Increasing need to improve food safety standards is a key factor driving growth of the global Artificial Intelligence (AI) in food and beverage market currently.
Vancouver, BC -- (SBWIRE) -- 04/22/2021 -- The global Artificial Intelligence (AI) in food and beverage market is expected to reach a market size of USD 62.83 Billion at a steady CAGR of 44.4% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing need for more secure and efficient production facilities in food and beverages industries. Food and beverages industries are increasingly adopting AI solutions to track costs, oversee stock levels, and maintain transparency in supply chain processes. Rising need to reduce food waste is also driving utilization of AI in the food and beverages industry.
The latest report entails a comprehensive analysis of this particular business vertical while providing precise information related to the different industry segmentations. The report captures the essence of the market, offering details on its different valuations, present scenario, volume consumption, revenue share over the projected period. In addition, the report largely focuses on delivering information regarding the geographical outlook of the global Artificial Intelligence (AI) in Food and Beverage market, as well as the companies and organizations dominating the market.
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Key Highlights of Report
In October 2020, ABB Ltd. announced the acquisition of Codian Robotics B.V., which is a leading provider of delta robots. The offerings of Codian Robotics include a hygienic design line, which is ideal for hygiene-sensitive industries, including pharmaceuticals and food and beverages.
Food processing industry segment accounted for largest market share of 49.0% in 2020. Increasing initiatives across food processing industries and rising adoption of AI-powered solutions at food processing units are expected to continue to drive revenue growth of this segment.
Consumer engagement segment revenue is expected to expand at a rapid CAGR of 45.2% during the forecast period. Food and beverage companies are increasingly deploying Artificial Intelligence that can monitor emotions of customers over social media networks and platforms in order to obtain responses of consumers, using which food and beverage companies can improve customer experience and enhance product offerings.
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.
Artificial Intelligence (AI) in Food and Beverage Market Segmentation:
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; 2021–2028)
Hotel and Restaurant
Food Processing Industry
Application Outlook (Revenue, USD Billion; 2021–2028)
Production and Packaging
Quality Control and Safety Compliance
The research study also offers insights into various regulatory frameworks and evaluates the growth of the industry in each key region of the world. The report also provides an assessment of the micro and macro-economic factors influencing the growth of the market in the mentioned regions. The global Artificial Intelligence (AI) in Food and Beverage market is segmented into the following based on the key regions of the world:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Factors influencing market remuneration:
The global Artificial Intelligence (AI) in Food and Beverage market report includes a detailed study of the product spectrum of the market and further describes the different product types, including One-sided, Two-sided, and Others.
The report zeroes in on the overall market dynamics and presents information with regard to the producers and distributors, manufacturing cost structure, and downstream buyers.
Details pertaining to the expected growth rate, industry share, revenue accumulated, and product segmentation are depicted in this report.
The application landscape of the global Artificial Intelligence (AI) in Food and Beverage market can be categorized into For Human, For Animals, and Others.
The study further examines the industry share and product demand of each application, coupled withthe predicted growth patterns of the various application segments.
Other vital factors, such as market concentration ratio and raw material processing rate, have also been covered under the latest study.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Artificial Intelligence (AI) in Food and Beverage Market Segmentation & Impact Analysis
4.1. Artificial Intelligence (AI) in Food and Beverage Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Rising need to improve food safety standards
22.214.171.124. Increasing need for more secure and more precise production lines
126.96.36.199. Minimization of human errors and associated inaccuracies
4.2.3. Market restraints analysis
188.8.131.52. High cost associated with large scale deployment of the technology
184.108.40.206. Present challenging economic conditions due to the pandemic
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Artificial Intelligence (AI) in Food and Beverage Market By End-use Insights & Trends, Revenue (USD Billion)
5.1. End-use Dynamics & Market Share, 2020 & 2028
5.1.1. Hotel and Restaurant
5.1.2. Food Processing Industry
5.1.3. Beverage Industry
Chapter 6. Artificial Intelligence (AI) in Food and Beverage Market By Application Insights & Trends Revenue (USD Billion)
6.1. Application Dynamics & Market Share, 2020 & 2028
6.1.1. Consumer Engagement
6.1.3. Food Sorting
6.1.4. Production and Packaging
6.1.5. Quality Control and Safety Compliance
6.1.6. Other Applications
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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