Vending Machine Market 2021 To See Worldwide Massive Growth, COVID-19 Impact Analysis, Industry Trends, Forecast 2027

The vending machine market has witnessed higher rate of penetration in North America and Europe. However, low availability has been observed for this product in some major parts of Asia-Pacific and LAMEA, which is attributable to low-performing macro-economic factors such as low internet penetration and insufficient marketing strategies by manufacturers. Thus, lower penetration of such products limits the vending machine market growth.

The global vending machine market size was valued at $18.28 billion in 2019 and is anticipated to reach $25.25 billion by 2027, with a CAGR of 6.7% from 2021 to 2027. The market is expected to exhibit an incremental revenue opportunity of $6.97 billion from 2019 to 2027.

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According to the vending machine market analysis, the market is segmented on the basis of type, application, technology, sales channel, and region. Based on type, the vending machine market is categorized into food vending machine, beverages vending machine, tobacco vending machine, and others. Beverages vending machine is widely used in the hotels & restaurants industry, and is one of the prime products in the retail sector and quick service restaurants; therefore, it is expected to influence the overall vending machine business.

On the basis of application, the market is categorized into hotels & restaurants, corporate offices, public places, and others. The hotels & restaurants segment was valued at $6,572.7 million and is expected to grow at a CAGR of 5.9% during the forecast period. The segment is expected to reach $8,548.3 million by 2027. This is attributed to increase in the number of coffee shops, shopping complexes, hotels & restaurants, and other facilities, which is expected to increase the demand for vending machines in the near future.

On the basis of sales channel, the vending machine market segment into offline and online. Offline segment dominated the market in 2019, accounting for 67.9% of the share, and is expected to retain its dominance over the forecast period. This is attributed to the fact that consumers are preferring products from various offline sales channels, such as hypermarket/supermarket, specialty stores, and convenience stores, while purchasing, which has created major traction in the market.

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Region-wise, North America vending machine market size was the prominent in 2019, garnering maximum share, owing to the preference for packaged beverages among consumers. Moreover, due to the presence of key industry players and relatively faster adoption, North America has higher market share compared to other regions. Asia-Pacific is anticipated to witness significant growth rate during the forecast period. This is attributed to growing economies and rapid growth in the hospitality & services sector, which includes restaurant, tourism, and food industries.

The key players profiled in this report include Sandenvendo America, Inc., Crane Merchandising Systems, Azkoyen Group, Fuji Electric Co., Ltd, Fastcorp Vending LLC, Royal Vendors, Inc., Seaga Manufacturing Inc, Jofemar Corporation., Selecta TMP AG, and Bianchi Industry.

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