AI and Big Data in Food Industry Market Worth $269.92 Billion in 2032

The growing demand for AI and Big Data technologies to improve the overall efficiency of food production and distribution is one of the major factors driving AI and Big Data in food market revenue growth .

Vancouver, January 1, 2024 (GLOBE NEWSWIRE) — The AI and big data in the food industry market size was $6.86 billion in 2022 and is expected to register a steady revenue CAGR of 44.4% during the forecast period, according to the latest analysis by Emergen Research. The growing demand for AI and Big Data technologies to improve the overall efficiency of food production and distribution is the major factor driving market revenue growth. AI helps food producers anticipate and predict customer reactions to new flavors and develop foods based on customer preferences. The food industry uses big data analytics to analyze consumer behavior, preferences and trends, which helps create new personalized products to change consumer expectations.

Furthermore, the increasing integration of IoT devices in the food industry is another key factor driving the market revenue growth. AI algorithms can analyze this data to provide valuable insights into monitoring equipment performance, tracking shipments, and optimal food storage and transportation conditions. For example, IoT in food processing enables food companies to improve their levels of traceability, food safety and accountability throughout the supply chain. Additionally, organizations can monitor food safety data points using real-time temperature tracking sensors, thereby ensuring active cold chain management, thereby driving market revenue growth.

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However, the high cost of implementing AI and big data technology is a key factor that could restrain the market revenue growth. The initial investment required to acquire hardware, software and skilled personnel to implement AI and Big Data solutions is expensive, especially for small businesses in the food industry.

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Scope of research

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Large Companies and Competitive Landscape

The global AI and Big Data in food industry market is consolidated and large and medium-sized market players account for the majority of revenue. The major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing and introducing more effective products in the market. Some major players included in the global AI and Big Data in Food Industry market report are:

Strategic development

• On April 11, 2023, the Bel Group, world leader in branded cheeses and major player in global food, and Climax Foods Inc., biotechnology start-up, announced a partnership to create a new generation of plant-based cheese aimed at meet the main challenges of the food transition combining pleasure, nutrition and reduction of the carbon footprint. The two companies co-created plant-based servings of meals from brands Laughing Cow, Kiri, Boursin, Babybel and Nurishh using the power of data science and AI. These new plant-based cheeses are intended to be nutritious, inexpensive, have a low carbon footprint and are indistinguishable from dairy equivalents.

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Some highlights of the report

• The artificial intelligence (AI) segment accounted for the largest revenue share in the global AI and Big Data in food industry market in 2022. This is due to the growing demand for AI in food industry, as it increases the efficiency and waste reduction of food production. , distribution and supply chain management. AI-powered robots improve operations by automating everything from food sorting to delivery. For example, an AI-based solution accurately sorts potatoes based on their size and weight, making it easy to choose the best potatoes for cooking chips and producing French fries. Additionally, AI can classify vegetables based on their color to reduce food waste. AI provides a more comprehensive perspective of entire operations, enabling businesses to get the most out of every shipment.

• The on-premises segment is expected to register a rapid and steady revenue growth rate in the global AI and Big Data in food industry market during the forecast period. On-premises solutions provide the flexibility to customize AI and Big Data solutions based on the organization’s unique needs and processes, enabling development to meet specific business requirements.

• On December 10, 2020, TOMRA Food launched the TOMRA 5C, a revolutionary optical food sorting technology that revolutionizes nut and dried fruit processing. The TOMRA 5C premium optical sorter combines cutting-edge sensors with machine learning (ML) and big data analytics to achieve the most accurate removal of foreign materials. The TOMRA 5C provides operators with a visual image of each individual product and foreign material, allowing processors to make real-time decisions that increase the likelihood of higher profit, higher quality yield and return on faster equipment investment.

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Emergen Research has segmented the global AI and Big Data in Food Industry market based on technology, deployment, application, component, end use and region:

• Deployment outlook (revenue, billion USD; 2019-2032)

• Application Outlook (revenue, billion USD; 2019-2032)

• Component Outlook (revenue, billion USD; 2019-2032)

  • Material

  • Software

  • Services

    • Consultant

    • Implementation

    • Support and maintenance

• End use Outlook (revenue, billion USD; 2019-2032)

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