June 25, 2024
ICT

AI in Food Market Size, Trends, Opportunitis, Report by 2033

The global AI in food market size is expected to rise with an impressive CAGR and generate the highest revenue by 2032.

Key Takeaways

  • Asia Pacific is observed to expand at the fastest rate during the forecast period of 2024-2033.
  • By technology, the machine learning segment held the largest share of the market in 2023.
  • By technology, the robotics and automation segment is observed to witness a significant growth during the forecast period.
  • By application, the food processing segment held a significant share of the AI in food market in 2023.
  • By application, the supply chain management segment is observed to witness the fastest rate of expansion during the forecast period.
  • By end user, the food manufacturers segment held the dominating share of the market in 2023.
  • By end user, the restaurants segment is observed to witness a significant rate of expansion during the forecast period.

AI in Food Market Size 2024 to 2033

Artificial Intelligence (AI) has rapidly infiltrated various industries, and the food sector is no exception. The AI in Food Market is witnessing a transformative surge as technology integrates with the culinary world. From precision farming and supply chain optimization to personalized nutrition and advanced cooking techniques, AI is revolutionizing the way we produce, distribute, and consume food.

The AI in Food Market encompasses a spectrum of applications, including predictive analytics for crop yields, automated quality control in food processing, and even AI-driven recipe creation. These advancements promise not only increased efficiency but also improved sustainability and reduced waste throughout the food supply chain.

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Growth Factors:

Several factors contribute to the exponential growth of AI in the food industry. Firstly, the increasing global population necessitates enhanced food production, and AI-driven precision agriculture aids in optimizing crop yields. Machine learning algorithms analyze various factors such as weather patterns, soil conditions, and crop health to enable farmers to make data-driven decisions, ultimately boosting productivity.

Additionally, the demand for personalized nutrition is on the rise, and AI plays a pivotal role in creating tailored dietary plans. By analyzing individual health data and preferences, AI systems can generate recommendations for optimal nutrition, catering to the unique needs of each consumer. This personalized approach not only promotes healthier lifestyles but also opens new avenues for food product innovation.

AI in Food Market Scope

Report Coverage Details
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Technology, By Application, and By End-user
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Recent Developments

  • In January 2024, the modular end-to-end surplus food management solution that Too Good To Go, a mobile app devoted to lowering food waste, has introduced will help grocery retailers—from hypermarkets to convenience stores—unlock value from extra inventory. The AI system oversees and facilitates the redistribution of excess food and caters to supermarket shops of various sizes in North America and Europe.
  • In January 2024, Tomra Food introduced two artificial intelligence-driven sorting and grading systems to increase the productivity and profitability of the manufacturing of both processed and fresh food. According to the business, Spectrim X incorporates the most recent advancements in Tomra’s LUCAi deep-learning technology, which was developed by a group of scientists, engineers, researchers, and professionals. Deep learning is an AI technique that teaches computers how to process data, such as intricate patterns in images, by using pretrained models.
  • In November 2023, a pioneer in the field of digital marketing, Jumboking Burgers announced the debut of its creative AI-generated campaign. The Peri Peri Nachos Burger and the fiery Schezwan Burger are two new offerings to the festive menu in the campaign, which is distinguished by state-of-the-art computer-generated imagery (CGI).

AI in Food Market Dynamics

Drivers:

The drivers behind the rapid adoption of AI in the food industry are multifaceted. Improved efficiency is a key driver, as AI streamlines processes across the entire food supply chain. From automated harvesting and processing to predictive maintenance in food manufacturing plants, AI reduces human intervention, minimizes errors, and enhances overall operational efficiency.

Furthermore, the growing awareness of sustainability issues is prompting the integration of AI-driven solutions to address environmental concerns. Precision agriculture, for instance, allows for resource-efficient farming practices, optimizing water and fertilizer usage. This not only contributes to cost savings for farmers but also aligns with global efforts to create a more sustainable and eco-friendly food industry.

Restraints:

Despite the promising advancements, the AI in Food Market is not without its challenges. One significant restraint is the initial investment required for implementing AI technologies. Small and medium-sized enterprises (SMEs) in the food industry may find it financially challenging to adopt these technologies, creating a potential divide between larger corporations with greater resources and smaller players.

Additionally, concerns about data security and privacy pose obstacles to widespread AI adoption. As AI systems rely on vast amounts of data for training and optimization, ensuring the confidentiality and integrity of this data is paramount. Striking a balance between innovation and safeguarding sensitive information remains a persistent challenge for the industry.

Opportunity:

The opportunities presented by AI in the food sector are extensive. One notable prospect lies in the development of smart kitchen appliances that utilize AI to enhance the cooking experience. AI-powered ovens, refrigerators, and cooking devices can learn from user preferences, suggest recipes based on available ingredients, and optimize cooking times, catering to the evolving needs of modern consumers.

Moreover, the potential for AI to address global food security challenges is substantial. By leveraging AI in crop management, pest control, and disease detection, the industry can enhance food production and minimize losses. This not only contributes to food security but also ensures a more resilient and sustainable food supply chain.

 Read Also: AI in Clinical Trials Market Size to Grow USD 18.82 Bn by 2033

AI in food market Companies

  • Google LLC
  • IBM Corporation
  • ABB Ltd
  • NVIDIA Corporation
  • Microsoft Corporation
  • SAP SE
  • Buhler Group
  • Impact Vision

Segments Covered in the Report

By Technology

  • Machine Learning
  • Computer Vision
  • Robotics and Automation

By Application

  • Precision Agriculture
  • Food Processing
  • Supply Chain Management
  • Retail Services

By End-user

  • Food Manufacturers
  • Farmers and Growers
  • Restaurants
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Prathamesh

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