The global retail vending machine market is predicted to generate US$ 130 billion by 2032, growing at a CAGR of 9% throughout that time. The need for vending machines is expected to increase as more fitness clubs throughout the world implement vending machines to provide their members with supplements including soft drinks, protein bars, energy drinks, and others.
According to the International Health, Racquet, and Sportsclub Association’s 2019 Report, there are now 183 million more members in the world’s fitness business, and US$ 94 billion in revenue is expected to be generated in 2019.
It is projected that the use of retail vending machines would increase due to the rising demand for coffee and energy drinks across a variety of industries.
Various actions are being taken by market participants that might spur market expansion throughout the projection period. For instance, Coca-Cola announced the introduction of a cutting-edge new coffee machine in July 2022. The business will concentrate on its “Costa Smart Cafes” line of coffee vending equipment. The market for retail vending machines is anticipated to grow as a result of these factors.
On the other hand, it is predicted that throughout the forecast period, the market would be hampered by the high costs associated with such equipment. The high maintenance requirements and high robbery risk associated with the equipment are projected to constrain industry expansion during the projection period. The expanding need for vending machines in a variety of settings, including workplaces, high-end restaurants, packed bars, and public areas, is anticipated to offset the impediments and propel the development of the retail vending machine market.
Key Takeaways from the Market Study:
- By payment mode, cash-based retail vending machines to hold 74% of the global market share in 2022
- The global retail vending machine is projected to have held about US$ 51 Billion in 2021
- By type, beverage retail vending machines to secure about 43% of the global market share in 2022
- The global retail vending machine market is expected to secure US$ 55 Billion in 2022
- North America to account for 31% of the retail vending machine industry revenue in 2022
- Asia Pacific to emerge as the primary revenue powerhouse, expanding at a 9.6% CAGR by 2032