Refrigerated Vending Machines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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.

Key Highlights

• 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.

Key Market Trends

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.

Competitive Landscape

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.

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