Overview and Scope
Retail vending machine refers to out-of-store retailing machines that require a standard power supply connection to function. It uses the distribution of products to consumers through coin-operated systems that improve the customer purchase experience.
Sizing and Forecast
The retail vending machine market size has grown strongly in recent years. It will grow from $44.66 billion in 2023 to $48.72 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to convenience culture, 24/7 accessibility, product diversification, urbanization and high foot traffic areas, cost-effective retailing, on-the-go consumption..
The retail vending machine market size is expected to see strong growth in the next few years. It will grow to $70.39 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to retail automation and efficiency, consumer preferences for convenience, urbanization and high-traffic areas, on-demand retail, health and hygiene considerations.. Major trends in the forecast period include contactless payment adoption, hygiene and safety features, customization and personalization, smart and interactive interfaces, sustainable and eco-friendly solutions..
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Segmentation & Regional Insights
The retail vending machine market covered in this report is segmented –
1) By Type: Food, Beverage, Games or Amusement, Tobacco, Candy and Confectionery, Beauty and Personal Care, Ticket, Other Types
2) By Payment Mode: Cash Retail Vending Machine, Cashless Retail Vending Machine
3) By Application: Retail Vending Machine for Commercial Places, Retail Vending Machine for Offices, Retail Vending Machine for Public Places, Retail Vending Machine for Other Applications
North America was the largest region in the retail vending machine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the retail vending machine market during the forecast period. The regions covered in the retail vending machine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for ready-to-eat and convenience foods is expected to propel the retail vending machine market. Ready-to-eat food refers to a class of food items that have been cleaned, pre-cooked, and packaged that are ready to consume without prior preparation and cooking. Vending machines are usually installed at convenient locations to serve ready-to-eat (RTE) meals round-the-clock to address the needs of urban consumers such as students, commuters, working professionals, tourists, and others. For instance, according to a March 2022 report published by the Government of Canada on packaged food trends in China, retail sales of packaged food products in China increased from 283,984.8 (US$ million) in 2020 to 298,005.3 (US$ million) in 2021. Therefore, rising demand for ready-to-eat foods is driving the retail vending machine market.
Key Industry Players
Major companies in the retail vending machine market are focused on strategic collaboration with major manufacturing companies to strengthen their position in the market. Strategic collaborations empower companies to forge alliances with other firms possessing the necessary expertise to transform their envisioned concepts into tangible realities. For instance, in March 2022, FastCorp Vending 3, LLC, a US-based advanced vending machine manufacturing company, announced an innovative partnership with ABsea Change Inc., a US-based free and open company, to promote the retail adoption of Fastcorp’s cutting-edge smart vending platforms and technologies. The partnership unites ABsea Change’s seasoned professionals in retail supply chain, sales, marketing, and distribution with FastCorp’s resources and leadership in innovation and manufacturing in the vending industry.
The retail vending machine market report table of contents includes:
1. Executive Summary
2. Retail Vending Machine Market Characteristics
3. Retail Vending Machine Market Trends And Strategies
4. Retail Vending Machine Market – Macro Economic Scenario
5. Global Retail Vending Machine Market Size and Growth
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31. Global Retail Vending Machine Market Competitive Benchmarking
32. Global Retail Vending Machine Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Retail Vending Machine Market
34. Retail Vending Machine Market Future Outlook and Potential Analysis
35. Appendix
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