PUBLISHER: The Business Research Company | PRODUCT CODE: 1388022
PUBLISHER: The Business Research Company | PRODUCT CODE: 1388022
“Vending Machine Operators Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on vending machine operators market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for vending machine operators? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The vending machine operators market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Vending machine operators are individuals or businesses involved in the retail sale of various goods using vending machines, providing a contactless way for customers to purchase products.
The primary types of vending machines managed by vending machine operators include beverage vending machines, food product vending machines, confectionery product vending machines, and vending machines for other products. A food product vending machine is an automated device that dispenses snacks and various food items to consumers once they insert payment in the form of cash, credit cards, or other accepted methods. These machines typically offer a range of products, including soft drinks, candies, snacks, hot beverages, hot and cold meal options, ice cream, and other items, which are commonly found in corporate offices, shopping malls, retail stores, educational institutions, hotels, restaurants, and other sectors.
The vending machine operators market research report is one of a series of new reports from The Business Research Company that provides vending machine operators market statistics, including vending machine operators industry global market size, regional shares, competitors with a vending machine operators market share, detailed vending machine operators market segments, market trends and opportunities, and any further data you may need to thrive in the vending machine operators industry. This vending machine operators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The vending machine operators market size has grown rapidly in recent years. It will grow from $50.29 billion in 2023 to $55.95 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed in the historical period can be attributed to factors like convenience, a wide range of product offerings, cost-effective retail practices, flexibility in placement, and payment options, including cash and card payments.
The vending machine operators market size is expected to see rapid growth in the next few years. It will grow to $86.33 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth can be attributed to technological advancements, the influence of health and wellness trends, a focus on customization and personalization, and an increased emphasis on sustainability. Notable trends in the forecast period include the adoption of cashless payment methods, the availability of healthier and more sustainable product choices, the integration of smart vending machines, and a stronger emphasis on customization and personalization.
The vending machine operators market is anticipated to thrive due to the increasing demand for on-the-go snacks, beverages, and other products. Vending machines offer the convenience of making quick purchases without the need to enter stores or wait in queues. For example, Japan boasts approximately 5 million vending machines, as reported by the Japan Times. Furthermore, the USA is home to over 4.6 million vending machines, according to Vending Market Watch. Many people, with busy schedules, prefer the ease of grabbing items on the go, saving time and effort. This convenience of on-the-go purchases contributes to the growth of the vending machine operators market.
The vending machine operators market is expected to experience growth driven by the retail industry. Vending machines play a crucial role in the retail sector, as they are often compact and strategically placed in high-traffic areas. These machines offer retailers a cost-effective, convenient, and accessible means of expanding their customer reach and generating additional revenue.
For example, in 2022, according to Oberlo, a U.S.-based e-commerce company, U.S. retail sales have shown steady growth over the past decade, reaching a record high of $7.1 trillion in 2022. This represents a remarkable increase of 65.2% in just ten years. The integration of vending machine operators in the retail industry is thus a driving force behind the market's expansion.
A prominent trend in the vending machine operators market is the increasing emphasis on innovation by industry players. Companies are actively leveraging cutting-edge technologies, including cashless payment systems, Internet of Things (IoT), artificial intelligence (AI), and big data, to enhance sales, convenience, and gather valuable customer data for improved productivity and customer satisfaction. For example, in Australia and New Zealand, Coca-Cola has introduced more than 2,000 vending machines that accept Bitcoin. The beverage giant has initiated experiments with artificial intelligence and big data to develop smart vending machines that require less human intervention. Collaborating with Hivery, a technology-driven company specializing in AI and big data applications, Coca-Cola sought to revolutionize its global marketing and distribution strategies across over 200 countries. Starting with a pilot program of approximately 60 vending machines in Newcastle, located 160 km from Sydney, the technology company applied AI to optimize vending machine stocking, resulting in an 18% reduction in restocking visits and a 15% increase in revenue. This demonstrates the tangible impact of big data and AI in enhancing vending machine efficiency and profitability.
Prominent companies in the vending machine operators market are placing a strong emphasis on introducing innovative products, such as robotic vending machines, as a means to boost their revenues. A robotic vending machine is an automated self-service device equipped with robotic technology, designed to dispense a wide range of products to customers. For instance, in September 2023, Pulmuone Co. Ltd., a South Korea-based food company, unveiled a robotic vending machine. This particular vending machine is engineered to swiftly prepare frozen food items upon receiving an order, with dishes ready in approximately 90 seconds. The machine stands at a height of 1.9 meters and measures 1.0 meter in width. It features a 15.6-inch touch-operated menu selection screen and a 27-inch visual display screen. The vending machine also provides space for utensils and includes an automated cooking chamber, adding to its convenience and versatility.
In April 2022, American Green, a leading company in the cannabis and hemp industry based in the United States, completed the acquisition of VendWeb for an undisclosed sum. This acquisition represents a valuable addition to American Green, enhancing its distribution capabilities. VendWeb is a U.S.-based company specializing in the manufacture and sale of vending machines.
Major companies operating in the vending machine operators market include American Dining Creations Inc., Aramark Corporation, Aurora Vending Inc., AVI Foodsystems Inc., Bitewell Inc., Bottoms Up Vending LLC, Canteen Vending Services Inc., Compass Group USA Inc., Continental Vending Inc., Crane Merchandising Systems Inc., Deere & Company, EVOCA Group S.p.A., Fuji Electric Co. Ltd., Hitachi Construction Machinery Co. Ltd., J C Bamford Excavators Limited, JOFEMAR SA, Komatsu Ltd., Liebherr-International AG, Mars Drinks North America LLC, PepsiCo Inc., Royal Vendors Inc., SANDEN HOLDINGS CORPORATION, Seaga Manufacturing Inc., Sany Group Co. Ltd., Selecta Group B.V., SnackTime Services Ltd., Atlas Copco AB, The Coca-Cola Company, Westomatic Vending Services Ltd., The Wittern Group Inc.
Asia-Pacific was the largest region in the vending machine operators market in 2023. North America was the second-largest region in the vending machine operators market. The regions covered in the vending machine operators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the vending machine operators market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The vending machine operators market includes revenues earned by entities by providing services through spiral vending machines, gravity-based vending machines, and smart shelf vending machines. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.