Refrigerated Vending Machines Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Refrigerated Vending Machines Market Analysis
The Refrigerated Vending Machines Market revenue is expected to grow at a CAGR of 7.0% over the next five years. Refrigerated vending machines are in most areas, such as office buildings, hypermarkets, supermarkets, shopping malls, schools, and hospitals.
- Improving consumer lifestyles and flourishing food and healthcare industries are significant factors escalating market growth. Also, the rising use of advanced technologies, such as contactless payments, is driving the development of the refrigerated vending machine market.
- Companies are focusing on achieving long-term growth through effective integration and continuous improvement & innovation in introducing new commercial refrigeration vending machine models. The increase in urbanization and development in hypermarkets and supermarkets is creating new growth opportunities for the refrigerated vending machines market.
- However, factors such as high installation and operating costs and several regulations about selling unhealthy junk food and beverage products in public and commercial places may negatively impact the studied market growth.
- Refrigerated vending machine products with diverse characteristics are being introduced by specialty retailers, attracting customers and moving the market forward. For Instance, Azkoyen collaborated with Trugge Getränketechnik offering vending solutions for fitness centers, to sell Novara Proteins. The vending machine prepares cold protein shakes for athletes in sports centers in just 30 seconds. This product combines the attractive design characteristic of Azkoyen's Novara line with exclusive technology for producing protein shakes served at 3°C.
- Due to various restrictive regulations, the COVID-19 pandemic negatively impacted the refrigerated vending machines market, and the closure of public places and offices reduced their demand. However, the pandemic raised awareness among consumers regarding hygiene importance which is expected to support the studied market growth during the forecast period. Post-COVID-19, the implementation of contactless payment refrigerated vending machines is positively driving the market's growth.
Refrigerated Vending Machines Market Trends
This section covers the major market trends shaping the Refrigerated Vending Machines Market according to our research experts:
Increasing Number of Retail and Healthacre Sectors to Augment Refrigerated Vending Machines
- The retail industry growth across various parts of the world is creating a favorable market scenario for the studied market growth. For instance, according to the US Census Bureau, the total retail sales in the previous year are estimated to reach USD 6594.81 billion.
- The beverages industry is one of the critical driving market growth. Beverages vending machines offer different types of cold drinks and water. The significant growth of the food & beverages industry is a vital factor that stimulates growth for the refrigerated vending machines market.
- Key Players in the market are taking various initiatives that can create new growth opportunities for the market over the next five years. For Instance, Daalchini Smart Contactless Vending Machines are used in hospitals. Visitors inside the hospital premises can use this vending machine to buy water bottles, healthy snacks, energy bars, biscuits, ready-to-eat products, etc., without touching the vending device.
- For Instance, Azkoyen deployed its innovative vending machine on AVLO trains, which are low-cost, high-speed Renfe trains that will first run between Madrid, Zaragoza, and Barcelona. With autonomous vending machines, the Azkoyen machines will supply beverages and snacks to around 400 Avlo passengers. Such a new initiative from key players in the market would bring new growth opportunities for the refrigerated vending machines market.
Asia-Pacific is Expected to Register Significant Market Growth During the Forecast Period
- The fast-growing IT and commercial sectors in the Asia Pacific are creating significant opportunities for the refrigerated vending machines market. Furthermore, changing lifestyles of people owing to growing urbanization and exposure to western culture have significantly driven the demand for packed foods, beverages, and snacks.
- The increasing number of refrigerated vending machines adopted in many fitness clubs around the globe for offering their clients supplements like soft drinks, protein bars, and energy drinks is anticipated to boost the demand for the refrigerated vending machine market.
- IT sector growth in countries such as India, the Philippines, and China is significantly driving office space demand, creating a positive outlook for the region's refrigerated vending machines market growth. For instance, according to the National Association of Software and Service Companies (Nasscom), the Indian IT industry's revenue is expected to increase to USD 227 billion by the end of the last year.
- Increased use of refrigerated vending machines in hotels & restaurants, and corporate offices are expected to drive the refrigerated vending machine market in the future. Moreover, smart vending devices offer smooth interactions through touch screens and immediate access to their desired products. They have various features, such as credit card acceptance and several consumer options. These machines allow users to make custom requests, get quality products on-demand, and incorporate machine learning & algorithms to serve their users better.
