Market Size of Global Vending Machine Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 21.57 Billion |
| Market Size (2029) | USD 27.77 Billion |
| CAGR (2024 - 2029) | 5.18 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Vending Machine Market Analysis
The Global Vending Machine Market size is estimated at USD 21.57 billion in 2024, and is expected to reach USD 27.77 billion by 2029, growing at a CAGR of 5.18% during the forecast period (2024-2029).
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.
