In the past two decades, customer shopping behavior has drastically altered. Retail outlets and grocers have largely remained immune to digital disruption until now. Seizing opportunities are vending machines. In all its glory, the vending machines market is riding the wave of profitable growth with seamless dispensing of beverages, confectionery and food.
Projected to grow at a dexterous 6% during the forecast period (2020-2030), the vending machines market are globe-trotting on an innovative operating model. Further, high investments in cashless transactions are giving significant traction to the vending machines market.
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On a less positive note, the market is witnessing lackluster demand with the ongoing COVID-19 pandemic which has been detrimental to multiple industries. Its effects on the vending machines market have been profound amidst stringent lockdowns. The market is expected to show prominent growth in the aftermath. Novel vending machines dispensing essentials and healthcare products are projected to emerge as prolific trend setters in the vending machines market.
Key Takeaways of Vending Machines Market Study:
- East Asia accounts for nearly one third share in the vending machines market and is expected grow 1.6X during the forecast period.
- Vending of confectionery products is expected to show higher growth over other segments during the forecast period, expanding 1.9X during the forecast period.
- Vending machines in shopping malls & retail stores are expected to show significant growth on back of an uptick in commercial spending, exhibiting a growth of 1.9X during the forecast period.
“Investments in refrigeration technology to increase shelf life of the products will immensely benefit manufacturers and increase demand in the long run. Addressing power consumption issues is expected to be supplemental to a simultaneous increase in demand”, says the Fact.MR analyst.
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Compelling Product Offerings to Delight Customers
The vending machines market has seen multiple changes in terms of technological investments. Vending machine manufacturers are starting to increase automation and introducing personalized consumer tracking to increase inventory management in vending machines. High investments in research and development for integration of new technology to enhance consumer convenience has been observed in the market. Top players like Fuji Electric, Selecta TMP AG, The Vendo Group and Crane Merchandising Systems have been banking on their innovative product offerings and brand presence to increase their foothold in the vending machines market.
Find More Valuable Insights on Vending Machines Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global vending machines market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2024-2030. The study divulges compelling insights on the vending machines market on the basis of vending type (beverages vending, food products vending, confectionery products vending, and others products vending) and use case (corporate offices, shopping malls & retail stores, educational institutions, hotels & restaurants, others) across six major regions.
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