Artificial Intelligence To Play Increasingly Important Role In Food And Beverage
A recent study conducted by The Business Research Company has highlighted the increasing significance of the artificial intelligence (AI) industry within the food and beverage sector.
The study indicates that by 2027, the AI market in this domain is projected to reach a substantial value of $27.99 billion (€25.56 billion).
This growth trajectory translates into a Compound Annual Growth Rate (CAGR) of 43.9% between the present and 2027, as unveiled in the “AI In Food And Beverages Market” report.
The AI in food and beverages market is forecasted to achieve a valuation of $6.53 billion (€5.96 billion) in the current year, witnessing a substantial increase from the $4.46 billion (€4.07 billion) recorded just a year ago.
Enabling Startup Advancements
The report identifies the pivotal role AI plays in fostering advancements among start-ups operating within the food and beverage sector. These emerging companies are driving innovation by introducing novel food processing solutions, enhancing food delivery systems, and addressing food waste concerns.
AI’s involvement is significant in supporting these start-ups by analyzing consumer demands and preferences, providing invaluable insights to facilitate product development and refinement.
Moreover, AI has ushered in noteworthy enhancements in food waste management, delivery processes, and food safety. Machine learning applications have enabled businesses to extract consumer insights and preferences more efficiently.
Artificial Intelligence Practical Applications
A practical illustration of AI’s impact in the sector can be observed through French retailer Carrefour’s introduction of an AI-powered chatbot called Hopla.
This technology, employing ChatGPT, elevates the online shopping experience for customers in France. The chatbot assists shoppers in selecting products aligned with their budget and food preferences, offering new menu ideas.
Additionally, Hopla artificial intelligence provides anti-waste solutions by suggesting ways to repurpose ingredients and aids in composing shopping baskets based on associated recipes.
Similarly, Italy’s Il Gigante hypermarket chain, a part of Gruppo Selex, harnessed AI to enhance the readership of its flyers.
AI analyzes each store’s catchment area and integrates this data with loyalty card information, measuring the efficacy of both physical and digital flyers in driving traffic to outlets. This integration enables more targeted and efficient marketing strategies.