Market Size of Refrigerated Vending Machines Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 Size Summary
The refrigerated vending machines market is poised for significant growth, driven by evolving consumer lifestyles and advancements in technology. These machines are increasingly found in diverse locations such as office buildings, supermarkets, shopping malls, schools, and hospitals. The integration of contactless payment systems and the focus on innovation and improvement in commercial refrigeration models are key factors propelling market expansion. Urbanization and the development of hypermarkets and supermarkets are creating new opportunities, while specialty retailers are introducing diverse product offerings to attract customers. However, challenges such as high installation and operating costs, along with regulations concerning the sale of unhealthy food and beverages, may pose obstacles to market growth. The COVID-19 pandemic initially impacted demand due to restrictive regulations, but it also heightened consumer awareness of hygiene, which is expected to support market growth in the post-pandemic period.
The retail industry's expansion globally is creating a favorable environment for the refrigerated vending machines market. The beverages industry, in particular, plays a crucial role in driving market growth, with vending machines offering a variety of cold drinks and water. Key players are actively pursuing initiatives to create new growth opportunities, such as deploying smart contactless vending machines in hospitals and innovative vending solutions on trains. The Asia Pacific region, with its fast-growing IT and commercial sectors, presents significant opportunities due to increasing urbanization and demand for packed foods and beverages. The market is expected to benefit from the growing adoption of refrigerated vending machines in fitness clubs, hotels, restaurants, and corporate offices. The introduction of smart vending devices with features like touch screens and cashless payment options is likely to further boost market demand. The competitive landscape is moderately intense, with major players like Rheavendors Group, Azkoyen Group, and others driving innovation and strategic acquisitions to enhance market capabilities.
Refrigerated Vending Machines Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Geography
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2.1.1 North America
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2.1.2 Europe
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2.1.3 Asia Pacific
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2.1.4 Latin America
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2.1.5 Middle East and Africa
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Refrigerated Vending Machines Market Size 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.
