5 Stats You Should Know About the Vending Machine Industry and Markets
The vending machine dates back to ancient Greece when Hero of Alexandria, an engineer and mathematician, invented them to place in temples. Coins were exchanged for holy water.
Is the vending machine industry about to take off? Stick with us to see where it's going in this roundup of the driving trends dictating the vending markets.
Did You Know? Vending Machine Industry Stats
Vending machine trends rely on what's going on in the world. When there's a big demand for on-the-go snacks and drinks due to a busy lifestyle, vending machine markets will see an increase in sales.
Let's look at some vending machine industry statistics.
1. Market Size
The vending machine market size is $7.9 billion in 2020 and it is expected to decline. Over the past 5 years, the vending machine market declined at a rate faster than the overall economy.
2. Cashless Payments
Cashless payments have become a new trend in vending machines. Remember trying to flatten out your paper money and get the corners just right so the machine would take it?
Today, you can pay with a credit card or mobile payment, making it more convenient and safer in today's environment.
People using cashless methods of payment spend $1.71 on average.
3. Technological Innovations Offer Growth Potential
Retrofitting vending machines is a new trend to upgrade conventional machines. The latest software can be added to turn the machines into smart vending machines.
These upgrades allow for the fully automatic machines to accept cashless payments, have fancy LCD displays, and provide data on what are the most popular items.
Meeting this demand gives the industry the potential to grow its market.
Snack trends change often, especially as people become more health-conscious. The vending machine industry has had to adapt to meet the needs of the consumer. Healthier snack sales have tripled traditional snacks.
By offering sugar-free drinks, juices, organic, and/or gluten-free products, the industry can expect to see the same type of increase in sales.
5. Biggest Opportunity for Growth
When households see an increase in disposable income, they have more money to spend on things they want and not just what they need.
The biggest potential for growth in the vending machine industry comes when per capita income increases as it is expected to in 2020 and people have extra money to spend on snacks and drinks from a vending machine.
Now that you know some of the vending machine industry trends stats, take a look at our company, a leader in the industry.
SandenVendo America has been around since 1937. We manufacture some of the world's best vending machines and foodservice equipment.
Our products are made in the USA and include stack machines, glass front vendors, hot food displays, refrigerated showcases, ice cream cases, and Micro Market designs.
We offer equipment for all of your convenience needs. Contact us today.