The Vending Machine market industry is projected to grow from USD 19.2 Billion in 2023 to USD 34.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.70% during the forecast period (2024 - 2032). Vending Machine Market Size was valued at USD 17.9 Billion in 2022. As a result of consumers' busy lifestyles and these machines' speedy capacity to deliver goods, there is an increase in the demand for on-the-go snacks and beverages, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Due to customers' busy lifestyles, there is an increasing need for on-the-go snacks and beverages, which is driving product sales through vending machines. The industry's expansion can also be attributable to these machines' speedy delivery of goods, which gives customers a very practical choice. A vending machine makes it easier to access food and beverages in a variety of locations, including businesses, upscale restaurants, crowded pubs, and public spaces. This will probably increase demand for them in turn. Lockdowns have had a negative impact on the supply chain, which has negatively impacted the consumer goods industry as a result of the coronavirus epidemic. It will probably have a complicated effect on food and beverage firms, affecting both supply and demand.
As opposed to this, a shift in consumer behaviour has been seen, creating demand for a variety of consumer items, with some customers switching between brands. Manufacturers are simultaneously evaluating how to handle potential disruptions throughout the supply chain and locating opportunities to enhance and satisfy customer demand. Operators of vending machines have noticed the effects and a decline in revenue, particularly in April 2020 compared to 2019.
Given that they can sell more than simply snacks and drinks, such as cigarettes and lottery tickets, vending machine sales appear to be promising. As a result, by strategically deploying these devices in places like corporate buildings, schools, malls, railway stations, and airports, among others, operators can collect enormous money. For instance, it was reported in August 2019 that over 1 million plastic bottles have been recycled by Iceland retailers' reverse vending machines. Due to rising consumer awareness of nutritious food and beverage options, the healthy living trend is gaining ground all over the world.
The Vending People's 2019 research shows that sales of zero-sugar beverages increased by 38.2% in the U.K. from the first half of 2018 to the first half of 2019, whereas sales of beverages with a high sugar content saw the sharpest decline. When compared to the same period last year, sales of these drinks decreased by 19.8%. Customers are looking for healthier substitutes, as seen by the 196% sales increase of low-calorie beverages over other beverages.
During the projection period, it is anticipated that there will be a rise in the demand for food vending machines in workplaces and institutions. Additionally, the expansion of the vending equipment market size is anticipated to be fueled by the rise in food item consumption and the consequent implementation of smart customer service technologies in a number of food categories. Due to customers' busy lifestyles nowadays, the growing need for on-the-go snacks, drinks, etc. is a major driver of the Vending Machine Market's expansion.
The ability of vending machines to quickly deliver the products, making it convenient for the consumers including flexibility in terms of location and time because the machines are operated 24/7 without manual intervention, is another factor anticipated to drive the market growth over the upcoming years. The increased need for on-the-go snacks and beverages, people's busy lifestyles, and the vending machine's capacity to offer goods rapidly, which makes it an exceptionally handy option for customers, are the main reasons propelling the expansion of the vending machine market size. Thus, driving the vending equipment market revenue.
The Vending Machine Market segmentation, based on type, includes food, beverage, games/amusement, tobacco, candy & confectionery, beauty & personal care, ticket, and others. Beverage segment dominated the global market in 2022. This market's expansion is being fueled by the growing demand for coffee and energy drinks across numerous industries. In addition to coffee, tea, or chocolate, beverage vending machines also include diet soda, energy drinks, lemonade, flavoured beverages, vitamin water, and water bottles. For guests who prefer a drink or a small snack over a full meal, beverage vending machines are very common at hotels. In order to create ongoing income, hotels frequently place vending machines in the lobby.
The drink machine Market segmentation, based on payment mode, includes cash and cashless. Cash segment dominated the Vending Machine Market in 2022. The market leader position will be maintained during the forecast period as the segment is expected to continue to grow at a considerable CAGR. At retail vending machines, both cash and credit cards are accepted. Due to the fact that vending machines frequently provide a slot for cash and another for credit or debit cards, customers may choose to use either method based on the resources they have available. The buyer finally decides which payment option to use.
The Vending Machine Market segmentation, based on application, includes commercial places, offices, public places, and others. Offices segment dominated the global market in 2022. Workplaces with vending machines provide staff with a quick, easy, and handy way to purchase meals. Businesses are now able to distribute goods quickly and automatically right at the workplace thanks to the development of vending machines.
