Market Trends of Global Vending Machine Industry
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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