Kenneth Research, in its repository of market research reports, have recently added a report on Artificial Intelligence in Food & Beverages Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Artificial Intelligence in Food & Beverages Market products.
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By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Artificial Intelligence in Food & Beverages Market 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 Market share in 2017 and is considered the fastest growing Market 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 Market 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 Market 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 Market and is expected to continue its dominance during the forecast period.
Major market players in Artificial Intelligence in Food & Beverages Market 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.
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SWOT analysis of Artificial Intelligence in Food & Beverages Market:
Strength:
Drastic Improvements in Efficiency across the Supply Chain
Reduced Chance of Human Error and Associated Inaccuracies
Weakness:
Limited Number of Experts in AI
Constraints Associated with Implementation and Deployment of AI Solutions
Opportunities:
Developing Countries to Offer Significant Growth Opportunities
Increasing Adoption of AI to Improve Customer Services
Threats:
High Cost related to Large Scale Deployment
Lack of Standards and technological Unawareness in about AI
Based on end users, the Food Processing Market segment held the largest Market 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 Market Segmentation:
By End Users
Hotels & Restaurants
Food Processing Market
Beverages Market
Others
By Application
Food Sorting
Quality Control & Safety Compliance
Consumer Engagement (Chatbots, etc.)
Production & Packaging
Maintenance
Others
By Region
North America
USA
Canada
Europe
Germany
U.K.
France
Italy
Rest of Europe
APAC
China
India
Japan
Rest of Asia-Pacific
RoW
Latin America
Middle East & Africa
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