- Growing demand for packed foods and increasing integration of cashless vending machines are likely to offer significant opportunities to the market. For Instance, A vendekin-powered smart vending device can provide products such as flavored milk, cookies, etc., through an entirely cashless and touchless transaction at Girnar in Junagadh, Gujarat.
Refrigerated Vending Machines Industry Overview
The Refrigerated Vending Machine Market is moderately competitive and is expected to grow in competition over the next five years owing to increasing demand for refrigerated vending machines, which is expected to attract new players. Some major players are Rheavendors Group, Azkoyen Group, Westomatic Vending Services Ltd., Fuji Electric Company Ltd., and Seaga Manufacturing, Inc.
May 2022 - 365 Retail Markets acquired Sentry. The strategic acquisition is to design and enhance the capability of vending and micro-market businesses.
April 2022 - Lush introduced a 24-hour vending machine where customers can buy its products anytime or at night. The vending machine is in London's Coal Drop's Yard from King's Cross Station, one of the city's busiest rail stations.
Refrigerated Vending Machines Market Leaders
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Rheavendors Group
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Azkoyen Group
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Westomatic Vending Services Ltd.
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Fuji Electric Company Ltd.
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Seaga Manufacturing, Inc.
*Disclaimer: Major Players sorted in no particular order
Refrigerated Vending Machines Market News
- August 2022 - Silkron introduced a smart vending machine that supplies the freshest floral products to customers in Malaysia that accepts cashless payments.
- June 2022 - Vendekin is a start-up company that helps distribute beverages and other products through cashless payment. Vendekin Technologies partnered with Cantaloupe Inc. As part of the partnership, Cantaloupe integrated Vendekin's Retrobox, a patented hardware-enabled SaaS product, to make touchless vending machines. Consumers can scan the machine's unique QR code, select items from a menu of all the offerings in the machine, and pay for their selection from their smartphone or via Cantaloupe's ePort card reader.
Refrigerated Vending Machines Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand for the Adoption of Contactless Refrigerated Vending Machines
5.1.2 Increasing Demand for Packaged Food Products
5.2 Market Restraints
5.2.1 High Installation and Maintenance Cost
5.3 Smart Vending Machines
5.3.1 Technology & New Product Development
6. MARKET SEGMENTATION
6.1 By Geography
6.1.1 North America
6.1.2 Europe
6.1.3 Asia Pacific
6.1.4 Latin America
6.1.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Rheavendors Group
7.1.2 Azkoyen Group
7.1.3 Bianchi Vending Group
7.1.4 FAS International
7.1.5 Rockwell Industries Limited
7.1.6 Westomatic Vending Services Ltd.
7.1.7 Fuji Electric Company Ltd.
7.1.8 Seaga Manufacturing, Inc.
7.1.9 Royal Vendors, Inc.
7.1.10 Vending.com
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Refrigerated Vending Machines Industry Segmentation
Refrigeration is removing excess heat from a source or material and transferring it to the surrounding environment to keep the temperature lower than its surroundings.
The Refrigerated Vending Machines Market is segmented by geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The market sizes and forecasts are in terms of value (USD million) for all the above segments.
| By Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Refrigerated Vending Machines Market Research FAQs
What is the current Refrigerated Vending Machines Market size?
The Refrigerated Vending Machines Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in Refrigerated Vending Machines Market?
Rheavendors Group, Azkoyen Group, Westomatic Vending Services Ltd. , Fuji Electric Company Ltd. and Seaga Manufacturing, Inc. are the major companies operating in the Refrigerated Vending Machines Market.
Which is the fastest growing region in Refrigerated Vending Machines Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Refrigerated Vending Machines Market?
In 2024, the North America accounts for the largest market share in Refrigerated Vending Machines Market.
What years does this Refrigerated Vending Machines Market cover?
The report covers the Refrigerated Vending Machines Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Refrigerated Vending Machines Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Refrigerated Vending Machines Industry Report
Statistics for the 2024 Refrigerated Vending Machines market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Refrigerated Vending Machines analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
