Refrigerated Vending Machine Market Size - By Product Type, By Operation Mode, By Payment Mode, By End-use, By Distribution Channel, Analysis, Share, Growth Forecast, 2025 - 2034

Refrigerated Vending Machine Market Size

The global refrigerated vending machine market was estimated at USD 6.5 billion in 2024. The market is expected to grow from USD 6.9 billion in 2025 to USD 13.3 billion in 2034 at a CAGR of 7.5%.
 

Increasing Consumption of Frozen Foods and Chilled Products to Drive the Refrigerated Vending Machine Market Canned goods allow for smart meals, available in your pantry without needing a minute cook time. Urbanization, busy work hours, and shifting lifestyles have resulted in more demand for frozen meals, ice cream, dairy products, and fresh snacks, which has made refrigerated vending machines a viable retail option.
 

However, advanced technologies, such as advanced temperature control, multi-zone cooling, and real-time monitoring, for example, can help to keep perishable goods fresh and safe. Energy-efficient refrigeration and smart vending systems further reduce costs, enabling businesses to offer more products. Energy-efficient refrigeration systems can use up to 30% less energy, according to the U.S. Department of Energy.
 

The growth of self-service retail and automated convenience stores has increased the interactive use of frozen and chilled food IDs. These machines are being deployed more at airports, offices, hospitals, and public transit stations to offer fresh and frozen food as well as to reduce the reliance on conventional convenience stores. Over 80% of the U.S. population resides in urban areas, where these machines are most heavily used, according to a U.S. Census Bureau report.
 

Further, the growing adoption of PCI-compliant digital and cashless payment gateway solutions has enabled customers to favor vending machines, as it allows making payments faster. However, with the changing consumer preferences towards healthy and premium frozen food for quick consumption, there has been increasing diversification in the product portfolios of vending machine operators, which, in turn, is fuelling the growth of the market even more.
 

Refrigerated Vending Machine Market Trends

The refrigerated vending machine industry is paved with the progress of technology, aiding in the increase of efficiency, user experience, and profits. One of the major trends is the IoT,  and AI-powered vending machines. These machines monitor stock on the shelves in real-time, predict when stores will need to be restored, and recommend products based on customer purchasing habits. This enables operators to cut down on waste, control stock levels and drive sales.
 

Cashless and contactless payments are another leading trend. NFC, QR code scanning, mobile wallets, and biometric payments are becoming commonplace features. With the rise of digital payments, it's not surprising that vending machines offering these payment options are gaining in popularity; after all, it's likely the easiest and most secure way to pay for a product. According to a Federal Reserve report, payments made using cards (and cashless other means like mobile wallets) accounted for 43% of all payments in the United States in 2022.

 

Energy-efficient refrigeration technology is advancing, too. Several vending machines are now using environmentally friendly refrigerant, an intelligent cooling system and energy-saving modes. These features reduce energy consumption and ensure compliance with stringent environmental regulations. Other agencies, such as the U.S. Department of Energy, have developed energy efficiency standards for equipment such as vending machines that will ultimately save operators hundreds of millions of dollars in energy costs.
 

Refrigerated Vending Machine Market Analysis

Based on product type, the refrigerated vending machine market is segmented as beverages, dairy products, fresh fruits and vegetables, ice cream and frozen desserts, frozen foods, and others (pharma, etc). In 2024, the beverages segment generated a revenue of USD 3.6 billion and is expected to grow at a CAGR of around 7.9% during the forecast period.
 

• The refrigerated vending machine market is being driven by high demand and frequent usage of beverages. The market for bottled or ready-to-drink (RTD) products, such as bottled water, soft drinks, energy drinks, iced coffee, and dairy-based drinks. These drinks require refrigeration to stay fresh and quality. The increasing demand for convenience and speedy purchase on-the-go has made vending machines an attractive option for providing chilled beverages.
   
• Health trends have also driven up demand for bottled juices, flavored water and functional drinks,  propelling the beverage segment. Vending machines that dispense their favourite drinks are even getting refreshing, with manufacturers introducing smart cooling systems and cashless payment options. These machines are perfectly suited to high foot traffic sites like offices,  schools, hospitals, airports, and transit centers.
   
