Dublin, June 21, 2021 (GLOBE NEWSWIRE) – The “Artificial Intelligence (AI) in Food and Beverage Market – Growth, Trends, Impact of COVID-19 and Forecast (2021-2026)” report was added to ResearchAndMarkets.com offer.
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 period of forecast (2021 – 2026).
Evolving consumer demands for fast, affordable and easily accessible food options have led to a transformation in the agri-food industry, with market leaders taking advantage of cutting-edge technologies, such as artificial intelligence and learning. automatic to scale their operations and help businesses stay relevant in a dynamic market environment.
AI has actively grown in importance in recent years, with many companies actively investing in exploring the potential of technology in the industry. This emerging AI technology helps F&B companies manage the supply chain through logistics, predictive analytics and transparency.
Organizations are rapidly digitizing their supply chain to differentiate themselves and also to drive revenue growth, which improves supply chain efficiency. Supply chains generate massive amounts of data, where AI helps the organization analyze that data and better understand supply chain variables by anticipating future scenarios.
AI in supply chains helps companies innovate quickly by reducing time to market and building an agile supply chain, able to predict and manage uncertainties. This is driving the growth of AI in the food and beverage industry.
AI offers many benefits to the F&B industry, but the high cost of large-scale deployment in the industry restricts market growth. One of the challenges of the food industry is its raw material, which can rarely be uniform. We see that the storage of food is done with the help of manual labor. But with AI, this sorting process can be automated, which can ultimately lower the cost of labor, increase speed, and improve yields.
For example, Kewpie Corporation, a Japanese food processing company, uses AI-enabled TensorFlow machine learning that can detect abnormalities in food. According to the company, they plan to increase the use of AI in the future, which will help them maintain strict security standards.
Key market trends
Consumer engagement expected to grow significantly
The investment made by the former president of Tata Sons, in Niki.ai of Techbin Solutions Pvt Ltd (which is an AI-powered chatbot that conducts conversations with consumers to help them order a wide range of services to using a chat interface) is describing the investments and growth in the use of chatbots.
AI is being applied to understand consumer behavior, which should lead to more accurate predictions. It can further enable marketers and organizations to reach customers on a personal level, engage in more in-depth interactions, and improve their overall experience with the brand.
Additionally, many consumers are embracing chatbots because they can work effectively in offline mode. A report from American Express said that over 50% of customers are willing to spend more at companies that provide superior customer service. This opens up a tremendous opportunity for AI, which in turn has the potential to fuel the growth of AI in the food and beverage market.
North America is expected to hold a significant share
AI in the food and beverage market is growing in North America, with the United States leading the region. North America held a 29.1% market share in 2017, which is the second-largest region for AI in the food and beverage market.
In North America, adoption readiness and the high fractional increase of replacement AI are the main drivers of their economic impact, reflecting the region’s dominance on AI and its implementation. , as well as the high potential for automation that is expected to occur at the regional level. level, by 2030.
In addition, 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 U.S. manufacturing plants comes from food processing plants.
For the most part, this sector is a very high volume, low margin industry. Finding new ways to achieve a modest increase in efficiency can be the difference between a facility making a profit or a loss. Due to these functional constraints, many of the largest food processing companies are turning to AI technology to improve various aspects of the process. This supports the growth of AI in the food and beverage market in the region.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/pbfxxi
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