Vending Machine Market to reach USD 72.46 Bn at a CAGR of 8.1 percent by 2030- Says Stellar Market Research

PUNE, India, July 10, 2024 /PRNewswire/ -- The research report from Stellar Market Research offers vital insights into the dynamic "Vending Machine Market" landscape. Focused primarily on key players, market segments, business strategies, regional developments, production intricacies, and pricing structures, the report provides a user-friendly and thorough comprehension of market dynamics and pivotal factors shaping industry growth.

Covering a range of fundamental elements including top players, market size, share, key drivers, challenges, opportunities, competitive landscape, market attractiveness analysis, new product launches, technological innovations, and growth contributors, the report provides analysts with strong tools to research into the complexities of the Vending Machine market. Using a combination of qualitative and quantitative data the report undergoes rigorous analysis utilizing analytical backgrounds such as SWOT and PESTLE analysis to reveal deeper insights into market dynamics and prospects.

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Stellar Market Research, a leading Machinery & Equipment business research firm, states that the total market size for the vending machine market was USD 42.00  billion in 2023 and is expected to grow at a CAGR of 8.1 percent during the forecast period, reaching USD 72.46 billion by 2030. A bottom-up approach has been used to analyse the market size.

Vending Machine Market Scope and Research Methodology

Competitive Landscape

The Global Vending Machine Market industry is competitive among companies owing to the presence of numerous players across the industry. The major players in the market include Azkoyen Group, Cantaloupe Systems, Westomatic Vending Services Limited, Royal Vendors, Inc., Glory Ltd., and Sanden Holding Corp. among others. The future of the Vending Machine Market promises to be vibrant and dynamic, driven by technological innovation and appealing consumer experiences.

What's New: Recent Additions and Updates

• Introduction of vending machines that dispense non-food items such as electronics, beauty products, PPE, and even books
• Development of vending machines that use renewable energy sources like solar power and incorporate energy-saving technologies.
• Use of data analytics to offer personalized product recommendations and targeted promotions based on consumer preferences.
• Enhanced security, faster transactions, and increased customer convenience leading to higher sales.

Key Player Offerings

• With the efforts to drive digitalization and modernization and offer consumers an even more convenient shopping experience, Missfresh Limited partnered with more than 5,000 businesses in Beijing to deploy Missfresh Convenience Go Smart Vending Machines on their premises.
• Digital Media Vending International has selected Vending Tracker, a vending system management solution with augmented reality, product recognition, preventive maintenance, engagement arcade, sales forecasting, usage analytics, and more. With the emergence of AI, the company offers customers a suite of machine learning features that increase efficiencies and maximize revenues.

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Vending Machine Market Dynamics

With the rise in urbanization and about 55% population living in urban areas, the need for on-the-go snacks and convenient foods has been increasing. Efficiency and accessibility are prioritized in the consuming habits of people living in cities, who frequently balance hectic job schedules and personal responsibilities. This increase is significant in dual-income households and the rising number of single-person homes, which together make up over 40% of urban living arrangements in developed countries which increases the demand for the vending machine market. Additionally, a growing number of people are choosing ready-to-eat and grab-and-go food and drink alternatives that meet the hectic lifestyle of urban areas. To address this need, vending machines are positioned conveniently in busy places like transportation hubs, office buildings, and educational institutions. Also, vending machine offers have diversified to include healthy snacks and beverages to cater to health-conscious consumers resulting the consumers adopting healthier eating habits. The convenience factor along with technological advances is driving the vending machine market globally.

Vending Machine Market Regional Insight

In 2023, North America dominated the global vending machine market considering the well-equipped vending machines, which include touch displays, cashless payment choices, and Internet of Things connection to improve user experience and increase productivity. For instance, Coca-Cola's Freestyle machines provide over 100 drink variations through an interactive touch screen, which showcases the region's desire for innovation. The key players in the region like PepsiCo, Crane Merchandising Systems, and Canteen Vending Services are continuously investing in research and development to introduce new products and technologies. For instance, Crane Merchandising Systems created the Media2 machine, which includes advanced telemetry systems that offer real-time data on machine performance and inventory levels. Vending machine usage is widespread throughout North America's traveling stations, business offices, and educational institutions, which generates a consistent and dependable demand. According to SMR, about 30% of total vending machine sales come from schools while 90% of vending machines in the U.S. are located in factories and offices. Together, these factors position North America at the forefront of the global vending machine industry, showing its creativity, focus on customers, and strong infrastructure.

Vending Machine Market Segmentation

By Type

• Beverages
• Tobacco
• Food vending

By Application

• Hotels & Restaurants
• Corporate Office
• Public Places

By Technology

• Semi-Automatic Machine
• Smart Machine
• Automatic Machine

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Key questions answered in the Vending Machine Market are:

• What is a Vending Machine?
• What is the current growth rate of the Vending Machine Market? 
• Who are the key players in the Vending Machine Market?
• What are the factors affecting growth in the Vending Machine Market?
• Who held the largest market share in the Vending Machine Market?
• What is the demand pattern for the Vending Machine Market?
• What are the key trends in the Vending Machine Market?
• What are the strategies used by competitors in the Vending Machine Market?
• What are the growth prospects in developing countries for the Vending Machine Market?
• Which segment is expected to witness the fastest growth and why in the Vending Machine Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2023)
• Past Pricing and price curve by region (2018 to 2023)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Type, Application, Technology, and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
• Competitive landscape – Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Stellar Market Research is leading Machinery & Equipment research firm, has also published the following reports:

Industrial Vending Machine Market: The market size was valued at US$ 2.58 Billion in 2023 and the total Industrial Vending Machine revenue is expected to grow at 7.8% through 2024 to 2030, reaching nearly US$ 4.37 Billion.

Capsule Coffee Machine Market: The market size was valued at USD 2970.44 Mn. in 2023 and the total Capsule Coffee Machine Market size is expected to grow at a CAGR of 6.62% from 2024 to 2030, reaching nearly USD 4652.56 Mn. by 2030.

Luxury Hotel Market: The market was valued at USD 160.35 billion in 2023. Global Luxury Hotel Market size is estimated to grow at a CAGR of 10.3 % over the forecast period.

Food Container Market: The market size was valued at US$ 169.45 Bn. in 2023. The Global Food Container Market is estimated to grow at a CAGR of 4.5% over the forecast period.

Canned Alcoholic Beverages Market: The market size was valued at USD 17.21 Bn. in 2023 and the total market is expected to grow at a CAGR of 20.12 % from 2024 to 2030, reaching nearly USD 62.1 Bn. by 2030.

About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.

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SOURCE Stellar Market Research