Artificial Intelligence (AI) in Food Beverages Market worth USD 29.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Artificial Intelligence (AI) in Food Beverages Market by Application (Food Sorting, Quality Control, and Safety Compliance, Consumer Engagement, Production and Packaging, and Maintenance, and Other Applications), by End-User (Food Processing Industry, Hotel and Restaurant, and Beverage Industry), by Region – Global Share and Forecast to 2027". By 2027, the global artificial intelligence (AI) in the food beverages market size is expected to grow USD 29.6 billion from USD 3.1 billion in 2020, growing at a CAGR of 45.7% during the forecast period.  Food safety is becoming progressively crucial in the food and beverage sector as there are many recent scandals over hygiene, which have raised concerns in the industry. The prominent player is taking proactive measures to mitigate such risks, thereby adopting and implementing different AI aids, eliminating human error, thus preventing any failure while implementing a rigorous monitoring process to identify anomalies in the production processes. For instance, AI is aiding substantially to minimize the risks of being the center of the food scandal. Furthermore, enterprises have been found to leverage the benefits of artificial intelligence, using advanced analytical tools, such as speech and text analytics, combined with image and voice recognition technologies, for optimizing time and enhancing the overall customer experience.

Global Artificial Intelligence (AI) in Food Beverages Market Segmentation

• By Application (Food Sorting, Quality Control, and Safety Compliance, Consumer Engagement, Production and Packaging, and Maintenance, and Other Applications)
• By End-User (Food Processing Industry, Hotel and Restaurant, and Beverage Industry)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

The food processing industry segment, by end-users, is estimated to hold the largest market share during the forecast period

Based on end-users, the global artificial intelligence (AI) in food beverages market is segmented into food processing industry, hotel and restaurant, and beverage industry. The food processing industry segment generated the highest revenue of 39% of the total global artificial intelligence (AI) in food beverages market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. The food processing industry is a mature sector. It is experiencing a turbulent period, owing to the increasing demand for food safety, growing food insecurity, and the consumer demand for high quality and sustainability. The industry is witnessing the usage of AI for better sorting of products and packages, improving food safety compliance, improved cleanliness, developing new products, and marketing, fueling the growth of AI in the food and beverage market.

For instance, Coca-Cola has installed self-service soft drink fountains that permit customers to customize their drinks across several restaurants. Individuals can use these self-service machines to make hundreds of different beverages by adding different flavors to their base beverages. Many hotel brands are using AI programs to enhance their services. For instance, Ivy is a program used by many major hotel brands, which automate all the guest interaction. Ivy is specifically designed for the hospitality industry. It handles around 90% of the real-time requests and effectively becomes the main point of contact throughout the consumer’s hotel stay.

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Europe accounts for the largest market share in artificial intelligence (AI) in food beverages market 2020

Based on the regions, the global artificial intelligence (AI) in food beverages market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Europe accounted for the largest market share in 2020, and Europe has a market share of 33.3%.  The market for AI in the food and beverage sector in Europe is also increasing, as the region has a growing and thriving artificial intelligence industry, where the United Kingdom has the strongest AI ecosystem, followed by Germany. The countries with huge dairy production capacity and the presence of sea-food and meat production businesses in the region have driven the demand for automation in these industries.

The food and beverage industry is one of the European Union’s biggest manufacturing sectors. The adoption of AI for many manufacturing operations has started increasing in the region, which adds to the market demand. Moreover, the European Commission announced an investment of EUR 20 billion on artificial intelligence, which will further boost the growth of AI in the food and beverage sector. The increased demand for high-quality food from consumers is likely to open opportunities for Europe to adopt AI for food safety and quality monitoring. The sortation systems, monitoring equipment, and process flow equipment, amongst others, are expected to see increased demand in the regional industry ecosystem. Moreover, the readiness of the supply chain members for an effective increase across the supply chain of food and beverage has been a significant development observed in the market segment in the region.

Major players in the global market of artificial intelligence (AI) in food beverages are Rockwell Automation Inc., ABB Ltd, Key Technology Inc., Raytec Vision SPA, TOMRA Systems ASA, GREEFA, Sesotec GmbH, Martec of Whitwell Ltd, Honeywell International Inc., and Sight Machine Inc.

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