PUBLISHER: The Business Research Company | PRODUCT CODE: 1409766
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409766
“Retail Vending Machine 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 retail vending machine 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 retail vending machine? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The retail vending machine 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.
Retail vending machines are out-of-store retailing machines that operate with a standard power supply connection. They facilitate the distribution of products to consumers through coin-operated systems, enhancing the customer purchase experience.
The main types of retail vending machines include food, beverage, games or amusement, tobacco, candy and confectionery, beauty and personal care, ticket vending machines, and others. Food vending machines are designed to dispense materials consumed for sustenance and energy, providing snacks and packed food in commercial places with a focus on hygiene. These vending machines accept various payment modes, including cash and cashless options, and are commonly found in commercial spaces, offices, public areas, and other locations.
The retail vending machines market research report is one of a series of new reports from The Business Research Company that provides retail vending machines statistics, including retail vending machines industry global market size, regional shares, competitors with a retail vending machines market share, detailed retail vending machines market segments, market trends and opportunities, and any further data you may need to thrive in the retail vending machines industry. This retail vending machines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The retail vending machine market size has grown strongly in recent years. It will grow from $44.66 billion in 2023 to $48.72 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historical period can be attributed to factors such as the convenience culture, the demand for 24/7 accessibility, product diversification within vending machines, urbanization, the presence of high foot traffic areas, cost-effective retailing, and the appeal of on-the-go consumption.
The retail vending machine market size is expected to see strong growth in the next few years. It will grow to $70.39 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be attributed to factors such as the continued trend towards retail automation and efficiency, consumer preferences for convenience, the impact of urbanization and high-traffic areas, the rise of on-demand retail, and an increased focus on health and hygiene considerations. Major trends expected in the forecast period include the adoption of contactless payment methods, the incorporation of hygiene and safety features in vending machines, a focus on customization and personalization, the integration of smart and interactive interfaces, and the implementation of sustainable and eco-friendly solutions in retail vending machines.
The retail vending machine market is poised for growth, driven by the increasing demand for ready-to-eat and convenience foods. Ready-to-eat foods, characterized by their pre-cooked and packaged nature, cater to the on-the-go needs of urban consumers such as students, commuters, professionals, and tourists. Vending machines strategically placed in convenient locations offer round-the-clock access to these ready-to-eat meals. A report from March 2022 by the Government of Canada on packaged food trends in China highlighted the growth in retail sales of packaged food products, rising from 283,984.8 (US$ million) in 2020 to 298,005.3 (US$ million) in 2021, underscoring the surge in demand for ready-to-eat foods that propels the retail vending machine market.
The retail vending machine market is further propelled by the growing demand for contactless payments. Contactless payment methods, utilizing technologies such as near-field communication (NFC) and radio frequency identification (RFID), provide a secure and efficient way for customers to make purchases with debit cards, credit cards, smart cards, or other payment devices. The use of mobile wallets and NFC technologies facilitates quick and easy transactions, reducing the time customers spend at vending machines. A forecast by Juniper Research Limited in May 2023 predicts that contactless payment transactions will surpass $10 trillion by 2027, reflecting a substantial 221% increase between 2022 and 2026. This escalating demand for contactless payments is a significant driving force behind the retail vending machine market.
Innovation emerges as a key trend in the retail vending machine market, with major companies focusing on developing inventive products. For instance, Cherise India Private Limited, based in India, introduced an IoT and Android-based tea vending kiosk in July 2021. Cherise's smart vending kiosks, equipped with IoT capabilities, feature a dedicated dashboard and app for seamless operations management. The IoT vending platform offers real-time data on consumer trends, inventory status, and payments, providing customers with valuable insights at their fingertips.
Strategic collaborations with major manufacturing companies are a focal point for major players in the retail vending machine market. Such collaborations empower companies to join forces with partners possessing expertise to turn conceptual ideas into tangible innovations. FastCorp Vending 3, LLC, a US-based advanced vending machine manufacturing company, announced a groundbreaking partnership with ABsea Change Inc. in March 2022. This collaboration aims to promote the retail adoption of Fastcorp's smart vending platforms and technologies, leveraging ABsea Change's proficiency in retail supply chain, sales, marketing, and distribution.
In November 2022, Seaga Manufacturing Inc., a US-based manufacturer of automatic retail dispensing and inventory control solutions, acquired Automated Merchandising Systems Inc for an undisclosed amount. This strategic acquisition enhances Seaga Manufacturing Inc.'s vending machine portfolio in North America and Latin America. Automated Merchandising Systems Inc., a US-based vending machine manufacturer, contributes to Seaga's leadership position in the industry.
Major companies operating in the retail vending machine market report are Azkoyen Group, Westomatic Vending Services Ltd, Royal Vendors Inc, Seaga Manufacturing Inc, Sanden Group, Glory Ltd, Crane Merchandising Systems, Fuji Electric Global, Bianchi Industry, Coke Solutions, Sellmat Srl, Fastcorp vending machines LLC, Jofemar Corporation, Selecta AG, Continental Vending Inc, Worldline S A, Federal Machine Corporation, Future Techniks India Private Ltd, Intel Corporation, Sielaff GmbH & Co KG, Cantaloupe Systems, Orasesta S.p.A, Apex Supply Chain Technologies, Ford Gum & Machine Co. Inc., Vending Design Works, Automated Merchandising Systems Inc., Bulk Vending Systems, Canteen Vending Services, Coin Acceptors Inc., Dixie-Narco Inc., FAS International S.R.L
North America was the largest region in the retail vending machine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the retail vending machine market during the forecast period. The regions covered in the retail vending machine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the retail vending machine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retail vending machine market consists of sales of merchandisers, outdoor vending machines, smart vending machines, customized vending machines, and specialty vending machines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.