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Nowadays, there is a growing trend in the usage of food and beverage vending machines as it is convenient and assisting to decrease the time spend on purchasing a small number of food items. Some of the advantages of the usage of the product include reduce the spending made on employment cost, provide 24/7 service, easy manageability, and others. The rising popularity of the placement of the product in educational institutions such as schools and colleges help to upsurge the demand. Furthermore, the rising innovation of various types of vending machines that are capable of producing fast food to consumers is acting as an opportunity for market growth. For instance, France pizza ATM comes up with a pizza vending machine that is able to hold 96 pizzas, has a touch screen ordering technology, and also accepts cash, debit/credit card, and contactless payment.
The global population is increasingly willing to adopt innovative products that could help to simplify the life of an individual is acting as a flourishing factor for market growth. The increasing embracement of the vending machine in a large number of fitness clubs around the world for providing their clients with supplements such as protein bars, soft drinks, energy drinks, and others is likely to boost the demand of the product. For instance, according to the data issued by the International Health, Racquet & Sportsclub Association 2019 Report, is declaring that the global fitness industry has witnessed a rise in membership of 183 million with an estimated revenue generation of USD 94 billion in 2019. Additionally, the growing popularity of the placement of food and beverage vending machines in public transport places such as airport, train stations, and bus stations are assisting to upsurge the consumption rate.
Nevertheless, the underdeveloped and developing countries still considered the usage of the product as a costly investment owing to the high maintenance, and the high risk of robbery is hampering the market growth.
Key Market Driver -
The willingness to adopt innovative product among the global population act as a driving factor for the market growth.
Key Market Restraint -
The product being considered as a costly investment in undeveloped and developing countries act as a retraining factor for the market growth.
American Vending Machine, Inc, Fuji Electric Co. Ltd., Bulk Vending Systems Ltd, Bianchi Vending Group SpA, Innovative Vending Solutions LLC, and others are the key companies operating in the food and beverage vending market.
The food and beverage vending machine market is segmented into by product type, payment mode, application, and geography.
On the basis of product type, the market is bifurcated into beverage vending machines, and food vending machines. The beverage vending machine is anticipated to be the larger market shareholder owing to the product being popular available than a food vending machine in most of the commercial places such as café, bars, restaurants, and others.
Based on the payment mode, the market is divided into cash and cashless. Cash is estimated to be the greater market on an account of the introduction of the cashless vending machine was only a few years ago whereas cash vending machines have been present in the market for a longer period as compared to cash.
By application, the market is fragmented into schools, offices, shopping complexes, and others(train stations, airports, and hospitals). The shopping complex is projected to be the prominent market due to a large number of brands targeting this place owing to their awareness of the high spending made by consumers in shopping complexes than other places.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is assessed to be the prominent market shareholder and is anticipated to continue throughout the forecast period of 2020-2027. The growing trend of the placement of the vending machine on the interstate highway for the use of travelers is acting as a positive factor for the growth of the market. For instance, according to the data issued by the Center for Disease Control and Prevention, October 2019, the state of North Carolina is announcing that it is placing 76.7% of its vending machine on its interstate highway in 2018. Additionally, the popularity of the usage of food and beverage vending machines in sports stadiums such as baseball, American football, basketball, and others are helping o upsurge the usage of the product.
Asia Pacific is evaluated to display substantial growth in the food and beverage vending machine market owing to the popularity of the installation of the vending machines in various places for public use. For instance, according to the Telegram UK, September 2019 article published, is proclaiming that Japan is considered to be the world’s highest densities of vending machines. Additionally, the rising popularity of noodles vending machine of this region also plays a crucial role in the escalating consumption of the product as the noodle is the primary food choice in most countries.
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