Global Artificial Intelligence (AI) in Food and Beverages Market Size Explodes at Robust CAGR of 14.22% to Touch USD 87.14 Billion by 2030

Published | 03 July 2024

Global Artificial Intelligence (AI) in Food and Beverages Market is booming at a significant growth rate due to an increasing demand for food safety and quality and a heightened focus on efficiency in production and distribution driving rapid adoption of AI.

BlueWeave Consulting, a leading strategic consulting, and market research firm, in its recent study, estimated Global AI in Food and Beverages Market size by value at USD 13.56 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Artificial Intelligence (AI) in Food and Beverages Market size to expand at a CAGR of 14.22% reaching a value of USD 87.14 billion in 2030. In recent years, the food and beverages market has witnessed significant AI advancements due to an increasing demand for a variety of food and beverages, intensifying competition, and meeting efficiency goals. Cafes worldwide use AI for personalized recommendations. Farms employ AI for crop monitoring and yield prediction. Ai streamlines supply chains by optimizing routes, reducing wastage, and forecasting demand. The rise of AI-powered food apps has also promoted healthier choices and food awareness.

The food and beverages market is driven by improvements in infrastructure, supply chain efficiency, and the adoption of automated services. The expansion of the hospitality sector and quick service restaurants has increased demand for AI in food and beverages units. AI helps predict sales, analyze customer behavior, and improve customer experience. It is also used to forecast inventory levels, monitor product quantities, and reduce production cycle time. Technological advancements in food production procedures and the integration of machine learning solutions are also driving market growth. Continuous modernization and strategic collaborations among key players are also positively impacting market growth.

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Opportunity – High demand for food safety and quality control

Global Artificial Intelligence (AI) Food and Beverages Market is thriving due to the growing demand for food safety and quality control. AI technologies, like machine learning (ML) and computer vision, help detect contaminants, predict spoilage, and monitor hygiene throughout the supply chain. This reduces foodborne illnesses and enhances product quality. The growing demand for reliable food safety measures is driving more companies to invest in AI solutions, driving market growth.

Impact of Escalating Geopolitical Tensions on Global Artificial Intelligence (AI) in Food and Beverages Market

Escalating geopolitical tensions significantly impact the trends in Global Artificial Intelligence (AI) in Food and Beverages Market. For instance, the ongoing war between Russia and Ukraine is anticipated to have a significant negative impact on global agricultural policy into 2024, leading to sharp price increases and economic instability. Innovative technologies like AI and machine learning (ML) may continue to impact supply chain management, allowing organizations to better understand global product movement. AI has been a hot topic in 2023, particularly in the food supply chain, where it can be used to predict potential disruptions and mitigate impacts on global populations. AI has the potential to be a force for good, making supply chains more robust and efficient, but building trust is also crucial. These trends can be seen as opportunities and new solutions for the supply chain. Hence, further intensification and spread of geopolitical tensions across the regions could have both positive and negative impacts on Global Artificial Intelligence (AI) in Food and Beverages Market.

Global Artificial Intelligence (AI) in Food and Beverages Market

Global Artificial Intelligence (AI) in Food and Beverages Market – By End Use

By end use, Global Artificial Intelligence (AI) in Food and Beverages Market is divided into Food Processing Industry, Hotel & Restaurant, and Beverage Industry segments. The food processing industry is the largest end use segment in Global AI in Food and Beverages Market. The extensive adoption of AI technologies in food processing industry to improve efficiency, reduce waste, and enhance product quality. AI-driven solutions, such as predictive maintenance and automated sorting systems, streamline operations, minimize downtime, and address labor shortages. The industry's focus on innovations and technological advancements further fuels the growing adoption of AI.

Competitive Landscape

Global Artificial Intelligence (AI) in Food and Beverages Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include Raytec Vision SpA, Rockwell Automation Inc., ABB Ltd, Honeywell International Inc., Key Technology Inc., TOMRA Sorting Solutions AS, GREEFA, Sesotec GmbH, Sight Machine Inc., and INTELLIGENTX Brewing Co. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global Artificial Intelligence (AI) in Food and Beverages Market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Artificial Intelligence (AI) in Food and Beverages Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Artificial Intelligence (AI) in Food and Beverages Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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