AI and Big Data in Food Industry Market Size Worth USD 269.92 Billion in 2032 | Emergen Research

Vancouver, Jan. 01, 2024 (GLOBE NEWSWIRE) -- The global AI and big data in food industry market size was USD 6.86 Billion in 2022 and is expected to register a steady revenue CAGR of 44.4% during the forecast period, according to latest analysis by Emergen Research. Rising demand for AI and big data technologies to enhance overall efficiency in food production and distribution is the primary factor driving market revenue growth. AI assists food producers in anticipating and predicting customer reactions to new flavors and helps in developing food according to the client preferences. Food business utilizes big data analytics to analyses consumer behavior, preferences, and trends, which help in the creation of new products that are customized to change consumer expectations.

In addition, rising integration of IoT devices in the food industry is another key factor driving revenue growth of the market. AI algorithms can analyze this data to provide valuable insights, regarding monitoring equipment performance, tracking shipments, and optimal conditions for food storage and transportation.  For instance, IoT in food processing enables food companies to gain improved levels of traceability, food safety, and accountability across the whole supply chain. Moreover, organizations may monitor food safety data points by using real-time temperature tracking sensors, ensuring active cold chain management, hence driving market revenue growth.

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However, high cost of AI and big data technology to implement is a key factor, which could restrain market revenue growth. The initial investment required for acquiring hardware, software, and skilled personnel to implement AI and big data solutions is expensive, particularly for smaller businesses in the food industry.

Scope of Research

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Major Companies and Competitive Landscape

The global AI and big data in food industry market is consolidated with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective products in the market. Some major players included in the global AI and big data in food industry market report are:

• IBM
• SAP.
• Oracle
• Intel Corporation
• SAS Institute Inc.
• Cargill, Incorporated
• Capgemini
• Nutrien Ag Solutions, Inc.
• FoodLogiQ
• ripe.io

Strategic Development

• On 11 April 2023, The Bel Group, world leader in branded cheese and a major global food player, and Climax Foods Inc., a biotech start-up, announced a partnership to create a new generation of plant-based cheese aimed at meeting the main challenges of the food transition combining pleasure, nutrition, and reducing the carbon footprint. The two firms co-created plant-based portions of Laughing Cow, Kiri, Boursin, Babybel, and Nurishh brand meals by utilizing the power of data science and AI. These new plant-based cheeses seek to be nutritional, inexpensive, low in carbon footprint, and indistinguishable from dairy equivalents.

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Some Key Highlights from the Report

• The Artificial Intelligence (AI) segment accounted for largest revenue share in the global AI and big data in the food industry market in 2022. This is due to rising demand for AI in the food industry since it increases the efficiency and waste reduction of food production, distribution, and supply chain management. AI-powered robots improve operations by automating everything from food sorting to delivery. For example, AI-based solution accurately sort potatoes based on their size and weight, which easily chooses the best potatoes for baking chips and for producing French fries. In addition, AI can categorize veggies based on color to reduce food waste. AI provides a more comprehensive perspective of the entire operation, allowing businesses to make the most of each shipment.
• The on-premises segment is expected to register steadily fast revenue growth rate in the global AI and big data in the food industry market during the forecast period. On premises provide the flexibility to customize AI and big data solutions according to the unique needs and processes of organization, which allows for the development with specific business requirements.
• On 10 December 2020, TOMRA Food launched the TOMRA 5C, a revolutionary optical food sorting technology that revolutionize nut and dried fruit processing. TOMRA 5C premium optical sorter combines industry-leading sensors with Machine Learning (ML) and big-data analysis to achieve the most precise foreign material removal. The TOMRA 5C provides operators with a visual picture of each individual product and foreign material, allowing processors to make real-time decisions that increase the likelihood of a higher profit, higher-quality yield, and faster equipment payback.

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Emergen Research has segmented the global AI and big data in food industry market on the basis of technology, deployment, application, component, end-use, and region:

• Technology Outlook (Revenue, USD Billion; 2019–2032)
  • Artificial Intelligence (AI)
    • Machine Learning (ML)
    • Natural Language Processing (NLP)
    • Computer Vision
    • Deep Learning
  • Big Data
    • Data Warehousing
    • Data Integration
    • Data Analytics
    • Predictive Analytics

• Deployment Outlook (Revenue, USD Billion; 2019–2032)
  • On-Premises
  • Cloud-based
• Application Outlook (Revenue, USD Billion; 2019–2032)
  • Supply Chain Management
    • Inventory Optimization
    • Demand Forecasting
    • Logistics and Distribution
  • Quality Control and Safety
    • Contaminant Detection
    • Food Safety Monitoring
    • Traceability
  • Smart Agriculture
    • Precision Farming
    • Crop Monitoring
    • Livestock Monitoring
  • Consumer Insights and Personalization
    • Market Research
    • Consumer Behavior Analysis
    • Personalized Marketing
  • Predictive Maintenance
    • Equipment Monitoring
    • Maintenance Scheduling
  • Energy Management
    • Resource Optimization
    • Energy Efficiency

• Component Outlook (Revenue, USD Billion; 2019–2032)
  • Hardware
  • Software
  • Services
    • Consulting
    • Implementation
    • Support and Maintenance
• End-use Outlook (Revenue, USD Billion; 2019–2032)
  • Food Manufacturers
  • Food Distributors and Retailers
  • Restaurants and Food Service Providers
  • Agriculture and Farming

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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