The global vending machine market size is expected to reach USD 56.96 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to register a CAGR of 9.4% over the forecast period. Improving standards of living, rising consumer disposable income levels, and demand for on-the-go meals and snacks are among the key factors responsible for market growth. Vending machines offer flexibility in terms of location i.e., indoor or outdoor and payment options and can be operated 24/7, which is also likely to boost their demand in offices and commercial places.
In addition, rising adoption of Internet-of-Things (IoT) is further projected to spur the market growth. Furthermore, continuous innovations, such as interactive display systems and cashless payment options, are anticipated to boost the product sales. In addition, advanced vending machines offer a number of products apart from hot and cold beverages, snacks, confectioneries, etc. For instance, in 2018, Pizza Deli 24/7 introduced a pizza vending machine that offers pizza in five flavors.
Rapidly expanding corporate sector across the globe will also boost the product demand over the forecasted period, as a number of companies are using vending machines to save costs and space and maintain cleanliness. Growing popularity of various cashless payment options across all sectors is also increasing the product sales. Many companies in the market are partnering with several payment service companies to add cashless payment options to their devices. For instance, American Food and Vending formed a partnership with PayRange to install contactless payment mode on its vending machines.
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Further key findings from the study suggest:
Asia Pacific led the global vending machine market in 2018 and is estimated to expand further at the fastest CAGR of 10.7% from 2019 to 2025
Cashless segment is estimated to witness the fastest growth at a CAGR of 10.2% over the forecasted period
Some of the key companies in the global market include Azkoyen Group; Cantaloupe Systems; Westomatic Vending Services Ltd.; Royal Vendors, Inc.; Glory Ltd.; and Sanden Holding Corp.
Grand View Research has segmented the global vending machine market on the basis of application, payment mode, and region:
Vending Machine Application Outlook (Revenue, USD Million, 2015 - 2025)
Vending Machine Payment Mode Outlook (Revenue, USD Million, 2015 - 2025)
Vending Machine Regional Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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