The Global Artificial Intelligence (AI) in Food and Beverages Market is anticipated to grow at a robust CAGR over the forecast period (2020-2027), owing to dynamic changes observed in purchasing patterns of consumers across the globe who are demanding faster services at reasonably low costs that can be affordable to the consumer and better quality food.
The growth of the market is driven by various factors such as companies focusing on improving sales through observing buying behavioural patterns of consumers based on the past purchase records. AI is helping the companies to stock up their inventories only to the extent that the demands can be met, instead of producing additional stocks by using algorithms that help to predict sales for a specified period. AI can also help improve transparency in the working of enterprises by proper management of supply chain. Additionally, sorting of food items that consume more time can be reduced by shifting to automation sorting that can save labour costs and reduce waste while also ensuring optimum yields and better quality.
However, some of the factors that are anticipated to hinder the growth of the market such as stringent regulatory compliances to be followed related to food and safety processes, checking inventory at all times including maintaining food quality as per the standards laid down for manufacturers that would increase the costs for companies leading to delays in moving ahead in decision making process. Moreover, loss of employment for individuals due to adoption of automation is also anticipated to act as a major restraint to the growth of the market over the forecast period.
The global artificial intelligence in food and beverages market comprises of three segments which are segmented by application, organization size and by end user. The production and packaging segment falling under application segment is anticipated to occupy the highest market share, owing to increased demand for readymade and new varieties of packaging with demand for food exports picking up, compulsion to comply with hygiene related regulations for organizations and greater chances of human errors involved during the process of food packaging.
This report also provides the existing competitive scenario of some of the key players of the global artificial intelligence in food and beverages market which includes company profiling of key companies such as:
- Rockwell Automation, Inc. (NYSE: ROK)
- Raytec Vision SpA, ABB Ltd. (NYSE: ABB)
- Honeywell International, Inc. (NYSE:HON)
- Duravant LLC
- TOMRA Systems (TMRAY) Oslo Stock Exchange
- Sesotec GmbH
- Martec Of Whitwell Ltd. and Buhler Holding AG
The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global artificial intelligence in food and beverages market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.