Vending Machine Industry Poised for $32.3 Billion Valuation by 2031
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.’
Download Free Sample Report@ https://www.meticulousresearch.com/download-sample-report/cp_id=5861?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=01-10-2024
Meticulous Research® predicts significant growth for the global vending machine market, forecasting a valuation of $32.3 billion by 2031 with a robust CAGR of 6.7% between 2024 and 2031. The market’s expansion is fueled by rising demand for packaged food products due to fast-paced lifestyles, the increasing popularity of food vending machines in corporate settings, and consumer preference for convenient snacks and beverages. However, high installation and maintenance costs may temper this growth.
The market is further propelled by the widespread adoption of vending machines in both developed and emerging markets and the integration of AI and IoT technologies, which are expected to create new growth opportunities. Nevertheless, the need for consistent maintenance and restocking presents challenges. The growing trend toward digital and contactless vending solutions is reshaping the market landscape.
Segmented by type, application, and geography, the beverage segment is projected to dominate in 2024, claiming 65.0% of the market share due to rising demand for on-the-go beverages and snacks in the hospitality and food service sectors. The food segment, however, is expected to record the highest CAGR during the forecast period, driven by increasing consumer demand for ready-to-eat meals and vending machines in public spaces and transportation hubs.
Corporate offices are anticipated to hold the largest market share in 2024, fueled by the need for convenient and affordable food and drink options for employees. Meanwhile, public spaces are projected to see the highest CAGR, thanks to growing adoption of vending machines in transportation hubs and amusement parks.
Asia-Pacific is expected to lead the market, holding 45.0% of the market share in 2024, due to the rapid adoption of advanced vending machine technology, such as the Missfresh Convenience Go Smart Vending Machines in Beijing. The region’s growth is also driven by urbanization, increasing disposable incomes, and a shift toward Westernized lifestyles.
Major players in the market include Fuji Electric Co., Ltd., Royal Vendors, Inc., Crane Payment Innovations, and Selecta AG, all of which are pushing market expansion with innovative, consumer-driven solutions
About Meticulous
Research®:
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.
The name of our company defines
our services, strengths, and values. Since the inception, we have only thrived
to research, analyze, and present the critical market data with great attention
to details. With the meticulous primary and secondary research techniques, we
have built strong capabilities in data collection, interpretation, and analysis
of data including qualitative and quantitative research with the finest team of
analysts. We design our meticulously analyzed intelligent and value-driven syndicate
market research reports, custom studies, quick turnaround research, and
consulting solutions to address business challenges of sustainable growth.
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments
Post a Comment