The global vending machine Industry was valued at $18.3 billion in 2022, and is projected to reach $37.2 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.
Market Dynamics
A vending machine is used to dispense the items that are stored inside it, such as packaged food, beverages, and tobacco products, in exchange with inserted coins or tokens. Dispensing is an automated process, which requires no manpower and saves precious time of humans. These machines are normally seen in fast-moving cities due to fast-paced life. Vending machine not only dispenses items but also engages shoppers with the help of touch-screen controls, video, audio, scent, gesture-based interaction, and cashless payment. Furthermore, these products have multiple applications in hotels & restaurants, corporate offices, public places, and others such factors surge the vending machine market size.
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Increase in demand for food vending machines in offices/institutions, rise in consumption of convenience food items, and the adoption of smart customer service technologies in several food categories are the driving factors for the growth of the market. The demand for machines has increased during the past few years and with the introduction of cashless payment systems, smart technology solutions are gaining momentum on a large scale across the globe. Moreover, increasing urbanization and rising disposable income have fuelled the vending machine market growth.
Segmental Overview
The vending machine market forecast on the basis of type, application, technology, sales channel, and region. By type, it is categorized into food vending machine, beverages vending machine, tobacco vending machine, and others. By application, it is segmented into hotels & restaurants, corporate offices, public places, and others. By technology, it is divided into automatic machine, semi-automatic machine, and smart machine. By sales channel, it is bifurcated into online and offline. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, the UAE, Saudi Arabia, Turkey, and Rest of LAMEA).
By Type
Based on type, the beverages vending machine segment held the highest market share in 2022, accounting for more than three-fourths of the global vending machine market revenue and is estimated to maintain its leadership status throughout the forecast period. This machine can provide products at any time while acquiring less space. The acceptance and prevalence of these machines give rise to innovation in the industry and the growth of the global market over the forecast period. However, the food vending machine segment is projected to manifest the highest CAGR of 8.4% from 2023 to 2032.
By Application
On the basis of application, the market is categorized into hotels & restaurants, corporate offices, public places, and others. This is attributed to increase in the number of coffee shops, shopping complexes, hotels & restaurants, and other facilities, which is expected to increase vending machine market statistics.
By Technology
Based on technology, the automatic machine segment held the highest market share in 2022, accounting for more than half of the global vending machine market revenue and is estimated to maintain its leadership status throughout the forecast period. The demand for automatic vending machines is expected to grow substantially due to a rise in investments in automatic machine spaces such as airports, hospitals, hotels, restaurants, and others. However, the semi-automatic vending machine segment is projected to manifest the highest CAGR of 8.1% from 2023 to 2032. The convenience food trend in the vending machine market has grown steadily over the past few years.
By Sales Channel
On the basis of sales channel, the offline segment dominated the market in 2022, accounting for 68.9% of the share, and is expected to retain its dominance over the forecast period. This is attributed to the fact that consumers are preferring products from various offline sales channels, such as hypermarket/supermarket, specialty stores, and convenience stores, while purchasing, which has created major traction in the market.
By Region
Region-wise, North America was the prominent market in 2022, garnering maximum share, owing to the preference for packaged beverages among consumers. Moreover, due to the presence of key industry players and relatively faster adoption, North America has higher market share compared to other regions. Asia-Pacific is anticipated to witness significant growth rate during the forecast period.
Competition Analysis
The report profiles 10 key companies. Moreover, the company profiles include various data-points such as company overview, company executives, recent financials of the company, major growth strategies espoused by company, new initiatives and advancements by company to sustain and mend their position in the Vending Machine Market, and others. The key players profiled in this report include 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 Bianchi Industry.
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Recent Developments in the Vending Machine Market
- In March 2023, Crane Company separated from Crane Holdings, Co. Through this separation it will operate as an independent, publicly traded company, and will further focus on its business, better positioned to tailor investment and capital allocation strategies to its two strategic growth platforms.
- In December 2021, SandenVendo America, Inc., partnered with Vendekin Technologies, which is mainly engaged in providing range of vending machine solutions. Through this partnership it will incorporate Vendekin’s intelligent vending machine controller.
- In March 2022, Fastcorp Vending LLC announced a strategic partnership with ABsea Change Inc., in order to drive retail adoption of its innovative smart vending platforms and technologies.
- In November 2020, Azkoyen S.A., launched Vitro X1 espresso machine with patented distance selection technology. The new product offers safety and hygiene to its customers and the launch also helped the company to develop its presence in the vending machine market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vending machine market analysis from 2022 to 2032 to identify the prevailing vending machine market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the vending machine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global vending machine market trends, key players, market segments, application areas, and market growth strategies.
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