Artificial Intelligence (AI) in Foodtech Market Report 2024

This Artificial Intelligence (AI) In Foodtech market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The artificial intelligence (AI) in foodtech market size has grown exponentially in recent years. It will grow from $4.77 billion in 2023 to $6.38 billion in 2024 at a compound annual growth rate (CAGR) of 33.7%. The growth during the historic period can be attributed to increased demand for automation, advancements in supply chain optimization, heightened focus on food safety and compliance, rising consumer demand, and improvements in operational efficiency and cost reduction.

The artificial intelligence (AI) in foodtech market size is expected to see exponential growth in the next few years. It will grow to $20.7 billion in 2028 at a compound annual growth rate (CAGR) of 34.2%. The growth during the forecast period can be attributed to increasing consumer demand for personalized nutrition, heightened focus on food safety and quality control, advancements in supply chain optimization, rising emphasis on sustainability and waste reduction, and growing attention to food safety monitoring. Major trends include technological innovations, personalized nutrition and meal planning, smart farming and precision agriculture, predictive analytics for demand forecasting, and the adoption of robotics and automation in food processing.

The rise in the food delivery business is significantly boosting the growth of artificial intelligence (AI) in the food tech market. The food delivery sector is expanding due to increased consumer demand for convenience, the growth of online ordering platforms, and the proliferation of delivery services from a wide range of food providers. AI plays a crucial role in enhancing this sector by optimizing route planning for delivery drivers, predicting customer preferences for personalized recommendations, and automating order management to improve efficiency and reduce delivery times. For instance, in the first half of 2023, Swiggy, an India-based online food ordering and delivery platform, recorded a 17% year-on-year growth in gross merchandise value (GMV), reaching $1.43 billion, according to the Economic Times. This growth underscores the rising demand and the potential for AI to transform the food delivery business.

Key players in the AI in food tech market are focusing on developing advanced solutions to streamline kitchen operations and improve food delivery services. One notable innovation is AI-powered kitchen assistants, which help automate various kitchen tasks, reduce labor costs, and enhance food quality. For example, in November 2022, Miso Robotics, a US-based automation machinery manufacturing company, introduced Flippy 2, an AI-powered kitchen assistant designed to automate frying tasks. Flippy 2 provides real-time data analytics for operational insights and integrates seamlessly with existing kitchen setups. It is a robotic solution that manages an entire fry station, reduces order-to-delivery times, and improves food consistency, thereby enhancing the work environment for human staff and allowing them to focus on customer interactions.

In May 2024, GrubMarket, a US-based technology company specializing in solutions for the food supply chain industry, acquired Butter for an undisclosed amount. This strategic acquisition enables GrubMarket to integrate Butter's AI-powered e-commerce and payments technologies into its offerings. The move is expected to enhance GrubMarket's portfolio of innovative, AI-driven solutions, including Grubassist AI and WholesaleWare, further strengthening its position as a leading enterprise AI solution provider for the food supply chain industry. Butter is a US-based technology company providing AI-enhanced sales tools that automate order entry processes.

Major companies operating in the artificial intelligence (AI) in foodtech market are Microsoft Corporation, Cargill Incorporated, International Business Machines Corporation, Oracle Corporation, SAP SE, NVIDIA Corporation, Agilent Technologies Inc., Zebra Technologies Corporation, InstaCart, TOMRA Systems ASA, Blue Yonder Group Inc., Grubhub Inc., Google DeepMind Technologies Limited, Rebel Foods, Tovala, Saffron Tech, Blue River Technology, Brightseed, Clear Labs Inc., Nutrino Health Ltd., FoodLogiQ, NotCo Ltd., AgShift, Zest Labs, ImpactVision.

North America was the largest region in the artificial intelligence (AI) in foodtech market in 2023. The regions covered in the artificial intelligence (AI) in foodtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the artificial intelligence (AI) in foodtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Artificial intelligence (AI) in food tech involves applying AI technologies to innovate and optimize various processes within the food industry. This encompasses automating tasks such as food production, processing, quality control, supply chain management, and personalized nutrition. AI is utilized for predictive analytics in demand forecasting, minimizing food waste, enhancing food safety, and improving customer experiences through customized recommendations and smart kitchen appliances.

The main components in the AI in food tech market are solutions and services. AI solutions in food tech involve employing artificial intelligence technologies to develop and implement innovative methods that boost efficiency, sustainability, and customer experience within the food sector. Key applications include food production and processing, product development and innovation, supply chain management, food safety and compliance, among others. End-users include food and beverage manufacturers, restaurants, food service providers, and others.

The artificial intelligence (AI) in foodtech market research report is one of a series of new reports that provides artificial intelligence (AI) in foodtech market statistics, including the artificial intelligence (AI) in foodtech industry global market size, regional shares, competitors with artificial intelligence (AI) in foodtech market share, detailed artificial intelligence (AI) in foodtech market segments, market trends, and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) in foodtech industry. These artificial intelligence (AI) in foodtech market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The artificial intelligence (AI) in foodtech market consists of revenues earned by entities by providing services such as predictive analytics, automated cooking systems, smart inventory management, personalized nutrition recommendations, and real-time food safety monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) in foodtech market also includes sales of smart kitchen appliances, automated food preparation machines, AI-driven inventory and supply chain management systems, and personalized nutrition apps. 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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