Global Artificial Intelligence in Food & Beverages Industry is further estimated to grow at a CAGR of 41 % from 2019 to reach USD 938.91 Billion by the year 2025. The Asia Pacific region holds the highest Industry share in 2017 and is considered the fastest growing Industry in the forecasted period. At the country level, China, Australia, India, and Japan are the major industries in Asia Pacific region and holds a substantial Industry share in 2017 and it is projected to grow at a gradual pace in the coming years. This has triggered an increase in the adoption of automated solutions in industries. The ability of AI systems to help in supply chain management and production planning will drive the demand for AI-enabled solutions in industries, such as F&B, which are experiencing a deficit of adequate resources. The Industry is segmented by application, end users, and by region.
By application, it is sub-segmented into Food Sorting, Quality Control & Safety Compliance, Consumer Engagement (Chatbots, etc.), Production & Packaging, Maintenance, and Others. In the year 2017, Consumer Engagement by application generated the highest revenue in the global Industry and is expected to continue its dominance during the forecast period.
Major market players in Artificial Intelligence in Food & Beverages Industry are Tomra Sorting, Solutions AS, GreeFa, Sesotec GmbH, Key Technology Inc., Raytec Vision SpA, Rockwell Automation, ABB Ltd., Honeywell International Inc., Martec of Whitell Ltd., NotCo, and brief information of other 10 companies will be provided in a report.
SWOT analysis of Artificial Intelligence in Food & Beverages Industry:
Drastic Improvements in Efficiency across the Supply Chain
Reduced Chance of Human Error and Associated Inaccuracies
Limited Number of Experts in AI
Constraints Associated with Implementation and Deployment of AI Solutions
Developing Countries to Offer Significant Growth Opportunities
Increasing Adoption of AI to Improve Customer Services
High Cost related to Large Scale Deployment
Lack of Standards and technological Unawareness in about AI
Based on end users, the Food Processing Industry segment held the largest Industry size in 2017. Food processing is one of the most crucial revenue generating sector for a majority of the developed and developing economies around the globe.
Artificial Intelligence in Food & Beverages Industry Segmentation:
By End Users
• Hotels & Restaurants
• Food Processing Industry
• Beverages Industry
• Food Sorting
• Quality Control & Safety Compliance
• Consumer Engagement (Chatbots, etc.)
• Production & Packaging
• Rest of Europe
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa