Published Date : 16 Feb 2024
The global AI in food and beverages market size was exhibited at USD 8 billion in 2023 and is anticipated to touch around USD 214.62 billion by 2033, expanding at a CAGR of 39% from 2024 to 2033.
The AI in food and beverages market comprises food manufacturing operations, catering businesses, fast-food joints, restaurants, cafes, cafeterias, pubs, delis, food transportation services, and more. The work starts with the production, preparation, packaging, transporting, and serving of food and beverages. Food is necessary; hence, this market will continuously grow except in war-like situations.
Continuous development occurs in every market to improve products and services to increase efficiency and customer satisfaction while reducing cost and time. Technology plays a crucial role in achieving these targets. Artificial Intelligence (AI) is a technology utilized in the food and beverage market to make positive developments. Currently, AI in food and beverages market is used in supply chain management, manufacturing processes, food and beverage restaurants, kitchen appliances, and more. The integration of AI in food and beverages market has already proved its importance, and in the future, with new advancements, it will increase the market revenue.
In 2023, AI in food and beverages market was dominated by North America. As per the estimation done in the forecasting period of 2024 to 2033, North America will dominate AI in food and beverage market. North America is one of the largest food industries, generating around USD 1.0 trillion annually. Being among the top producers of processed food and drinks, the market has great potential to integrate AI for cost-cutting and improving efficiency.
When it comes to the import and export of processed foods and drinks, the United States ranks at the top worldwide. Also, the maximum number of food companies are in the U.S. These companies are considered the backbone of the food industry. Nestle, PepsiCo, Coca-Cola, Tyson Foods, and JBS USA are some of the examples. The diverse population of the U.S. is willing to experiment and engage with new food and beverages. The population is highly focused on innovative and unique products, sustainability, and technology, due to which integration of AI in food and beverages market is promoted in the U.S.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 8 Billion |
| Projected Forecast Revenue by 2033 | USD 214.62 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 39% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Drivers
Consumer Demands
The food and beverage market is based mainly on fulfilling consumers' demands. Consumers need convenience, affordability, quality, brand loyalty, commitment to social causes, health and wellness, and eco-consciousness. These demands are continuously fulfilled by the companies, but the integration of AI in food and beverages market can enhance the requirements.
A worldwide renowned fast-food joint, McDonald’s partnered with Google to integrate generative AI in 2024. Google will update all the hardware and software of McDonald’s and integrate generative AI to optimize operations. The updated systems will be able to help managers in spotting and enacting solutions to reduce business disruptions.
Food Safety and Quality Control
Food safety and quality control are among the top priorities of businesses and consumers. Every country has legislation, guidelines, and protocols for food safety and quality control, which are mandatory to follow. According to the World Health Organization, 600 million people get sick, and 420,000 deaths occur every year due to the consumption of contaminated food. Due to unsafe food, USD 110 billion is lost yearly in medical expenses and productivity. Although there are procedures and various technologies to assess food safety and quality, integrating AI in food and beveragea market will enhance the process by continuously monitoring, providing accurate results, and analyzing system gaps.
Amazon India launched a new shelf monitoring solution called Johari. Johari is machine learning-powered that aims to ensure the quality of fresh produce from farm to fridge. It will help Amazon to fulfill consumers' demand for high-quality fresh vegetables and fruits. The system can do manual monitoring as well as monitoring through mobile apps. An image-based system monitors images clicked through cameras installed on shelves, analyzes defects, and grades the products accordingly.
Restraint
Data Safety and Privacy
One of the major concerns about AI in food and beverages market is the threat to data and privacy. AI can infer sensitive information like habits, geographical location, preferences, and more. It poses the risk of unauthorized data dissemination, unwarranted surveillance, and identity theft. This presents a unique set of challenges for restaurants and all food catering services that focus on integrating AI in menu optimization and chatbots, which use customers' data to suggest menus based on their preferences and food ordering habits and communicate with the customers to resolve their queries. Posing ethical guidelines will help in reducing risks related to data privacy.
Opportunity
Integration of generative AI
Generative AI in food and beverages market has great potential. It can transform ingredient sourcing, streamline supply chains, improve regulatory compliance, provide innovative recipes, and personalize and enhance consumer experience. In the future, generative AI can create entirely new categories of food, revolutionize agriculture, and develop sustainable food solutions.
Chef Watson, a generative AI-based application developed by IBM, is capable of creating and suggesting recipes and food combinations that humans would have never considered. It is beneficial for professional chefs who want to revolutionize their menu to provide a unique experience to the customers.
Market Segmentation
By Technology
By End-user
By Application
Buy this Research Report@ https://www.precedenceresearch.com/checkout/3781
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
