Big Data and analytics has transformed the business of various industries across all channels. Food and Beverage industry can benefit from Big Data as it provides the concrete real time decision making insight to increase the business footprint in market. Big Data in food and beverages industry can provide the insight, right from origin of production to consumption.
Browse 75 Market Tables, 178 Figures and an in-depth TOC on “Big Data Market In Food & Beverages Industry (2018 - 2023)”
The Food and Beverages industries are leveraging Big Data to make strong presence in competitive market. But leveraging data analytics is not only the sole part, addressing the challenges will lead industries towards growth. Complex and multi scale nature of food system, Supply Chain and quality are some of the challenges in Food and Beverage Industries. These challenges can be monitored by mapping and visualizing food system flows with integration of Big Data analytics.
According to report by United States Congressional Research Services, the usage of Big Data in Agriculture and operations can benefit the food industry in production, environment, business opportunity and real time decision making approach. The data analytics can also be implemented in other application of food and beverages industries such as supply chains, restaurant chains, wastage and spoilage control and Dairy.
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The food and beverages industry need to cope up with new inventories and technologies to meet the demands of consumers and food contaminations in storing and logistics. According to United Nations the population of world is expected to reach 9.7 billion and to meet the demand the production should be around 70% in 2050.
According to Food and Agriculture Organization of United Nations 2017, the implementation of IoT and Big Data in agriculture, yield in farming rose by 1.75% and energy cost dropped by $7 to $13 per acre. The European Union has invested €30 million in a project named Farm and Food 2020 to assess and improve IoT in agriculture.
The food and beverages industry saw a rapid growth in revenue after implementation of Cloud computing which increased the deeper interaction with consumers and increase in business opportunity. This insight made many food and supply chains to adopt cloud computing and big data analytics in their businesses and can be used as primary data storage source in future. The US Food and Drug Administration has launched its cloud based OpenFDA to quickly search and pull out information from its data sets.
According to annual report of Pepsi Co. the company recorded the revenue of $6.3 million in fiscal year 2017 out of which 53% from food and 47% from beverages was generated. In another annual report from McDonalds, the food giant generated the revenue of $1.2 million in fiscal year 2017. Implementation of Big Data analytics in businesses can transform the food and beverages industry.
Agriculture information management standards, FAO, United Nation states that the companies data analyst or data scientists should be less data driven and more business driven which will help them understand the context of business and analyze the information to make suitable decisions.
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Big Data analytics make the food and beverages industry to make crucial decisions in the areas of pricing, demand forecasting, product promotion and product development. The data analytics helps food industry to better understand the consumer preference and emerging market trends.
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