Figure 1: Vending Machine Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Vending Machine Market dominated this market in 2022 (45.80%). Self-service technology's emergence in this area has given retail vending machines additional commercial opportunities. As a result, a number of retail vending machine owners are concentrating on setting up shop in key areas throughout the area. Further, the U.S. Vending Machine market held the largest market share, and the Canada Vending Machine market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Vending Machine Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Vending Machine market is expected to register significant growth from 2023 to 2032. This is as a result of the existence of significant industry participants and comparatively quicker adoption. Further, the German Vending Machine market held the largest market share, and the U.K Vending Machine market was the fastest growing market in the European region
The Asia Pacific Vending Machine market accounted for the healthy market share in 2022. The expansion of the region can be mostly ascribed to the strong product penetration in important nations like Singapore and Japan because of growing populations in those countries. India and China, two developing nations in the Asia Pacific, offer the industry significant room for expansion. Moreover, China’s Vending Machine market held the largest market share, and the Indian Vending Machine market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Vending Machine market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Vending Machine Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Vending Machine Industry to benefit clients and increase the market sector. In recent years, the Vending Machine Industry has offered some of the most significant advantages to medicine. Major players in the drink machine market, including Azkoyen Group, Cantaloupe Systems, Westomatic Vending Services Limited, Royal Vendors, Inc., Glory Ltd., Sanden Holding Corp., Seaga Manufacturing Inc., Orasesta S.p.A., Sellmat s.r.l., and Fuji Electric Co., Ltd., are attempting to increase market demand by investing in research and development operations.
A firm that operates a beverage bottling facility is Coca-Cola Beverages Florida. Through its sales and distribution centres spread throughout Florida, the company produces, sells, and distributes Coca-Cola products including soft drinks, bottled water, juice, and nutrient-enhanced water beverages, allowing customers to enjoy soft drinks and other beverage products conveniently. Coke Florida and Coca-Cola Co. joined together in 2021 to introduce a brand-new Reverse Vending Machine (RVM) at the University of Miami. The materials are then collected, processed, and made ready for reuse after being crushed and sorted by type. The procedure, which supports Coca-Cola's World Without Waste effort to recycle every bottle or can sold by 2030, ultimately lowers carbon emissions throughout the supply chain.
A producer of commercial refrigerators and cooling systems for restaurants, businesses, and warehouses, SandenVendo America, Inc. The company provides services like contracting, designing, and building freezing and refrigerating equipment, enabling clients to receive maintenance, storage, and disposal, as well as cloud-based environmental monitoring, in addition to offering products like frozen and refrigerated showcases and prefabs, vending machines, food equipment, and cold boxes. SandenVendo America, Inc. teamed with Vendekin Technologies in December 2021; the latter company specialises in offering a variety of vending machine solutions. It will feature Vendekin's sophisticated vending machine controller thanks to this agreement.
March 2023: Crane Holdings, Co. and Crane Company split off. By separating, it will be able to function as a stand-alone, publicly traded company, narrowly focus on its core competencies, and better align investment and capital allocation plans with its two strategic growth platforms.
| Report Attribute/Metric | Details |
| Market Payment Mode 2022 | USD 17.9 Billion |
| Market Payment Mode 2023 | USD 19.2 Billion |
| Market Payment Mode 2032 | USD 34.9 Billion |
| Compound Annual Growth Rate (CAGR) | 7.70% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Payment Mode, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Azkoyen Group, Cantaloupe Systems, Westomatic Vending Services Limited, Royal Vendors, Inc., Glory Ltd., Sanden Holding Corp., Seaga Manufacturing Inc., Orasesta S.p.A., Sellmat s.r.l., and Fuji Electric Co., Ltd. |
| Key Market Opportunities | More demand for vending machines in the retail industry |
| Key Market Dynamics | Increasing demand for on-the-go snacks and beverages due to the hectic lifestyles of consumers and the ability of these machines to deliver goods quickly |
Frequently Asked Questions (FAQ) :
The Vending Machine Market Payment Mode was valued at USD 17.9 Billion in 2022.
The global market is projected to grow at a CAGR of 7.70% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are Azkoyen Group, Cantaloupe Systems, Westomatic Vending Services Limited, Royal Vendors, Inc., Glory Ltd., Sanden Holding Corp., Seaga Manufacturing Inc., Orasesta S.p.A., Sellmat s.r.l., and Fuji Electric Co., Ltd.
The Beverage Type dominated the market in 2022.
The Cash Payment Mode had the largest share in the global market.
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