AI in Food and Beverages Global Market Report 2024

The ai in food and beverages market has grown exponentially in recent years. It will grow from $6.53 billion in 2023 to $9.56 billion in 2024 at a compound annual growth rate (CAGR) of 46.3%. The growth observed in the historical period can be attributed to several factors, including a focus on quality control and assurance, optimization of supply chain processes, heightened consumer demand for personalization, the implementation of efficient production processes, and adherence to regulatory compliance measures.

The ai in food and beverages market is expected to see exponential growth in the next few years. It will grow to $39.4 billion in 2028 at a compound annual growth rate (CAGR) of 42.5%. The anticipated growth in the forecast period can be attributed to various factors, including advancements in product development, improved customer engagement strategies, a focus on sustainable and eco-friendly practices, the adoption of precision agriculture techniques, and the implementation of dynamic pricing strategies. Key trends expected in the forecast period encompass an emphasis on enhanced customer experience, the integration of blockchain for transparency in the supply chain, the use of robotic process automation (RPA), the application of AI in flavor and product development, and the implementation of advanced food safety monitoring practices.

The increasing number of startups in the food and beverage industry is anticipated to drive the growth of the AI in food and beverage market in the foreseeable future. Food and beverage startups, representing newly established companies in the food industry, introduce innovation by creating novel food processing solutions, enhancing food delivery services, and addressing issues related to food waste. AI plays a crucial role for these startups by analyzing customer demands and preferences, extracting valuable insights to inform product development. For example, according to EMW Law, a UK-based commercial law firm, the UK witnessed a 47% increase in the number of new food and drink startups, rising from 3,996 to 5,885 in 2021 compared to the previous year. This surge in food and beverage startups is a key driver behind the growth of the AI in food and beverage market.

The rapid expansion of the hotel and restaurant sector is expected to contribute significantly to the growth of the AI in food and beverage market. Hotels and restaurants, establishments that provide accommodations, meals, and services to travelers and the general public, are increasingly incorporating Artificial Intelligence (AI) into their operations to enhance efficiency, elevate customer experiences, and streamline various processes. For instance, according to Hospitality Net, a Netherlands-based global hospitality community website, in August 2022, the accommodation and food services industry experienced notable growth of 8.6% in February 2022. This growth was primarily driven by a remarkable 23% increase in the accommodation sector compared to December 2021. Additionally, sales and deliveries for takeout saw a substantial surge of 138% from January 2019 to January 2022, indicating the expanding influence of AI in the food and beverage offerings of hotels and restaurants.

The AI in food and beverages market is witnessing a prominent trend driven by technological advancements, with companies actively adopting new technologies to maintain their competitive positions. In March 2023, Tastewise, an Israel-based software company, introduced TasteGPT, a chatbot technology aimed at enhancing productivity for its clients, including brands. The chatbot significantly reduces research and development periods by providing quick responses to business queries on innovation and insights.

Major players in the AI in food and beverages market are directing their efforts towards developing innovative solutions, such as AI-powered recipe apps. These apps utilize Artificial Intelligence (AI) technologies to enhance user experiences in discovering, planning, and preparing recipes. In August 2023, Samsung Electronics Co., Ltd., a South Korea-based electronics manufacturing company, launched the 'AI-powered Food' app. This app, designed with integrated artificial intelligence, offers personalized recipes and food recommendations to users in eight languages across 104 countries. With over 160,000 recipes, the app assists users in discovering new dishes, ordering ingredients online, and creating tailored meal plans.

In July 2022, Diageo plc, a UK-based beverages company, made a strategic acquisition by purchasing Vivanda Inc. for an undisclosed amount. This acquisition allows Diageo to apply FlavorPrint technology to various industries, contributing to the growth of its digital marketing and sophisticated analytics skills. By leveraging FlavorPrint, Diageo gains a deeper understanding of consumer taste preferences, paving the way for innovation and personalized customer experiences. Vivanda Inc., based in the US, operates as a provider of a customer engagement services platform in the AI in food and beverages market.

Major companies operating in the ai in food and beverages market report are 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.

North America was the largest region in the AI in food and beverages market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global AI in food and beverages market report during the forecast period. The regions covered in the ai in food and beverages market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ai in food and beverages market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of AI in the food and beverages sector include hardware and software. Hardware encompasses both internal and external devices and machinery that enable users to perform essential tasks such as input, output, storage, communication, and processing. Understanding the specific hardware challenges faced by the food industry is crucial for effective implementation. AI is adopted by small, medium, and large enterprises for various purposes, including food storage, consumer engagement, quality control, safety compliance, production and packaging, maintenance, and more. This implementation occurs through diverse channels, encompassing traditional (offline) and online marketing channels utilized by hotels, restaurants, food processing industries, and other relevant entities.

The AI in food and beverage market research report provides AI in food and beverage market statistics, including the AI in food and beverage industry global market size, regional shares, competitors with an AI in food and beverage market share, detailed AI in food and beverage market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in food and beverage industry. This AI in food and beverage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The AI in food and beverages market includes revenues earned by entities by improving product development, creating more individualized marketing campaigns, optimizing pricing and promotions, and better understanding consumer preferences. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The AI in food and beverages market consists of sales of management of the supply chain, best cleaning practices, and food safety monitoring processes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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