Dublin, June 21, 2021 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) in Food & Beverages Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
Artificial intelligence in the food and beverage market was valued at USD 3.07 billion in 2020 and is expected to reach USD 29.94 billion by 2026 at a CAGR of over 45.77% during the forecast period, (2021 - 2026).
Changes in consumer demands toward preferring fast, affordable, and easily accessible food options have led to a transformation in the food and beverage 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.
AI has been actively gaining prominence over the last few years, with many of the companies actively investing in exploring the potential of technology in the industry. This emerging technology of AI is helping F&B companies with supply chain management through logistics, predictive analytics, and also transparency.
Organizations are rapidly digitizing their supply chain to differentiate and also to drive revenue growth, which is improving the efficiency across the supply chain. Supply chains are generating massive amounts of data, where AI is helping the organization to analyze this data and gain a better understanding of variables in the supply chain by anticipating future scenarios.
AI in supply chains is helping businesses to innovate rapidly by reducing the time to market, and by establishing an agile supply chain that is capable of foreseeing and also dealing with the uncertainties. This is driving the growth of AI in the food and beverage sector.
AI provides many benefits to the F&B industry, but the high cost of large-scale deployment in the sector is restricting the market growth. One of the challenges of the food processing industry is its feedstock, which can rarely found to be uniform. It is seen that the storage of the food is done with the help of manual labour. But with AI, this process of sorting can be automated, which can ultimately reduce the labour cost, increase speed, and improve yields.
For instance, Kewpie Corporation, a Japanese food processing company, uses AI-enabled TensorFlow machine learning that can detect anomalies in food. According to the company, they are further planning to increase the use of AI in future, which will help them in maintaining strict safety standard.
Key Market Trends
Consumer Engagement is Expected to Register a Significant Growth
Investment made by the former chairman of Tata Sons, in Techbin Solutions Pvt Ltd's Niki.ai (which is an AI-fueled chatbot that conducts conversations with consumers to assist them to order a wide range of services with the help of a chat interface) is depicting the investments and growth of the usage of chatbots.
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 the customers at a personal level, engage in deeper interactions, and enhance their overall experience with the brand.
Furthermore, many consumers are adopting chatbots, as they can effectively work on the offline mode. An American Express report stated that more than 50% of the customers are willing to spend more in the companies that provide superior customer service. This opens up a tremendous opportunity for AI, which, in turn, is likely to fuel the growth of AI in the food and beverage market.
North America is Expected to Hold Major Share
The AI in the food and beverage market is growing in North America, with the United States leading in the region. North America held a market share of 29.1% in 2017, which is the second-largest region for AI in the food and beverage market.
In North America, the readiness for adoption and high fractional increase in replacement AI are the leading drivers of their economic impact, which reflects the region's leading stance on AI and its implementation, and also the high automation potential that is expected to occur at the regional level, between now and 2030.
Besides, food processing is one of the major manufacturing sectors in the United States. According to the United States Department of Agriculture, 16% of the value of shipments from all the US manufacturing plants comes from the food processing plants.
For the most part, this sector is a very high-volume and low-margin industry. Finding new ways to gain a modest increase in 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, in order to improve the various aspects of the process. This is supporting the growth of AI in the food and beverage market in the region.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Raytec Vision SpA
Rockwell Automation Inc.
Honeywell International Inc.
Key Technology Inc.
TOMRA Sorting Solutions AS
Martec of Whitell Ltd
Sight Machine Inc.
For more information about this report visit https://www.researchandmarkets.com/r/pbfxxi
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900