of Tata Sons in Techbin Solutions Pvt Ltd’s Niki.ai depicts the investments and growth of chatbot usage. It is an AI-fueled chatbot that conducts conversations with consumers to assist them in ordering a wide range of services with the help of a chat interface.
- AI is being applied to understand consumer behavior, which is expected to lead to more accurate predictions. It can further enable marketers and organizations to reach out to customers personally, engage in deeper interactions, and enhance their overall experience with the brand.
- Furthermore, many consumers are adopting chatbots, as they can effectively work offline. An American Express report stated that more than 50% of customers are willing to spend more in companies that provide superior customer service. It opens up a tremendous opportunity for AI, likely to fuel AI growth in the food and beverage market.
- For instance, in August 2022, Jio Haptik Technologies Limited (Haptik) partnered with Zoop, an IRCTC partner, for food delivery on trains to enable railway passengers to seamless food ordering and delivery on train journeys. This WhatsApp-based self-service food delivery platform allows passengers to place food orders and get their deliveries straight to their seats with real-time order tracking, feedback, and support.
- AI can also help to analyze, monitor, and deduce customer behavior and sentiments across various social media channels. Therefore, when AI builds an in-depth customer profile, it matches their social experiences about the product. With the help of such powerful insights, firms can now aim to improve the customer experience and make it more productive, thereby leading to market growth.
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North America is Expected to Hold Major Share
- AI in the food and beverage market is growing in North America, with the United States leading in the region. North America held a significant market share this year, with the region being one of the largest areas for AI in the food and beverage market.
- In North America, the adoption readiness and high fractional increase in replacement AI are the leading economic impact drivers. It reflects the region's leading stance on AI and its implementation and the high automation potential expected to occur at the regional level between now and 2030.
- Besides, food processing is one of the major manufacturing sectors in the US. According to the United States Department of Agriculture, 16% of the value of shipments from all US manufacturing plants comes from food processing plants.
- The food and beverage sector is mostly a very high-volume and low-margin industry. Finding new ways to increase efficiency can make the difference between a facility turning a profit or a loss. Due to such functional constraints, many of the largest food processing companies are shifting to AI technology to improve the process's various aspects. It supports AI growth in the food and beverage market in the region.
- For instance, in August 2022, SavorEat partnered with Sodexo to Commercialize the Company's Plant-Forward Robot Chef at Universities in the US. The partnership will involve a pilot, initially conducted at higher education institutions in the US, and improving the ability to provide quality meat alternatives to commercialize the robot chef and SavorEat products in the US market.
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