This Singapore-Based AI Startup is Transforming the 100-Year-Old Market Research Sector to Understand Consumer Trends

AI’s Role in Transforming the Century-Old Market Research Industry

Artificial intelligence is reshaping industries, and the market research sector, which has operated for over a century, is no exception.

The global market research industry is valued at $87.7 billion, with projections indicating a growth of $15 billion in the next four years.

At the heart of this shift is AI's ability to streamline processes and offer insights at an unprecedented scale.

Ai Palette, a Singapore-based startup founded in 2018, is one of the companies driving this disruption, utilising AI to transform market research with real-time predictive analytics.

How AI is Changing the Game for Brands

Ai Palette's platform leverages AI to sift through billions of data points across multiple countries, offering companies fresh insights into consumer trends.

With more than 61 billion data points from 24 countries, it can generate new product concepts by analysing these patterns and predicting future trends.

The company's approach is not just about raw data analysis; it also offers actionable solutions.

For example, it can recommend specific product types, like a juice flavour, and advise on how to position it for market success.

Somsubhra Gan Choudhuri, co-founder and CEO of Ai Palette, shared his vision for AI’s role in market research, saying:

“For example, a company wants to launch a new juice in a market like Thailand, our platform will tell them what kind of juice they should launch, along with how they should position it, so that it is successful in the market.”

He added:

“And we do that using the power of artificial intelligence by analysing the big data around food to identify what are the latest trends out there.”

Ai Palette cofounders Himanshu Upreti (left) and Somsubhra Gan Choudhuri (right).

Choudhuri, who has a background in the fast-moving consumer goods (FMCG) industry, recognised the challenge brands face in predicting fast-changing consumer tastes, noting:

“Firms are increasingly unable to keep up with fast changing consumer tastes and are unable to predict popular trends from one year to the next.”

He believes that AI will eventually affect every industry, given its ability to handle the complexity and speed of today’s market dynamics.

Why Are Big Brands Turning to AI?

The ability to predict trends with accuracy has caught the attention of major players in the food and beverage industry.

Companies like Diageo, Nestlé, and PepsiCo are among those adopting Ai Palette’s AI-driven insights to stay ahead of consumer demands.

One key feature of Ai Palette’s platform is its capacity to analyse up to 39 different factors to forecast trends.

Symrise, a company that works with brands to produce food ingredients and products, uses Ai Palette to extract valuable data from a wide range of sources, including social media and online reviews.

This data is processed into actionable reports for manufacturers.

Conor Delahunty, Vice President for Global Sensory & Consumer Insights at Symrise, highlighted the limitations of AI, saying,

“We still have to taste the product, because our artificial intelligence cannot do that yet.”

Even as AI grows, there are still elements of human intuition and sensory analysis that cannot be replaced.

Expanding Across New Markets

Ai Palette’s ability to provide insights into emerging markets is also a key advantage.

For instance, Pringles, the popular snack brand, uses the platform to better understand consumer preferences across different regions, including Thailand and Indonesia.

This insight has been instrumental in creating localised products tailored to these developing markets.

Similarly, Kellogg’s used Ai Palette’s platform during the Covid-19 pandemic to scan online content across multiple languages and identify trending recipes, which helped them launch a new breakfast cereal, including a unique crispy calamari flavour.

Public and Private Support Fuels Growth

The rapid development of AI in market research has not gone unnoticed by investors.

Ai Palette has attracted attention from venture capital firms, including 500 Global, which invests in high-potential startups.

Vishal Harnal, global managing partner of 500 Global, sees Ai Palette as a company tackling a large, traditional industry.

He said,

“What they really loved was that we are trying to disrupt a very large and traditional industry like the CPG [consumer packaged goods] industry where the companies are very traditional and there has not been much disruption.”

The Singapore government has also lent its support, contributing to the growth of the AI ecosystem in the country.

As part of its strategy, Singapore is investing over $7.5 million into AI development, including Ai Palette’s initiatives.

The company’s recent funding round raised $5.7 million, which will be used to expand its AI-powered insights tool and introduce new offerings like the “FoodGPT” chatbot.

As AI continues to disrupt traditional sectors, the pace of change is accelerating.

The combination of advanced technology and data-driven insights is rapidly becoming essential for businesses in the consumer goods sector, from established food giants to growing startups.

The real question is, what lies ahead as AI reshapes an industry rooted in over a century of tradition?