Asia Retail Vending Machine Market Size, Share & Trends Analysis Report By Payment Mode (Cash, Cashless), By Application (Commercial Places, Offices, Public Places), By Region, And Segment Forecasts, 2023 - 2030

Asia Retail Vending Machine Market Size, Share & Trends Analysis Report By Payment Mode (Cash, Cashless), By Application (Commercial Places, Offices, Public Places), By Region, And Segment Forecasts, 2023 - 2030

Asia Retail Vending Machine Market Growth & Trends

The Asia retail vending machine market size is estimated to reach USD 53.52 billion in 2030 and is anticipated to expand at a CAGR of 4.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for on-the-go snacks and beverages due to the hectic lifestyles of consumers is boosting product sales through vending machines. The vending machine market growth can also be attributed to the machines’ ability to deliver goods quickly, making it an extremely convenient option for consumers. Food and beverage distribution through vending machines look promising as vending machines not only offer snacks and beverages but also sell other consumables, such as cigarettes and lottery tickets.

Hence, operators can generate significant revenue through vending machines by strategically placing them in corporate buildings, schools, malls, train stations, and airports, among others. Moreover, healthy lifestyle trends are becoming increasingly prominent across the region on account of growing consumer awareness regarding healthy food and beverage options. With rapid technological development, wireless network platforms are being integrated into vending machines to achieve remote control. With this, vending machine information request, response, and liability information can be handled with reflex information, which improves efficiency and saves enterprise personnel management costs.

This improves service efficiency, further fueling the market growth. Facial recognition technology in vending machines includes a motion sensor that knows when consumers are approaching and a camera that can recognize the user. The machine then gives a personalized menu based on the purchase history of the consumer and prevents them from buying restricted products, such as an underage user trying to purchase cigarettes. Customers that buy from vending machines are making healthier choices and as a result, industry operators are stocking healthy food & beverage items in their machines to meet consumer needs. In addition, many vending machine businesses are extending their offerings to include a number of cooked foods that are usually available at restaurants.

The commercial places segment is anticipated to register a significant growth rate during the forecast period. Vending machines are seen as a resolution to labor shortages. Costs associated with a vending machine are less than costs incurred by an unattended retail shop. These machines can provide convenience store operators with the option to explore new avenues and opportunities in an otherwise crowded sector. These devices can accept a variety of payment cards as well as mobile payments. Retailers are offering a wide range of commodities with automated retail technologies to let consumers simply access their preferred products. Supermarkets, hypermarkets, convenience stores, restaurants, and cafés are among the places where these technologies have made an appearance.

The retail business has been struggling due to the COVID-19 pandemic, resulting in an increase in activity in the cashier-less or automated retail area. For instance, in July 2021, Hindustan Unilever Ltd. launched an in-store vending machine, Smart Fill, for its home care products. As a pilot project, the device was installed at Reliance Smart Acme Mall in Mumbai, India. Based on payment methods, the industry is categorized into cash and cashless. The cashless segment is anticipated to register the fastest CAGR during the forecast period. The cashless payment provides various advantages for both customers and companies. Some of the advantages include less cash handling losses, saving extra cost & labor time, and speed & efficiency in transactions.

In addition, consumers prefer the cashless or contactless method as it is considered a more hygienic way to make payments. For instance, according to a survey by MasterCard in April 2020, 82% of respondents worldwide said they preferred contactless and cashless payments as a cleaner way to pay. A report published by Toptal, LLC states that the countries best positioned to go cashless include the U.S., the Netherlands, Japan, Germany, France, Belgium, Spain, Czech Republic, China, and Brazil. Although cash will continue to play a prominent role in the foreseeable future, there is a slow but sure migration to a cashless society in many of these countries. Major companies focus on various strategies, such as global expansions, partnerships, acquisitions & mergers, developments & new product launches, to gain a higher industry share.

Asia Retail Vending Machine Market Report Highlights

• The offices segment is estimated to grow at the highest CAGR of 4.7% over the forecast period
• Vending machines offer beverages, snacks, high-energy meals, or other workplace supplies. Individuals may also purchase phone cards directly from these machines and can pay for purchased items through cash, mobile apps, a bank card, or an e-wallet
• The public places segment is projected to grow at a considerable CAGR of 3.6% during the forecast years
• Vending machines are perfect for outdoor places, such as amusement parks, where people spend a lot of time. These devices are suitable for sites where customers do not wish to spend on costly foods and beverages

Please note The report will be delivered in 3-8 business days upon order notification.