While food and beverage vending has suffered from years of significant sales declines, the industry may be turning the corner, according to a new report from the States.
In a just-released report on Food and Beverage Vending Trends in the US, it forecasts 1.5% market growth by 2015, on the heels of vending machine innovation that promises higher food and beverage quality, increased consumer interaction, increased cashless payment acceptance, and more aggressive competition with foodservice.
By product segment, the $11.7bn food and beverage vending market in the US draws 83% of sales from just two product segments; cold beverages and candy/snacks/confections. By a wide margin, consumers categorise their vending machine and mobile vending purchases as snacks, which account for about 57% of consumer vending machine and mobile vending spend.
According to the report, technological innovation holds the keys to future growth in the vending market. Social and interactive vending, touchscreens, and wireless supply-side networking are a big part of the equation, offering tremendous upside for consumer engagement. But virtually every macro driver in the vending market is heavily influenced by technological change, from cashless payments to health and quality vending enhancements