The "Vending Machine Market by Type, Application, Technology and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The global vending machine market was valued at $18.28 billion in 2019 and is anticipated to reach $25.25 billion by 2027, with a CAGR of 6.7% during the forecast period.
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.
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 growth of the vending machine market. Governments of various regions restricted the use of food & beverages vending machines in many places, such as schools and colleges, thereby limiting the demand for these machines. In addition, high initial installation cost of vending machine restraints the growth of the global market.
Increasing popularity of vending machines in developed and developing economies and convenience offered to the consumers are the factors augmenting the demand for vending machines. Changing buying habits of customers and demand for a more convenient method for buying food & beverages further propel the growth of the market. Moreover, rising need to expand virtual space in a retail outlet is driving the growth of the vending machine market globally.
The vending machine market is segmented 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).
The study provides an in-depth analysis of the global vending machine market, with current and future trends to explain the imminent investment pockets in the market.
Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
The report provides information regarding drivers, restraints, and opportunities with impact analysis.
A quantitative analysis of the current market and estimation for the same from 2019 to 2027 is provided to showcase the financial competency of the market.
Porter's five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of buyers, and bargaining power of suppliers operating in the market.
Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
Competitive intelligence highlights the business practices followed by the leading market players across various regions.
Increasing Demand for Food Products due to Hectic Lifestyle of Consumers
Growing Adoption of Vending Machines to Enhance the Consumer Shopping Experience
Prohibition of the Sale of Tobacco Products in Several Regions
Growing Demand for Vending Machines from the Retail Industry Will Offer Immense Growth Opportunities
Technological Advancement in Vending Machine
Bianchi Industry Spa
Fastcorp Vending LLC
Fuji Electric Co., Ltd
Royal Vendors, Inc
Sandenvendo America, Inc
Seaga Manufacturing, Inc
Selecta Group B.V.
For more information about this report visit https://www.researchandmarkets.com/r/wqex8b
View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005712/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900