Market Size of Refrigerated Vending Machines Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Refrigerated Vending Machines Market Analysis
The Refrigerated Vending Machines Market revenue is expected to grow at a CAGR of 7.0% over the next five years. Refrigerated vending machines are in most areas, such as office buildings, hypermarkets, supermarkets, shopping malls, schools, and hospitals.
- Improving consumer lifestyles and flourishing food and healthcare industries are significant factors escalating market growth. Also, the rising use of advanced technologies, such as contactless payments, is driving the development of the refrigerated vending machine market.
- Companies are focusing on achieving long-term growth through effective integration and continuous improvement & innovation in introducing new commercial refrigeration vending machine models. The increase in urbanization and development in hypermarkets and supermarkets is creating new growth opportunities for the refrigerated vending machines market.
- However, factors such as high installation and operating costs and several regulations about selling unhealthy junk food and beverage products in public and commercial places may negatively impact the studied market growth.
- Refrigerated vending machine products with diverse characteristics are being introduced by specialty retailers, attracting customers and moving the market forward. For Instance, Azkoyen collaborated with Trugge Getränketechnik offering vending solutions for fitness centers, to sell Novara Proteins. The vending machine prepares cold protein shakes for athletes in sports centers in just 30 seconds. This product combines the attractive design characteristic of Azkoyen's Novara line with exclusive technology for producing protein shakes served at 3°C.
- Due to various restrictive regulations, the COVID-19 pandemic negatively impacted the refrigerated vending machines market, and the closure of public places and offices reduced their demand. However, the pandemic raised awareness among consumers regarding hygiene importance which is expected to support the studied market growth during the forecast period. Post-COVID-19, the implementation of contactless payment refrigerated vending machines is positively driving the market's growth.
