The global retail vending machine market is likely to secure US$ 130 Billion by 2032 while expanding at a CAGR of 9%, according to a report by Future Market Insights.
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.
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 restaurants, and 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.
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., Orasesta 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.