Vending Machine Market to be Worth $32.3 Billion by 2031

Vending Machine Market by Type (Beverages, Food, Beauty and Cosmetics, Tickets, Games & Amusement), Application (Hotels & Restaurants, Corporate Offices) and Geography - Global Forecast to 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.’

According to this latest publication from Meticulous Research^®, the vending machine market is projected to reach $32.3 billion by 2031, at a CAGR of 6.7% from 2024–2031. The growth of this market can be attributed to several factors, increasing demand for packaged food products due to fast-paced lifestyles, rising demand for food vending machines in the corporate sector, and increasing demand for on-the-go snacks and beverages. However, the high installation and maintenance costs may restrain the growth of this market.

Furthermore, the increasing popularity of vending machines in developed and developing economies, and the integration of AI and IoT in vending machines are expected to offer growth opportunities for the players operating in this market. However, the maintenance and restocking of machines regularly is a challenge impacting the growth of the vending machine market. Additionally, digital vending machines and contactless vending machines are the prominent trends in this market.

The vending machine market is segmented by type (beverage, {alcoholic, nonalcoholic}, food {packed food, cooked food}, beauty and cosmetics, tobacco, games & amusement, tickets, and other types), application (hotels & restaurants, corporate offices, public places, {amusement parks airports railway station hospitals malls and retail stores}, and other applications), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on type, the vending machine market is segmented into beverage, food, beauty and cosmetics, tobacco, games & amusement, tickets, and other types. In 2024, the beverage segment is expected to account for the largest share of 65.0% of the vending machine market. The segment’s large share is attributed to the increasing demand for on-the-go snacks and beverages, high demand for coffee and energy drinks across various sectors, and rising adoption of beverage vending machines in hotels and restaurants.

However, the food segment is expected to grow at the highest CAGR during the forecast period of 2024–2031. The increasing consumer preference for ready-to-eat food products, rising demand for food vending machines in railway stations, and increasing demand for packaged food products are expected to support the growth of this segment.

Based on application, the vending machine market is segmented into hotels & restaurants, corporate offices, public places, and other applications. In 2024, the corporate offices segment is expected to account for the largest share of 40.0% of the vending machine market. The segment’s large share is attributed to the rising demand for food vending machines in the corporate sector, the rising need of employees to buy affordable and convenient food and beverages, and the increasing demand for packaged food products due to fast-paced lifestyles. In addition, the benefits of vending machines in corporate offices include increased productivity, improved employee satisfaction, saving time, and promoting health & wellness.

However, the public places segment is expected to grow at the highest CAGR during the forecast period of 2024–2031. The rising adoption of food and beverage vending machines in railway stations, the rising adoption of vending machines to buy healthcare commodities and the rising demand of vending machines in amusement parks are expected to support the growth of this segment.

Based on geography, the vending machine market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 45.0% of the vending machine market. Asia-Pacific’s large market share is attributed to the presence of prominent players offering advanced vending machines. For instance, in August 2021 , Missfresh Limited. (China) partnered with more than 5,000 businesses in Beijing to deploy Missfresh Convenience Go Smart Vending Machines on their premises. The region's market is growing due to the increased availability of new and innovative vending machines. In addition, the adoption of western lifestyles and the rise in disposable income are predicted to fuel the vending machine market's expansion. The increased spending power of the Asia-Pacific population, urbanization, a large customer base, and a propensity for food goods from vending machines all contribute to the expansion of the market in the region. Moreover, the Asia-Pacific region is projected to register the highest CAGR of 8.0% during the forecast period.

Key Players

The key players operating in the vending machine market are Fuji Electric Co., Ltd. (Japan), Royal Vendors, Inc. (U.S.), Crane Payment Innovations (U.S.), Azkoyen, S.A. (Spain), SandenVendo America, Inc. (U.S.), Selecta AG (Switzerland), JOFEMAR S.A. (Spain), Seaga Manufacturing, Inc. (U.S.), Westomatic Vending Services Ltd. (U.K.), GUANGZHOU BAODA INTELLIGENT TECHNOLOGY CO., LTD. (China), Vending.Com LLC (U.S.), Godrej & Boyce Mfg. Co. Ltd. (India), Rhea Vendors Group S.p.A. (Italy), Vendstop (India), and Hunan Xingyuan Technology Co., Ltd.(China).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type and application?
What is the historical market size for the vending machine market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the vending machine market?
Who are the major players in the vending machine market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the vending machine market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the vending machine market, and how do they compete with other players?