The food and beverage vending machine market is evaluated at US$13,154.431 million for the year 2022, growing at a CAGR of 9.16%, reaching the market size of US$24,287.777 million by the year 2029.
Vending machine demand has grown as fast food and beverage businesses have become more profit-driven, cutting out middlemen and investing less in unprofitable locations while striving for prime locations. The market growth has mostly been driven by the tremendous rise of the food and beverage industry over the past decade, particularly in terms of ready-to-drink bottled beverages. For instance, Coca-Cola revealed in March 2021 that a vending machine market share showed positive growth.
Furthermore, food & beverage vending machines are becoming increasingly prevalent in places like corporate offices, hotels, colleges and universities, airports, train or metro stations, and fast-service restaurants. Additionally, end users are becoming more accustomed to instant service and innovations like cashless payment methods using smartphones. For instance, a new smart ice cream vending machine debuted in the UK retailer Co-op's Bridge Road location in London in May 2021. Customers must tap their phones on the vending machines' "NFC" tag to purchase ice cream products. Following that, customers are prompted to verify their preferred payment options, namely Apple Pay and Google Pay.
Additionally, companies are putting more of an emphasis on healthy vending as a way to advance their aim of promoting sustainable convenience and deliberate eating by forming strategic alliances. Such developments, coupled with technological advancements, will further propel the market in the coming years. For instance, Locali, a pioneering, health-conscious quick service restaurant (QSR) company with headquarters in Los Angeles, announced the start of its vending machine program, which would provide organic, natural, and Locali-branded goods to a variety of communities around the country.
The food and beverage vending machines market is greatly impacted by the growing end-user sector, which pushes up demand and modifies market dynamics. As several industries, including corporate offices, educational institutions, healthcare facilities, and transportation hubs, increase, so does the demand for portable, anytime refreshments. To satisfy the rapid and varied snacking needs of an expanding worker and student population, vending machines have become indispensable tools. The market for food and beverage vending machines sees a spike in installations and customization as operators attempt to meet the particular needs of various sectors. Additionally, the need for a range of food alternatives and the increasing emphasis on leading healthy lives are driving advancements in vending machines.
The food and beverage vending machine sector has undergone a revolution because of technological improvements that have improved customer experience and operational efficiency. As more and more transactions become cashless, mobile payment choices and credit/debit card scanners have become essential components of cashless payment systems. With the introduction of smart vending machines, which are driven by IoT technology, operators can optimize restocking and maintenance procedures by having real-time access to inventory levels and machine health data. Traditional buttons have been replaced with touchscreen interfaces, which offer a more engaging and user-friendly interface. Furthermore, predictive analytics for inventory management and customer preferences are made possible by the combination of artificial intelligence (AI) and machine learning, guaranteeing that machines are stocked with in-demand goods.
The FDA has adopted two regulations mandating that chain restaurants, comparable retail food outlets, and vending machines display calorie information on their menus and menu boards. Moreover, a third of American calorie consumption is consumed outside the home. As a result of all these factors, leading manufacturers are setting the pace by trying cutting-edge technology, including mobile payments, contactless cards, digital signage, and user interaction.
Based on geography, the food and beverage vending machine market is divided into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The demand for food and beverages has shown a significant increase USA over the years, owing to rapid urbanization and growing disposable incomes. The country is also witnessing an increase in the establishment of major stores and fitness clubs where food and beverage vending machines hold a wider scope of usage. For instance, according to the National Retail Federation, in 2021, the number of new retail stores in the USA stood at 8,100, which showed a significant increase of 70% over the last three years.
Food and beverage vending machines are used in retail stores for various snacks, juices, and non-alcoholic beverages, whereas in fitness clubs, the machines are used for energy & soft drinks along with protein bars. Owing to such growing establishments of major spaces in the USA where food and beverage machines have high applicability, their demand is also projected to increase during the forecast period, thereby giving a major boost to their market in the USA.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$13,154.431 million |
| Market Size Value in 2029 | US$24,287.777 million |
| Growth Rate | CAGR of 9.16% from 2022 to 2029 |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Million |
| Segments Covered |
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| Companies Covered | |
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Segmentation: