Retail Vending Machine Market Value to more than Double to reach US$ 130 Bn while Expanding at a CAGR of 9% by 2032 | FMI

The global retail vending machine market is likely to secure US$ 130 Billion by 2032 while expanding at a CAGR of 9% during the forecast period. Increasing adoption of a vending machines in a large number of fitness clubs around the globe for offering their clients supplements like soft drinks, protein bars, energy drinks, and others, is anticipated to boost the demand for vending machines.

As per International Health, Racquet and Sportsclub Association 2019 Report, the global fitness industry has witnessed a rise in membership of 183 million with an anticipated revenue generation of US$ 94 billion in 2019.

Increasing demand for coffee and energy drinks across various verticals is anticipated to expand use of retail vending machines. Players in the market are taking various initiatives that can drive market growth during the forecast period. For instance, in July 2022, Coca-Cola announced the launch of a revolutionary new coffee machine. The company will be focusing on its coffee vending machines called "Costa Smart Cafes". Such factors are likely to boost the retail vending machine market in the forecast period.

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On the contrary, high expenses associated with such equipment is anticipated to hamper the market during the forecast period. The equipment demands high maintenance, and a high risk of robbery, which is likely to limit the industry growth during the forecast period. However, the growing demand for vending machines in various spaces, from offices to high-end crowded bars to public places, are expected to counter the hampering factors and drive the growth of retail vending machine market.

Key Takeaways from the Market Study:

• By payment mode, cash based retail vending machines to hold 74% of the global market share in 2022
• The global retail vending machine is projected to have held about US$ 51 Billion in 2021
• By type, beverage retail vending machines to secure about 43% of the global market share in 2022
• The global retail vending machine market is expected to secure US$ 55 Billion in 2022
• North America to account for 31% of the retail vending machine industry revenue in 2022
• Asia Pacific to emerge as the primary revenue powerhouse, expanding at a 9.6% CAGR by 2032

"With the global retail industry continuing to flourish, there is a flurry of demand for a wide range of consumer products, ranging from food & beverage items to apparel. This has prompted retailers to increase deployment of vending machines, providing customers with the ease of selecting products of their own choice," says an FMI analyst.

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Competitive Landscape

Key players in the global retail vending machine market include Azkoyen Group, Cantaloupe Systems, Westomatic Vending Services Limited, Royal Vendors, Inc., Glory Ltd., Sanden Holding Corp., Seaga Manufacturing Inc., S.p.A, Sellmat s.r.l., and Fuji Electric Co., Ltd. Recent developments in the industry include:

• In July 2022, Azkoyen Group, a Spanish vending machine manufacturer has acquired Barcelona-based espresso machine manufacturer Ascaso. Azkoyen Group said that the acquisition will provide a new leadership position in the premium coffee segment. The company's coffee business currently accounts for 75% of turnover for its coffee and vending division.
• In October 2021, Dominus Capital and affiliates have completed their investment in Seaga Manufacturing, Inc. Seaga's customized offering allows customers to enhance inventory management, demand planning, inventory costs, and shrinkage, all while providing safer products access.

More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global retail vending machine market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of Type (Food, Beverage, Games/Amusement, Tobacco, Candy & Confectionery Retail Vending Machine, Beauty & Personal Care Retail Vending Machine, Ticket Retail Vending Machine, Others) by Payment Mode (Cash, Cashless), by Application Outlook (Commercial Places, Offices, Public Places, Other Places), & Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America)

About the Consumer Product Division at Future Market Insights

The consumer product team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

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Key Segments Profiled in the Retail Vending Machine Market Report

Retail Vending Machine Market by Type:

• Food Retail Vending Machine
• Beverage Retail Vending Machine
• Games/Amusement Retail Vending Machine
• Tobacco Retail Vending Machine
• Candy & Confectionery Retail Vending Machine
• Beauty & Personal Care Retail Vending Machine
• Ticket Retail Vending Machine

Retail Vending Machine Market by Payment Mode:

• Cash Retail Vending Machine
• Cashless Retail Vending Machine

Retail Vending Machine Market by Application:

• Retail Vending Machine for Commercial Places
• Retail Vending Machine for Offices
• Retail Vending Machine for Public Places
• Retail Vending Machine for Other Applications

Retail Vending Machine Market by Region:

• North America Retail Vending Machine Market
• Europe Retail Vending Machine Market
• Asia Pacific Retail Vending Machine Market
• Latin America Retail Vending Machine Market

Middle East & Africa Retail Vending Machine Market

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This release was published on openPR.