According to a new report released by Allied Market Research, titled, “Vending Machines Market by Type, Application, Technology and Sales Channel: Analysis of Industry Opportunities and Forecast, 2021-2027”,
The global vending machine market size was valued at $ 18.28 billion in 2019 and is expected to reach $ 25.25 billion by 2027, with a CAGR of 6.7% during the forecast period. The market is expected to show an additional revenue opportunity of $ 6.97 billion from 2021 to 2027. Electronic control machines work with coins or magnetic cards and provide different products such as drinks, snacks, cigarettes and others. The vending machine for drinks is the core business of the vending machine. Beverage vending machines offer different types of hot and cold drinks and water. The significant growth of the food and beverage industry is a critical factor driving the global beverage vending machine market. The beverage dispenser is able to deliver products at any time while saving less space.
The significant growth of the packaged beverage industry is one of the major driving factors that are increasing the growth of the market. The growing 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 also been set up to attract consumers and provide additional service to customers with influential sale of the product. These vending machines 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 machines market. In addition, vending machines offer cashless payment options, such as smartphone payment systems, which are driving the growth of the market. The high initial installation cost of vending machines is slowing the growth of the global market.
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In addition, the number of Internet users has increased as well as the penetration of the Internet. Considering this, most of the key players in the vending machine market are strategizing to promote their products on various social media platforms. So, through the social media marketing strategy, the vending machine market is expected to acquire a critical growth opportunity.
The increased usage of vending machines in hotels, restaurants, and corporate offices is expected to drive the vending machine market in the future. In addition, smart vending machines provide smooth interactions through touch screens and immediate access to desired products. They have various features such as accepting credit cards and several options for consumers. These machines allow users to make personalized requests, get quality products on demand, and integrate machine learning and algorithms to better serve their users.
The vending machine market has experienced a higher penetration rate in North America and Europe. However, low availability has been observed for this product in some major regions of Asia-Pacific and LAMEA, which is due to poorly performing macroeconomic factors such as low internet penetration and insufficient marketing strategies by manufacturers. . Thus, lower penetration of these products limits the growth of the vending machine market.
According to the analysis of the Automatic Vending Machines market, 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. Beverage vending machine is widely used in the hotel and restaurant industry and is one of the main products in the retail and quick service restaurant industry; therefore, it is expected to influence the overall activity of vending machines.
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Based on the application, the market is categorized into hotels and restaurants, corporate offices, public places, and others. The hotel and restaurant segment was valued at $ 6,572.7 million and is expected to grow at a CAGR of 5.9% during the forecast period. The segment is expected to reach $ 8,548.3 million by 2027. This is attributed to the increase in the number of cafes, shopping complexes, hotels and restaurants and other facilities, which is expected to increase demand. vending machines in the near future.
Based on the sales channel, the vending machine market segment is offline and online. The offline segment dominated the market in 2019, accounting for 67.9% share, and is expected to maintain its dominance during 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 significant 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. In addition, due to the presence of key industry players and relatively faster adoption, North America holds higher market share than other regions. Asia-Pacific is expected to experience significant growth rate during the forecast period. This is attributed to the growing economies and the rapid growth of the hospitality and service sector, which includes the catering, tourism and food industries.
Major players featured 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 Industrie.
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Main conclusions of the study: –
By type, beverage vending machine segment held the highest share, accounting for 55.7% of the market share.
In 2019, by application, the hotel and restaurant segment held the highest share, accounting for 35.9% of the market share.
By technology, the intelligent machine segment experienced the fastest growth rate of 7.5% during the forecast period.
By sales channel, the offline segment held the highest share, accounting for 69.2% of the global vending machine market share.
In 2019, 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.
The report provides quantitative analysis of current Vending Machines market trends, estimates and size dynamics from 2021 to 2027 to identify existing opportunities.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advisory services to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Electricity, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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