Modern society has become accustomed to the idea of obtaining beverages, snacks, and many other types of items from vending machines. The machines are becoming a standard part of various businesses and industries, which range from pharmaceuticals to free items for the fans of sporting events. The stagnant age of the vending machine has come to a close, and a recent report by Persistence Market Research, as reported on by Medgadget, indicates an overwhelming trend of growth for the vending machine industry over the next six years.
What’s Driving the Growth?
Consumer demand remains the ultimate driving factor in the growth of the snack vending machine market. In recent years, the public has become increasingly concerned with the nutritional value of the contents of drink vending machines and snack vending machine. Traditionally, these vending machines have contained items of little nutritional value, but the trend seems to be changing. As more governments have become health conscious of snacks and beverages from vending machine, vending machine manufacturers and owners who readily display the caloric value of available items are expected to reap significant profits.
The growth of the vending machine market cannot be attributable to these factors alone. Instead, some of this growth may be the direct result of an increased use of mobile payment options, such as vending machines that accept credit cards. Ultimately, a vending machine with more payment options is able to serve those who may not have cash or coins on their person.
Where Will the Strongest Growth Occur?
Vending machines represent the classic idea of self service. In the coming years, the vending machine industry is expected to grow by 13.98 percent to reach an approximate worth of $31.75 billion. The US is predicted to be the predominant player in driving the growth of the vending machine market globally, while North America will claim approximately 44 percent of the market share of the vending machine industry.
What Types of Vending Machines Will Experience the Most Growth?
Vending machines can be categorized into generic groups, such as snacks, beverages, medical supplies, promotional materials, and more. Food and snack machines are expected to garner the highest market share in the industry. Behind snack vending machines, frozen food and candy vending machines will experience the highest level of growth in the US. However, the use of vending machines in quick-serving restaurants is expected to contribute the highest to the growth of the vending machine market globally. Although the growth will not be as substantial as snack vending machines, drink vending machines, such as those that dispense soda, beer, liquor, wine, and other cold beverages, are expected to show “substantial” growth by 2021.
The vending machine industry is growing, and vending machine manufacturers understand the need to increase snack and drink vending machine availability. To learn more about how vending machine services are changing today’s world, visit the blog on Vending.com, or contact a reputable vending machine manufacturer by filling out the online contact form today.