Meticulous Research®—a leading global market research company, published a research report titled, ‘Vending Machine Market by Type (Beverages, Food, Beauty and Cosmetics, Tickets, Games & Amusement), Application (Hotels & Restaurants, Corporate Offices) and Geography - Global Forecast to 2031.’
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In its latest report, Meticulous Research® projects substantial growth for the vending machine market, estimating a valuation of $32.3 billion by 2031, with a robust compound annual growth rate (CAGR) of 6.7% from 2024 to 2031. This anticipated surge is driven by several factors, including the rising demand for packaged food products due to fast-paced lifestyles, the growing preference for food vending machines in corporate settings, and increasing consumer inclination towards on-the-go snacks and beverages. However, high installation and maintenance costs may temper market expansion.
Additionally, the increasing prevalence of vending machines in both developed and emerging economies, along with the integration of Artificial Intelligence (AI) and Internet of Things (IoT) technologies, is expected to create significant growth opportunities for market participants. Despite this, the necessity for regular maintenance and restocking remains a considerable challenge. The emergence of digital vending machines and contactless vending solutions stands out as a prominent trend within this dynamic market landscape.
The vending machine market is meticulously segmented by type, application, and geography, providing comprehensive insights into industry dynamics and market prospects. Notably, the beverage segment is projected to dominate in 2024, accounting for a substantial 65.0% share of the market. This dominance is driven by the rising demand for on-the-go beverages and snacks, particularly in sectors like hospitality and food service.
However, the food segment is expected to experience the highest CAGR during the forecast period, fueled by increasing consumer preference for ready-to-eat food products and the growing demand for food vending machines in transportation hubs and public spaces.
In terms of application, corporate offices are slated to command the largest market share in 2024, driven by the growing demand for food vending machines in corporate environments and employees' need for convenient and affordable food and beverage options. Conversely, public spaces are anticipated to exhibit the highest CAGR, propelled by the rising adoption of food and beverage vending machines in transportation hubs and amusement parks.
Geographically, Asia-Pacific emerges as a pivotal market player, expected to command the largest share of 45.0% in 2024. This dominance is attributed to the region's rapid adoption of advanced vending machine technologies, exemplified by initiatives like Missfresh Convenience Go Smart Vending Machines deployed in Beijing. Moreover, the region's robust market growth is driven by factors such as urbanization, rising disposable incomes, and a growing inclination towards westernized lifestyles.
Key players in the vending machine market include Fuji Electric Co., Ltd., Royal Vendors, Inc., Crane Payment Innovations, and Selecta AG, among others. These industry leaders are at the forefront of innovation, driving market expansion and redefining the vending landscape with cutting-edge solutions tailored to evolving consumer demands.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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