New York, United States, Sept. 04, 2023 (GLOBE NEWSWIRE) — The market is expanding due to the increased need for convenience, the growing appeal of coffee, and the expansion of vending machines in public spaces such as schools and workplaces.
The product type, distribution method, and geographic regions are used to segment the market for coffee vending machines. The market is divided into three segments based on product type: bean-to-cup coffee vending machines, cold coffee vending machines, and hot coffee vending machines. With the lion’s share of the market, hot coffee vending machines are the most often used kind of coffee vending machines. The growing demand for cold beverages has led to a rise in the popularity of cold coffee vending machines. Due to the rising demand for fresh coffee, the market sector with the greatest rate of growth is bean-to-cup coffee vending machines.
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Market Dynamics
One of the most consumed drinks worldwide, coffee is becoming more and more commonplace. The International Coffee Organization projects that by 2030, there will be 200 billion cups of coffee consumed worldwide. Numerous causes, such as the expanding popularity of speciality coffees, the growing health advantages of coffee drinking, and the rising disposable income of consumers in emerging markets, are contributing to this development in coffee consumption.
More and more customers are searching for easy ways to satisfy their coffee addiction. Coffee vending machines are becoming more and more common in offices, schools, and other public spaces because they provide a quick and reasonably priced option to purchase a cup of coffee.
Globally, the quantity of vending machines is continuously increasing. The Vending Industry Association estimates that there are more than 20 million vending machines in the US alone. The popularity of vending machines as a handy and cost-effective way to offer customers food and drink options is driving this increase in the number of vending machines.
Report Scope
Report Metric
Details
Compound Annual Growth Rate (CAGR)
8.5%
Forecast Period
2023-2031