• As per U.S. Census Bureau, vending machine sales in the United States amounted to USD 7.4 billion in 2022, from which beverages are estimated to constitute a considerable share. Alcoholic beverage companies deploy vending machines to help promote brands, test new flavors and offer limited release products. Energy-efficient and IoT-enabled machines introduced by manufacturers have helped operators manage their inventory better, lower costs and maximize profits. Thus, the beverage was the largest segment in the refrigerated vending machine market owing to convenience, taste of consumers, and technological advancements.
   

Based on payment mode, the refrigerated vending machine market is segmented as cash and cashless. In 2024, the cashless segment accounted for over 71.5% and is expected to grow at the rate of 9% till 2034.
 

• Cashless payment systems are gaining attention in the refrigerated vending machine market due to their simplicity, security, and compatibility with changing consumer patterns. Previously, more people would prefer cash over any mobile wallet, credit/debit cards,  and contactless payments. This development is accelerating with the use of smart vending machines that can scan NFC, QR codes and integrate cardless payment.
   
• Trends toward contactless and hygienic payment accelerated in COVID-19 spread, when much less cash handling is required. Governments,  too, have encouraged this shift. Indeed, 46% of all payments in America are card based in 2022, with cash usage falling to only 20%, according to the Federal Reserve. Similarly, the European Central Bank noted that contactless payments made up 41 per cent of all transactions on cards across the Euro area in 2022. In Asia-Pacific, we've seen strong growth in digital payments, with India alone, for example, reportedly experiencing a 76% increase in UPI transactions in 2023 compared to the same period in 2022, according to the Reserve Bank of India.
   
• As such, cashless payments would continue to grow in the refrigerated vending machine market over the coming years, owing to developments in technologies such as blockchain systems, artificial intelligence (AI), and biometrics payment systems.
   

Based on distribution channel, the market is segmented as online and offline. The online segment is expected to hold a major share of 51% in 2024.
 

• Growth in the refrigerated vending machine market is being driven by a growing preference for the online distribution channel, as it is convenient, the products are more, and it is the most cost-effective option for both buyers and sellers. Online platforms allow consumers to compare models, verify intricate specifications, and read reviews before making a purchase. E-commerce websites and manufacturer portals, which allow easy ordering, multiple payment options, and home delivery eliminate the need to visit physical stores or distributors.
   
• They also have lower prices, as well as discounts owing to the lower costs of operating compared to physical stores. Companies can benefit from bulk ordering discounts and personalized vending machines, service. E-commerce sales have steadily increased over the years with $1.03 trillion spent on e-commerce sales in 2022, according to the U.S. Census Bureau (source). The rise of digital tools and automation in B2B procurement is also contributing to some business users purchasing online. Also, the COVID-19 pandemic contributed towards the paradigm shift to contactless transactions as online buys tuned into the modus operandi of the buyer of vending machines.
   

• In 2024, North America dominated the refrigerated vending machine market with accounting to around 34.2% of the global market share and generated around USD 2.2 billion revenue in the same year. In North America (NA), a high need for grab-and-go snacks and drinks drives the growth of the market. This growth is also supported by the heavy influence of fast-food restaurants and retail chains. The global vending machine market is expanding due to an increasing number of people using these machines with cashless and contactless payment methods.
   
• AI technologies driven by intelligent vending machines for inventory management as well as digital payments have also gained great traction. Moreover, the U.S. Department of Energy (DOE) recently implemented incentives to promote energy-efficient refrigeration technologies, which fosters innovation within the industry. According to the DOE, shaping up vending machines can cut energy use by as much as 50 percent compared to older models.
   
• Urbanization and an expanding middle class are driving the demand for vending machines that sell convenience food and drinks in Asia-Pacific (APAC). The increasing number of offices, schools, and public transport hubs is further driving growth in the market. The vending market is further served by the digitization of payment, which has already started in countries such as China, Japan, and India.
   
• As an illustration, the Reserve Bank of India published a 76% increase against 2020 in digital payment transaction figures in 2023. Additionally, the governments of the region are promoting automated retail solutions, which is further propelling the refrigerated vending machine market growth.
   
