Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "AI in Food and Beverages Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global food and beverage industry is on the cusp of a revolutionary transformation driven by Artificial Intelligence (AI). A newly released market research report highlights the extraordinary growth potential of AI in the food and beverages sector, predicting a surge from $6.53 billion in 2023 to a staggering $9.56 billion by 2024. This represents a compound annual growth rate (CAGR) of 46.3%, indicative of the robust advancement and integration of AI technologies in industry operations.
The report delves into the pivotal factors propelling the deployment of AI within the food and beverage industry, including its role in bolstering quality control, supply chain optimization, and the burgeoning demand for personalized consumer experiences. With an overarching focus on efficiency and regulatory compliance, the AI technology is redefining productivity and innovation across the sector.
Looking ahead, the market is projected to accelerate further, reaching an impressive $39.4 billion by 2028, at a CAGR of 42.5%. This growth trajectory is underpinned by cutting-edge product development, enhanced customer engagement strategies, and the industry's shift towards sustainable practices. Precision agriculture, dynamic pricing, and advanced safety monitoring are also contributing to the drive towards an AI-enabled future.
Technological Innovations Leading the Way
Emerging trends within the market signify a profound shift towards improving the customer experience and ensuring transparency in the supply chain, with blockchain integration and robotic process automation gaining prominence. Innovations such as AI in flavor development continue to emerge, signifying a transformative phase for the industry.
The burgeoning number of food and beverage startups is another major force boosting the market, with advances in AI playing a key role in analyzing consumer preferences and driving product innovation. Additionally, the rapidly expanding hotel and restaurant sector is leveraging AI to redefine service excellence and operational efficiency. For instance, TasteGPT, a novel chatbot technology by Tastewise, exemplifies the industry's commitment to adopting AI for enhanced productivity.
Innovative Market Players Fueling AI Adoption
Prominent players are continually exploring new horizons with AI-powered solutions, such as sophisticated recipe apps, to enrich user experiences. Samsung Electronics Co., Ltd.’s recent launch of an AI-powered food app with a global reach and extensive language support is a testament to such innovation. Furthermore, strategic acquisitions, such as Diageo plc's acquisition of Vivanda Inc., underline the industry's focus on leveraging AI to gain deeper consumer insights.
Global Expansion and Regional Market Analysis
- North America's Dominant Market Position
- Rapid Growth Forecasted for Asia-Pacific Region
- Comprehensive Coverage of AI Implementation Across Different Segments
Hardware and software components of AI are extensively covered in the report, which also provides a detailed analysis of their adoption across various organizational sizes and applications, such as food storage, consumer engagement, and production automation.
The AI in food and beverages market research report brings forth a wealth of data, including market size, regional shares, and competitive landscapes, offering insights into segments and trends shaping the future of the industry. This comprehensive report unpacks the revenue streams within the market, presenting an in-depth evaluation crucial for enterprises looking to harness the power of AI in the food and beverage sector.
In conclusion, the report elucidates the core dynamics of the AI in food and beverages market, underscoring the profound impact of technological advancements on the industry.
Report Scope
Markets Covered:
- By Type: Hardware; Software
- By Organization Size: Small Enterprises; Medium And Large Enterprises
- By Application: Food Storing; Consumer Engagement; Quality Control; Safety Compliance; Production And Packaging; Maintenance; Other Applications
- By Marketing Channel: Traditional Marketing Channel (Offline); Online Marketing Channel
- By End User: Hotels And Restaurants; Food Processing Industries; Other End Users
Companies Profiled
- Raytec Vision SpA
- Rockwell Automation Inc.
- ABB Ltd.
- Honeywell International Inc.
- TOMRA Sorting Solutions AS
- Sesotec GmbH
- Martec of Whitell Ltd.
- Key Technology Inc.
- Greefa Co.
- Sight Machine Inc.
- Foodable Network LLC
- Compac Sorting Equipment Ltd.
- Agco Corporation
- National Recovery Technologies LLC
- Bulk Handling Systems
- Buhler AG
- QualySense AG
- BoMill AB
- Clarifai Inc.
- BBC Technologies
- Intelligent X Brewing Co.
- International Business Machines Corporation
- Microsoft Corporation
- Google LLC
- Amazon.com Inc.
- Siemens AG
- Schneider Electric SE
- Emerson Electric Co.
- Yokogawa Electric Corporation
- Mitsubishi Electric Corporation
- Omron Corporation
- Fanuc Corporation
- GEA Group AG
- Tetra Pak International SA
- Krones AG
- Sidel International AG
- Alfa Laval AB
- SPX Flow Inc.
- JBT Corporation
For more information about this report visit https://www.researchandmarkets.com/r/j5jrhn
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