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Tech Innovation Holds Keys to $12 Billion Vending Market
While food and beverage vending has suffered from years of significant sales declines, the industry may be turning the corner.
By product segment, the $11.7 billion food and beverage vending market in the U.S. draws 83% of sales from just two product segments: cold beverages and candy/snacks/
Demographically, the fast-growing Hispanic population ranks among the prime consumers for food and beverage vending. While Hispanic households comprise 12% of U.S. households and only 10% of U.S. household income, they are responsible for 20% of consumer vending machines/mobile vending spend.
According to David Sprinkle, Research Director for Packaged Facts, 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.
And while the strength of vending lies in snacking convenience, growth will come from delivering health, freshness and quality. Sales of fresh food are growing, and natural vending solutions bring the promise of higher-quality, higher-status food and drink to the market.
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About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods (including foods and beverages, health and beauty care, and household products), and pet products and services. Packaged Facts also offers a full range of custom research services. To learn more, visit: www.packagedfacts.com. Follow us on Facebook, LinkedIn, Twitter, Google+, and on our blog: http://packagedfacts.blogspot.com/