The artificial intelligence (ai) in foodtech global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Artificial Intelligence (AI) In Foodtech Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The artificial intelligence (AI) in foodtech market size has grown exponentially in recent years. It will grow from $4.77 billion in 2023 to $6.38 billion in 2024 at a compound annual growth rate (CAGR) of 33.7%. The growth in the historic period can be attributed to increase in demand for automation, growth in supply chain optimization, increase in food safety and compliance, rise in consumer demand, and rise in improved operational efficiency and cost reduction.
The artificial intelligence (AI) in foodtech market size is expected to see exponential growth in the next few years. It will grow to $20.70 billion in 2028 at a compound annual growth rate (CAGR) of 34.2%. The growth in the forecast period can be attributed to increasing consumer demand for personalized nutrition, rising food safety and quality control, increasing supply chain optimization, rising sustainability and waste reduction, and growing food safety monitoring. Major trends in the forecast period include technological innovations, personalized nutrition and meal planning, smart farming and precision agriculture, predictive analytics for demand forecasting, and adoption of robotics and automation in food processing.
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Scope Of Artificial Intelligence (AI) In Foodtech Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Artificial Intelligence (AI) In Foodtech Market Overview
Market Drivers –
The rise in the food delivery business is expected to propel the growth of artificial intelligence (AI) in the foodtech market going forward. The food delivery business refers to the industry segment that directly transports prepared meals from restaurants, cafes, or other food establishments to customers’ locations, such as homes or offices. The food delivery business is rising due to increasing consumer demand for convenience, the growth of online ordering platforms, and the expanding availability of delivery services from a wide range of restaurants and food providers. AI in food helps the food delivery business by optimizing route planning for delivery drivers, predicting customer preferences for personalized recommendations, and automating order management to enhance efficiency and reduce delivery times. For instance, in May 2024, according to the Economic Times, an India-based media company, in the first half of 2023, Swiggy (an India-based online food ordering and delivery platform) food delivery business recorded a 17% year-on-year growth in gross merchandise value (GMV), reaching $1.43 billion. Therefore, the rise in the food delivery business is driving artificial intelligence (AI) in the foodtech market.
Market Trends –
Major companies operating in the artificial intelligence (AI) in the foodtech market are focused on developing advanced solutions such as AI-powered kitchen assistants to streamline kitchen operations, reduce labor costs, and enhance consistency in food quality. An AI-powered kitchen assistant is smart technology designed to help with various tasks in the kitchen, using artificial intelligence to enhance cooking and meal preparation. These assistants can come in various forms, including apps, smart devices, or integrated systems. For instance, in November 2022, Miso Robotics, a US-based automation machinery manufacturing company, introduced Flippy 2, an AI-powered kitchen assistant designed to automate frying tasks. Flippy 2 offers real-time data analytics for operational insights and integrates seamlessly with existing kitchen setups, allowing for improved food quality and faster service. Flippy 2 is a robotic solution for managing an entire fry station and actively improves operations in quick-service restaurants (QSRs). It reduces order-to-delivery times and enhances food consistency, which, in turn, creates a better work environment for human staff. By handling the fry station tasks, Flippy 2 allows human team members to focus on more engaging roles, such as interacting with customers at the drive-thru or register.
The artificial intelligence (AI) in foodtech market covered in this report is segmented –
1) By Component: Solution, Services
2) By Application: Food Production And Processing, Product Development And Innovation, Supply Chain Management, Food Safety And Compliance, Other Applications
3) By End-User: Food And Beverage Manufacturers, Restaurants And Food Service Providers, Other End-Users
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Regional Insights –
North America was the largest region in the artificial intelligence (AI) in foodtech market in 2023. The regions covered in the artificial intelligence (AI) in foodtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the artificial intelligence (AI) in foodtech market are Microsoft Corporation, Cargill Incorporated, International Business Machines Corporation, Oracle Corporation, SAP SE, NVIDIA Corporation, Agilent Technologies Inc., Zebra Technologies Corporation, InstaCart, TOMRA Systems ASA, Blue Yonder Group Inc., Grubhub Inc., Google DeepMind Technologies Limited, Rebel Foods, Tovala, Saffron Tech, Blue River Technology, Brightseed, Clear Labs Inc., Nutrino Health Ltd., FoodLogiQ, NotCo Ltd., AgShift, Zest Labs, ImpactVision
Table of Contents
1. Executive Summary
2. Artificial Intelligence (AI) In Foodtech Market Report Structure
3. Artificial Intelligence (AI) In Foodtech Market Trends And Strategies
4. Artificial Intelligence (AI) In Foodtech Market – Macro Economic Scenario
5. Artificial Intelligence (AI) In Foodtech Market Size And Growth
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27. Artificial Intelligence (AI) In Foodtech Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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