Vending Machine Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Vending Machine Market Analysis
The Global Vending Machine Market is expected to grow by registering a CAGR of 6.5% during the forecast period (2022 - 2027). Factors such as growing demand for on-the-go snacks, food, and drinks due to changing lifestyle of the urban populations, along with the advancement in vending machine technology, which is enabling them to deliver products quickly, making it an extremely convenient option for consumers, are driving the growth of the studied market.
- The growth of the retail industry across various parts of the world is creating a favorable market scenario for the studied market growth. For instance, according to the US Census Bureau, the total retail sales for the first quarter of 2022 were estimated at USD 1,747.3 billion, an increase of 3.7% from the fourth quarter of 2021.
- Vending machines are increasingly being used in commercial places and corporate offices to enhance the accessibility of products and maintain the place's cleanliness and aesthetics. As these systems are automated, they significantly reduce the time it takes to get a product.
- Furthermore, considering the growing demand, vending machine manufacturers are increasingly focusing on developing new vending machines that use advanced technologies such as AI, biometrics, and IoT to make them highly efficient, user-friendly, and secure. For instance, in March 2022, Digital Media Vending International, a vending machine manufacturer, selected Vending Tracker, a Vending System Management Solution powered by CLEA from SECO MIND USA LLC, to develop AI-enabled vending machines.
- However, factors such as high installation and operating costs along with several regulations pertaining to the sales of unhealthy junk food products in public and commercial places may negatively impact the growth of the studied market.
- A significant impact on the demand for vending machines was observed during the initial outbreak of the COVID-19 pandemic as various restrictive regulations, and the closure of public places and offices reduced its demand. However, the pandemic has raised awareness among consumers regarding the importance of hygiene which is expected to support the growth of the studied market during the forecast period.
Vending Machine Market Trends
This section covers the major market trends shaping the Vending Machine Market according to our research experts:
Commercial Places to Witness Increased Installation of Vending Machines
- According to CCPIA, commercial property is a building, structure, and improvements used specifically for business purposes and intended to generate a profit.
- The recent growth in the expansion of commercial spaces across various parts of the world is creating significant demand for vending machines. Some of the most common commercial places where vending machines have witnessed an upward trend include retail, hotels & lodging, and manufacturing facilities, among others.
- For instance, in July 2021, Hindustan Unilever (HUL), a major FMCG brand, launched an in-store vending machine, Smart Fill, for its home care products. The company has installed these machines at Reliance Smart Acme Mall in Mumbai as a pilot project.
- Considering the increasing use cases and demand, the vending machine providers are also focusing on developing innovative products. For instance, in March 2022, Newport Centre Mallin, New Jersey, in the United States, installed the first ‘RoboBurger outlet. The recently installed outlet is a 12ft-square box containing a robotic system that’ll cook and serve customers fresh beef burgers in just six minutes.
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Asia-Pacific Region to Register High Growth
- The fast-growing commercial and corporate sector of the Asia Pacific region is creating significant opportunities for the growth of the studied market. Furthermore, changing lifestyles of youth owing to growing urbanization and exposure to western culture has significantly driven the demand for Ready-to-Eat meals.
- For instance, according to the National Reform and Development Commission of China, the country is witnessing an upward trend of rural residents moving to cities. Furthermore, according to its 14th Five-Year Plan for 2021-2025, China aims to raise its urbanization rate to 65%.
- Additionally, the growth of the ICT sector in countries such as India, the Philippines, and China is significantly driving the demand for office spaces, creating a positive outlook for the growth of vending machines market in the region. For instance, according to the National Association of Software and Service Companies (Nasscom), the Indian IT industry's revenue is expected to increase to USD 227 billion in FY22 from USD 196 billion in FY21.
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Vending Machine Industry Overview
The Global Vending Machine Market is moderately competitive and is expected to grow in competition during the forecast period owing to increasing demand for vending machines, which is expected to attract new players. Vendors operating in the market focus on bringing innovation to their products to gain a competitive edge. Some major players operating in the market include Westomatic Vending Services Ltd., Fuji Electric Company Ltd., Seaga Manufacturing Inc., and Royal Vendors Inc.
- May 2022 - RVM Systems, a Swedish vending machine company, announced that it would install a range of reverse vending machines that can consume 100 containers simultaneously in Singapore. The primary objective of these machines is to encourage people to dispose of unwanted plastic bottles and responsibly drink cans. These machines also dispense shopping rewards, ActiveSG credits, and other incentives.
- March 2022 - Andouillette, foie gras, or even ris de veau – a restaurant in France's Charente town had set up a vending machine to enable customers to buy fresh gourmet dishes.
Vending Machine Market Leaders
Westomatic Vending Services Ltd.
Fuji Electric Company Ltd.
Seaga Manufacturing, Inc.
Royal Vendors, Inc.
Azkoyen Vending Systems
*Disclaimer: Major Players sorted in no particular order
Vending Machine Market News
- February 2022 - Neon, an NFT and digital collecting platform launched what the company claims to be the world’s first NFT vending machine in New York City’s Financial District. According to the company, the vending machine will enable people to use fiat currency, debit & credit cards to purchase digital collectibles or NFTs.
- September 2021 - Glory, a global technology company, announced the launch of a new Internet-of-Things enabled vending solution with Germany’s largest railway operator Deutsche Bahn. The latest solution by the company combines IoT-enabled hardware with cloud-based software to enable passengers to select products, either in advance via a web app accessible through their smartphone or directly at the machine.
Vending Machine Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand for Packaged Food Products Due to Fast-Paced Lifestyle
5.1.2 Technological Investments To Enable Greater Support For The Differently Abled Populace & New Users
5.2 Market Challenges
5.2.1 High Installation and Maintenance Cost
6. MARKET SEGMENTATION
6.1 By Technology
6.1.1 Automatic Vending Machines
6.1.2 Semi-Automatic Vending Machines
6.2 By Type
6.2.1 Packaged Food
6.2.3 Other Types
6.3 By Application
6.3.1 Commercial Places
6.3.2 Corporate Offices
6.3.3 Others (Amusement Parks, Sports Venues, Healthcare Facilities, Transport Facilities, etc.)
6.4 By Geography
6.4.1 North America
6.4.4 Latin America
6.4.5 Middle-East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Westomatic Vending Services Ltd.
7.1.2 Fuji Electric Company Ltd.
7.1.3 Seaga Manufacturing, Inc.
7.1.4 Royal Vendors, Inc.
7.1.5 Azkoyen Vending Systems
7.1.6 Crane Merchandising Systems Inc
7.1.8 JOFEMAR SA
7.1.9 EVOCA Group
7.1.10 GUANGZHOU BAODA INTELLIGENT TECHNOLOGY CO., LTD
7.1.11 Armark Corporation
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Vending Machine Market Research FAQs
What is the current Global Vending Machine Market size?
The Global Vending Machine Market is projected to register a CAGR of 6.5% during the forecast period (2023-2028).
Who are the key players in Global Vending Machine Market?
Westomatic Vending Services Ltd., Fuji Electric Company Ltd., Seaga Manufacturing, Inc., Royal Vendors, Inc. and Azkoyen Vending Systems are the major companies operating in the Global Vending Machine Market.
Which is the fastest growing region in Global Vending Machine Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Global Vending Machine Market?
In 2023, the North America accounts for the largest market share in the Global Vending Machine Market.
Global Vending Machine Industry Report
Statistics for the 2023 Global Vending Machine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Vending Machine analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.