Vending Machines Market to Grow at a CAGR of 6.7% from 2021 to 2027 | Beverage vending machine, Tobacco store
The United States was the largest market in the North America region and is expected to grow at a significant CAGR during the forecast period
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, July 21, 2022 /EINPresswire.com/ — The global vending machine market size was valued at $18.28 billion in 2019 and is expected to reach $25.25 billion by 2027 growing at a CAGR of 6.7% during the forecast period. The market is expected to present an additional revenue opportunity of $6.97 billion from 2021 to 2027. The electronically operated machines work with coins or swipe cards and deliver different products such as beverages, snacks, cigarettes, and others. The beverage vending machine holds the core business of the vending machine. Beverage vending machines offer different types of hot and cold drinks and water. Significant growth in the food and beverage industry is a critical factor driving the global beverage vending machine market. The beverage vending machine is able to supply products at any time while acquiring less space.
Key Players profiled in this report are Sandenvendo America, Inc., Crane Merchandising Systems, Azkoyen Group, Fuji Electric Co., Ltd, Fastcorp Vending LLC, Royal Vendors, Inc., Seaga Manufacturing Inc, Jofemar Corporation., Selecta TMP AG, and the Bianchi industry.
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Significant growth in the packaged beverages industry is one of the driving factors increasing the growth of the market. Rising demand for ready-to-drink or packaged beverages among consumers is the major factor driving the growth of the vending machine industry. In hotels and restaurants, vending machines have been additionally installed to attract consumers and provide additional service to customers with influential sale of the product.
These vending machine establishments in restaurants, hotels, airports, among others are expected to increase the growth of the global market. The instant service and variety of products offered by vending machines attract consumers, which is driving the growth of the global vending machine market. Additionally, vending machines offer cashless payment options such as smartphone payment systems which are driving the growth of the market. The high initial setup cost of vending machines is limiting the growth of the global market.
Also, there has been an increase in the number of internet users as well as an increase in internet penetration. Considering this, most of the key players in the vending machine market are strategizing to promote their products on various social media platforms. Thus, through social media marketing strategy, the vending machine market is expected to gain critical growth opportunity. Rising usage of vending machines in hotels & restaurants and corporate offices is expected to drive the vending machine market in the future. Additionally, smart vending machines provide seamless interactions through touch screens and immediate access to desired products. They have various features such as credit card acceptance and several options for consumers. These machines allow users to make personalized requests, get quality products on demand, and incorporate machine learning and algorithms to better serve their users.
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The vending machine market has seen a higher penetration rate in North America and Europe. However, low availability has been observed for this product in large parts of Asia-Pacific and LAMEA, which is attributed to underperforming macro-economic factors such as low internet penetration and strategies. insufficient marketing by manufacturers. Thus, lower penetration of these products limits the growth of the vending machine market.
According to the vending machine market analysis, the market is segmented on the basis of type, application, technology, sales channel and region. Based on type, the vending machine market is categorized into food vending machines, beverage vending machines, tobacco vending machines and others. The beverage vending machine is widely used in the hospitality and catering industry, and is one of the main products in the retail and quick service restaurant industry. therefore, it is expected to influence the overall vending machine business.
On the basis of sales channel, the vending machine market segment into offline and online. The offline segment dominated the market in 2019, accounting for 67.9% of the share, and is expected to maintain its dominance over the forecast period. This is attributed to the fact that consumers prefer products from various offline sales channels, such as hypermarkets/supermarkets, specialty stores and convenience stores, when shopping, which has created major traction in the market.
Regionally, the North America vending machine market size was largest in 2019, garnering maximum share, owing to consumer preference for packaged beverages. Moreover, due to the presence of key industry players and relatively faster adoption, North America holds a higher market share than other regions. Asia-Pacific is expected to witness a significant growth rate over the forecast period. This is attributed to economic growth and the rapid growth of the hospitality and service sector, which includes catering, tourism, and food industries.
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