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Artificial Intelligence (AI) In Foodtech Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The artificial intelligence (AI) in foodtech market size is expected to see 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 Business Research Company
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Artificial Intelligence AI in Foodtech Market Spurred by Technological Innovations: What's Next in the Future?
The artificial intelligence AI in foodtech market size has seen tremendous growth 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 remarkable growth in the historic period can be attributed to an escalating demand for automation, advancements in supply chain optimization, heightened focus on food safety and compliance, rising consumer demand, and significant improvements in operational efficiency and cost reduction.
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The Rising Promise of Personalized Nutrition and Meal Planning: How Will AI Transform Foodtech?
The artificial intelligence AI in foodtech market size is projected to experience phenomenal growth in the ensuing years. It is estimated to burgeon to $20.70 billion in 2028 at a compound annual growth rate CAGR of 34.2%. This unprecedented growth in the forecast period can be ascribed to the mounting consumer demand for personalized nutrition, enhanced food safety and quality control, progressing supply chain optimization, rising focus on sustainability and waste reduction, and a higher emphasis on food safety monitoring. Memorable trends in the forecast period include cutting-edge technological wonders, personalized nutrition and meal planning, smart farming and precision agriculture, predictive analytics for perceptive demand forecasting, and a quick uptake of robotics and automation in food processing.
Online Food Delivery – The Emerging Frontline for AI in Foodtech: What's the Impact?
An incredible impetus to the growth of the artificial intelligence AI in the foodtech market going forward is the boom in the food delivery sector. The food delivery business is a blossoming industry segment that directly delivers prepared meals from eateries, cafes, and other food establishments right at the customer's location – homes or offices. The food delivery business is witnessing rapid growth owing to rising consumer demand for convenience, surge in online ordering platforms, and widespread availability of delivery services from multifarious restaurants and food providers. AI in food stands to revolutionize the food delivery business by optimizing route planning for delivery drivers, predicting customer preferences for creating personalized recommendations, and automating order management to enhance efficiency and reduce delivery times.
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Who Are the Major Players in the Artifical Intelligence in Foodtech Market?
Key industry players in the artificial intelligence AI in foodtech market include 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.
The Growing Trend of AI-Powered Kitchen Assistants: What's the Potential Impact?
Major companies operating in the artificial intelligence AI in 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 a splendid tech innovation designed to assist with varied tasks in the kitchen, utilizing artificial intelligence to enhance cooking and meal preparation. These assistants come in various forms, including apps, smart devices, or integrated systems.
How is the Artificial Intelligence in Food Tech Market 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
Regional Breakdown and Insights: Which Region Leads the AI in Foodtech Market?
North America was the largest region in the artificial intelligence AI in foodtech market in 2023. The regions covered in this comprehensive report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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