CRI Report has released a report titled “Artificial Intelligence In Food & Beverages Market –Global Analysis of Market Size, Share & Trends for 2020 – 2021 and Forecasts to 2031” which is anticipated to Artificial Intelligence In Food & Beverages Market to surpass USD 165.5 Billion by 2031 from USD 4.5 Billion in 2021 at a CAGR of 43.2% within the coming years, i.e., 2021-31. It will reach USD 165.5 billion by 2031. According to a study by CRI Report, Deviations in consumer trends toward preferring fast, affordable, and easily available food options have led to a revolution in the food and beverage industry, with market leaders leveraging advanced technologies, such as artificial intelligence to scale actions and help companies stay appropriate in a dynamic market atmosphere.
Artificial Intelligence in Retail Market: Market Segments: By Technology (Natural Language Processing, Machine Learning and Deep Learning, and Others); By Deployment (Cloud and On-Premise); By Solution (Visual Search, Virtual Assistant, Product Recommendation and Planning, Price Optimization, Customer Relationship Management and Others); By Application (In-Store Visual Monitoring and Surveillance, Market Forecasting, Predictive Merchandising, Programmatic Advertising and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030
The market report on Artificial Intelligence In Food & Beverages Market includes in-depth insights as:
- The estimated value of the market was USD 4.5 Billion in the year 2021.
- Artificial Intelligence In Food & Beverages Market in North America held the largest market share in the year 2021.
- Based on, Application, Consumer Engagement segment, emerged as a key segment in the Artificial Intelligence In Food & Beverages Market.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“The increasing number of clients that are to be handled by food and beverage companies are challenging with every passing day and it needs great energies to involve with customers. Artificial Intelligence uses data obtained from previous records by processing it using AI-enabled systems so that the outcomes related to sales can be predicted for a specified time. AI primarily assists the food manufacturers and retailers by serving them to know their customers better. The companies will be able to identify the customers’ tastes and preferences, which would benefit them to forecast the possible sales pattern for their products. They would also be able to classify those customers who repeatedly involve with them and predict their buying patterns. This would help them to heap up their inventories accordingly”, according to this report
Artificial Intelligence (AI) is the mechanism of developing smart robots that perform work and react similarly to humans. The goal is to teach machines how to think intelligently in the similar way humans do. Artificial Intelligence (AI) technologies are being endlessly developed in order to benefit human beings in various ways. Modernizations in automation industry have started affecting the other industrial processes. Food and beverages industry is also transforming rapidly and has improved the several ways in which foods are being packed and distributed. Several ways are being explored by food manufacturers to improve productivity through automation, whether it is actually processing or packaging of food.
Artificial Intelligence in Food & Beverages Market by Application is segmented into Food Sorting, Consumer Engagement, and Quality Control. The market size of the Consumer Engagement segment is anticipated to grow at the highest CAGR during the forecast period due to the increasing need to predict taste, preference, and mode of purchase of customers is deriving placement of AI solutions in global F&B industry. F&B industries are growing to utilize artificial techniques to analyze the emotion of their customer in order to enhance product offerings.
Key Players in the Market
Some of the key players operating in the Artificial Intelligence In Food & Beverages Market are ABB Ltd., Agco Corporation, BBC technologies, BoMill AB, Bratney Companies, Buhler Holding AG, Compac Sorting Equipment, Duravant LLC, and other prominent players.
Get Valuable Insights into Artificial Intelligence In Food & Beverages Market.
In the new report, CRI Report thrives to present an unbiased analysis of Artificial Intelligence In Food & Beverages Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2031. The study includes compelling insights into growth that is witnessed in the market. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by Application into Food Sorting, Consumer Engagement, and Quality Control; By End-user into Hotels and Restaurants, Food Processing Industry and Others; By organization Size into Small, Medium & Large Enterprises; Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa.