Artificial Intelligence
AI In Food And Beverages Global Market Report 2023
New York, Aug. 01, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “AI In Food And Beverages Global Market Report 2023” – https://www.reportlinker.com/p06480009/?utm_source=GNW
, Key Technology Inc., Greefa, Sight Machine Inc., Foodable Network LLC, Compac Sorting Equipment Ltd., Agco Corporation, National Recovery Technologies LLC, Max-AI, Buhler AG, QualySense AG, BoMill AB, Clarifai Inc., BBC technologies, and Intelligent X Brewing Co.
The global AI in food and beverages market is expected to grow from $4.46 billion in 2022 to $6.53 billion in 2023 at a compound annual growth rate (CAGR) of 46.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The AI in food and beverages market is expected to reach $27.99 billion in 2027 at a CAGR of 43.9%.
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.
Artificial intelligence in food and beverages refers to the utilization of advanced artificial intelligence and machine learning techniques in the food and beverages sector to control food waste, deliveries, and food safety. Big data analytics and machine learning models are used by AI to derive practical insights about consumer demands and preferences that help with product creation.
North America was the largest region in the AI in food and beverages market in 2022.Asia-Pacific is expected to be the fastest-growing region in 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 and Africa.
The main types of AI in food and beverages are hardware and software.Hardware refers to the collective term for all of the internal and external devices and machinery that allow users to accomplish key tasks including input, output, storage, communication, processing, and more.
It’s critical for food makers to comprehend the particular hardware difficulties faced by the food sector. It is implemented by small enterprises, medium and large enterprises for food storing, consumer engagement, quality control, safety compliance, production and packaging, maintenance, and others by various channels including traditional marketing channels (offline) and online marketing channels by hotels and restaurants, food processing industries, and others.
The growing number of startups in food and beverages is expected to propel the growth of the AI in food and beverage market going forward.A food and beverage startup refers to a brand-new company operating in the food industry that brings innovation into the space by creating new food processing solutions, improving food delivery, and eliminating food waste.
AI in food and beverage helps startups by analyzing the prevalent customer demands and desires and extracting useful insights pertaining to their needs that help to develop products.For instance, according to EMW Law, a UK-based commercial law firm, the number of new food and drink start-ups in the UK has increased 47% from 3,996 to 5,885 in 2021 compared to the previous year.
Therefore, the growing number of startups in food and beverages is driving the growth of the AI in food and beverage market.
Technological advancements are a key trend gaining popularity in the AI in food and beverages market.Companies operating in the AI in food and beverages market are adopting new technologies to sustain their position in the market.
For instance, in March 2023, Tastewise, an Israel-based software company launched TasteGPT, a chatbot technology.The chatbot is intended to speed up productivity for the company’s clients, which includes brands while cutting down on research and development periods.
In a couple of seconds, TasteGPT can respond to queries from businesses on innovation and insight.
In July 2022, Diageo plc, a UK-based beverages company acquired Vivanda Inc. for an undisclosed amount. With this acquisition, Diageo will be able to apply FlavorPrint technology to more industries. Additionally, it will aid in the growth of their digital marketing and sophisticated analytics skills, giving them a better understanding of consumer taste preferences and opening up new doors for innovation and individualized customer experiences. Vivanda Inc. is a US-based provider of a customer engagement services platform for the food and beverage ecosystem operating in the AI in food and beverages market.
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.
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.
The AI in food and beverage market research report is one of a series of new reports that 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.
Read the full report: https://www.reportlinker.com/p06480009/?utm_source=GNW
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