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Vending Machine Operators Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Vending Machine Operators Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071877
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the vending machine operators market are Azkoyen Group, Fuji Electric Co. Ltd., Glory Ltd., Orasesta Spa, Royal Vendors Inc., Evoca Group, American Vending Machines, and Westomatic Vending Services Ltd.

The global vending machine operators market is expected to grow from $19.47 billion in 2020 to $20.8 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $24.1 billion in 2025 at a CAGR of 3.8%.

The vending machine operators market consists of sales goods and services by entities that are engaged in retailing merchandise through vending machines. The products that are sold through vending machines include soft drinks, candy and snacks, hot beverages, hot and cold meals, ice cream, salty snacks, cookies, cakes, nutritious bars, and others.

The growing focusing of players on introducing innovations is a leading trend in the vending machine operators market.Companies are focusing on using the latest technology like cashless payment, IoT, AI, Big data for enhancing sales, convenience, and to procure data to find customer preferences to increase productivity and customer satisfaction.

For instance, over 2,000 Coca-Cola machines now accept Bitcoin in Australia and New Zealand.Coca Cola started experimenting with artificial intelligence and big data to build smart vending machines that need less human control.

The beverage supergiant employed Hivery, a technology-driven company that works with businesses to refine their retail strategies using AI and Big Data, to revolutionize the way it marketed and distributed its goods in more than 200 countries.Starting with 60-odd vending machines in Newcastle, a town 160 km away from Sydney, the software company began experimenting with AI to see if it could stack vending machines better than humans could to maximize revenue and profits.

The company developed an AI algorithm specifically for Coca Cola, which resulted in an 18% reduction in re-stock visits, plus a 15% rise in revenue, demonstrating that big data really can make a difference when it comes to vending machine optimization.

The vending machine operators market covered in this report is segmented by machine type into beverages vending machine, food products vending machine, confectionery products vending machine, others products vending machine, by-product into soft drinks, candy and snacks, hot beverages, hot and cold meal products, ice cream, others, by use case into corporate offices, shopping malls, and retail stores, educational institutions, hotels and restaurants, others.

In December 2019, Etika Group, a Malaysia-based subsidiary of Asahi Group, prominent drinks distributor acquired Advend Systems Pte Ltd for an amount of $50 million.Through the acquisition of Advend Systems Pte Ltd, the Etika group plans to offer more options to its consumers.

Moreover, this acquisition includes Advend Systems Pte Ltd.’s full vending business across Singapore and Malaysia, operating under the name of Atlas vending. Advend Systems Pte Ltd, a Singapore based operator and refurbisher of vending machines and systems solution provider for the vending industry.

Growing demand for on-the-go snacks, drinks, and others is expected to drive the vending machine operators market.Vending machines offer the comfort of buying things on-the-go without the need to enter or stand in the queue of stores.

For instance, as per Japan Times, there are 5 million vending machines in Japan. In addition to this, according to Vending Market Watch, there are more than 4.6 million vending machines in the USA, as most people are busy and find it easy to pick things on-the-go without wasting time buying things. This advantage of buying things on-the-go aids in the growth of the market.

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