The Food And Beverage Analytics Market To Grow At A CAGR of 46% Till 2027

The Food And Beverage Analytics Market Analysis (2023 - 2030)

The food and beverage analytics market is valued at $ 4.48 billion in 2021 and is anticipated to grow at a CAGR of over 46 percent to $ 43.39 billion by 2027, in the forecast period (2022 - 2027).

It may appear that the food and beverage analytics industry does not require much technological integration. Combining data science and analytics, on the other hand, can solve half of the problems that the food and beverage industry faces regularly. Automation and Artificial Intelligence [AI] technologies are currently used by all small and large businesses. The food and beverage industry is one of the most important contributors to global economic growth. By embracing technology, companies in the food and beverage industry will be able to function or operate more efficiently.

The food and beverage industries are using data analytics to develop a strong presence in a competitive market. However, utilizing data analytics is only one part of the equation; overcoming obstacles will propel the industry forward. The food system, supply chain, and quality are all complicated and multi-scale challenges in the food and beverage business. These challenges can be tracked by using data analytics to map and visualize food system flows. Using Big Data in agriculture and operations can help the food industry in terms of output, the environment, financial potential, and real-time decision-making, according to a report by the US Congressional Research Service. Supply networks, restaurant chains, wastage and spoilage control, and dairy are some of the other applications of data analytics in the food and beverage business.

The COVID-19 epidemic has wreaked havoc on the worldwide food and beverage industry. While panic buying occurred during the annual lockdown, there was significant logistical disruption due to a manpower shortage because the lockdown was conducted in multiple countries. Furthermore, due to the closure of hotels, restaurants, and the tourism sector, global demand for food and beverage has dropped considerably in the first half of 2020. Furthermore, global unemployment is on the rise, which is expected to reduce food and beverage consumption.

The early stages of the 2020 COVID-19 pandemic resulted in an 80% drop in F&B open rates in several markets. Restaurants, pubs, cafes, and diners were turned away from customers. The situation is beginning to improve with the delivery of vaccines and the onset of milder spring weather. Food aggregators and delivery services stepped in to fill the holes early on. To keep customers connected to restaurants and bars, existing and new food delivery businesses have sprung up all over Europe.

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Key Market Insights:

• The food and beverage industry in North America is flourishing, with the United States leading the way. North America had a market share of 29.1% in 2021, making it the food and beverage industry's second-largest region for analytics. Their readiness for adoption and the high fractional upsurge in replacement analytics, which reflects the region's leading stance on analytics and its implementation, as well as the high automation potential that is estimated to occur at the regional level between now and 2027, are the primary drivers of their economic impact in North America. This is a high-volume industry with a poor profit margin. Finding new ways to increase efficiency, even if it's just a little, might mean the difference between a facility generating money and losing money. Because of these limitations, a number of the world's largest food processing companies are turning to artificial intelligence (AI) to improve various aspects of the process. This is boosting AI's growth in the region's food and beverage business.
• Analytics can be used in the food and beverage industry in processes such as on-time delivery, where food can be optimized and timed using various data analytic tools and techniques. To deliver better quality to consumers, data analytics can be utilized to examine the impact of market trends on stock consumption as well as the effect of temperature on food quality. Sentiment analysis is used to track customer sentiment on social media to learn about product feedback. This strategy will assist large-scale food and beverage stores. In the food and beverage industry, quality expresses the meaning and reason for its consideration. In personalization and market analysis, data analytics provides analytical results on customer perspectives and the forecast of the next product that they prefer to buy. Last but not least, customer service is the most difficult component to improve. Big data can be utilized in the food business to evaluate data from all of these sources and deliver relevant insights.
• The sensitive issue of data privacy and security, which most businesses are dealing with, is the most difficult aspect of Data Analytics. The introduction of GDPR legislation has brought consumer data privacy issues to the forefront. As businesses feed more and more customer and vendor data into complicated, AI-powered algorithms, additional sensitive data is created, raising privacy concerns among customers and employees. This is especially true in the restaurant and retail industries, where customer data collecting has been a major source of data analytics problems. Data privacy concerns will stymie the implementation of food and beverage analytics solutions.

MARKET SEGMENTATION:

By Type 

• Products
• Solutions
• Services

By Deployment 

• Cloud
• On-Premises
• Hybrid

By Application

• Food Sorting
• Quality Control and Safety Compliance
• Consumer Engagement
• Production and Packaging
• Maintenance
• Other Applications

By End-User

• Food Processing Industry
• Hotel and Restaurant
• Beverage Industry

By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

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