• In Europe (EU), strict energy efficiency rules and a focus on sustainability are shaping the market. Many countries are pushing for vending machines that use less energy and eco-friendly cooling systems. The European Commission has set targets to reduce greenhouse gas emissions by 55% by 2030, which includes promoting energy-efficient technologies. Healthy food vending machines are also becoming more common as people look for better food options.
   
• Operators are adding organic and fresh food to their machines, which is attracting more customers. The rise of contactless payments is another factor supporting market growth, with the European Central Bank reporting a 40% increase in contactless transactions in 2023 compared to 2020.
   

Refrigerated Vending Machine Market Share

• In 2024, leading players in the market include Azkoyen Group, Fuji Electric, Vendekin Technologies Private Limited, Vendcraftz, Seaga Manufacturing, Rockwell Industries Limited, among others, accounting for a total market share of 30%-35%. Demand for leading market players heavily investing in sensors and other technologies is expected to dominate the refrigerator vending machine industry. For instance, Azkoyen Group,  Fuji Electric, and Seaga Manufacturing heavily invest in research and development to integrate technology innovations in their vending machines. Such as complex cooling systems, which keep the products fresh and in their optimal temperature.
   

Refrigerated Vending Machine Market Companies

Major players operating in the refrigerated vending machine industry are:

• Azkoyen
• Bharat Refrigerations
• Bianchi Vending
• Crane Merchandising
• Dover
• FAS International
• Fuji Electric
• Heatcraft Worldwide Refrigeration
• Rheavendors
• Rockwell Industries
• RS Hughes
• Seaga Manufacturing
• Vendcraftz
• Vendekin Technologies
• Westomatic Vending Services
   

Models include Azkoyen Mistral+ and Palma+ series, which dispense a wide range of refrigerated products using configurable trays with enhanced security features. They manufacture commercial and industrial refrigeration equipment, which is used to customize vending solutions. Bianchi Vending manufactures vending machines that can dispense both refrigerated and non-refrigerated items. Crane Merchandising offers high-tech refrigerated vending machines with environmentally sound cooling systems designed to keep items fresh. Dover and its subsidiaries provide high reliability, user-friendly systems that use Coral's patented vending solutions. FAS International manufactures tailor-made refrigerated vending machines for snacks, drinks, and perishable food.
 

Fuji Electric's vending machines are highly energy-efficient with advanced cooling technology for better product preservation. Heatcraft provides Vending Cooling Components. The shaders are refrigerated models with modular configurations and a user-friendly interface. These refrigerated vending machines are built to withstand harsh environments, as Rockwell Industries specializes in the production of rugged, high-quality vending machines. RS Hughes provides components and materials that are critical to the manufacture and maintenance of vending machines.
 

Refrigerated Vending Machine Industry News

• In February 2025, The Smart Vending Fridge was developed by RedyRef, a company not unfamiliar with the vending and RFID tech space. They offer a wide range of merchandise, including groceries, beverages, electronics, and medicines.
   
• May 2022 - 365 Retail Markets acquired by Sentry. The purpose of strategic acquisition is to plan and improve the operation of vending machines and micro markets.
   
• April 2022 - Lush introduced a 24-hour vending machine where customers can buy its products at any time of the day. The vending machine is in London's Coal Drops Yard opposite King's Cross Station, one of the city's busiest train stations.
   

The refrigerated vending machine market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) and Volume in Thousand Units from 2021 to 2034, for the following segments:

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Market, By Product Type

• Beverages 
  • Non-alcoholic
    • Soft Drink 
      • Cola
      • Lemonade
      • Fruit-flavored sodas
      • Hot Beverages
    • Water
    • Others (Fruit Juices, etc.) 
  • Alcoholic 
• Dairy products
• Fresh fruits and vegetables
• Frozen foods
• Others (Pharma)

Market, By Operating Mode

• Smart
• Conventional

Market, By Payment Mode

• Cash
• cashless

Market, By End Use

• Food services 
  • Full-Service Restaurants & Hotels
  • Quick Service Restaurants
  • Others (café, bars)
• Retails 
  • Supermarket & Supermarket
  • Groceries
  • Drug store
  • Others (Individual Stores, Dollar Stores, etc.) 
• Others (Corporates, Expo, metro, etc.)

Market, By Distribution Channel

• Online 
  • E-commerce
  • Company Website 
• Offline

The above information is provided for the following regions:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia