Technavio market research analysts forecast the global artificial intelligence (AI) market in the food and beverage (F&B) industry to grow at an impressive CAGR of more than 42% during the forecast period, according to their latest report.
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Technavio has published a new market research report on the global artificial intelligence market in the food and beverage industry market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global artificial AI market in the F&B industry for 2017-2021. The report also lists transportation and logistics, production planning, and quality control as the three major application segments, of which the transportation and logistics segment accounted for close to 38% in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global artificial AI market in the F&B industry:
- Increase in the adoption of data-guided decision making
- Regulations to improve food safety
- Changes in the global labor force
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Increase in the adoption of data-guided decision making
Over the years, there has been an increase in the adoption of automation for day-to-day processes in the F&B industry. Manufacturers are increasingly capitalizing on data analytics to incorporate customer preferences, market demand and supply trends, and customer feedback in production planning processes. The forecast period will see a surge in the adoption of AI in the F&B industry, as companies in the industry are increasingly using data from multiple sources to organize their operational procedures, manage personnel and staff, and create more value.
According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for robotics research, "Data-guided decision making is also being adopted by players to improve or modify their product portfolio. With the improvement of computational power and user-interface of AI platforms, more manufacturers in the F&B industry are expected to capitalize on machine and deep learning technologies to improve their offerings."
Regulations to improve food safety
Manufacturers in the F&B industry are increasingly adopting automation to meet regulations and guidelines set by industry associations for ensuring maintenance in the quality of products offered. F&B manufacturers are required to have a safety system in place for analysis of hazards and risk-based preventive controls. To meet these requirements, food companies are expected to set up systems for thorough documentation of the processes implemented, to demonstrate that they are meeting the legal criteria.
"The forecast period will see vendors offering AI platforms to meet requirements regarding preventive controls related to food safety, sanitary transportation, and foreign supplier verification programs. Quality management, database management, food production management, and enterprise resource planning are expected to be implemented with the help of technologies involving sensors and AI algorithms," says Raghav.
Changes in the global labor force
Rapid industrialization in developed and emerging economies has led to an increased demand for labor, resulting in a rise in the average labor cost and less availability of skilled workers in industries. By 2050, the working age population in the world is expected to decrease significantly, especially in countries such as China, Japan, Germany, Russia, and France. 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. Manufacturers are expected to adopt advanced technology and automation to attain a competitive advantage.
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