Market Forecast By Applications (Commercial Places, Offices, Public Places, Others), By Payment Mode (Cash, Cashless) And Competitive Landscape
Product Code: ETC043989 | Publication Date: Nov 2022 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
Philippines vending machines market is projected to grow during the forecast period. This growth is driven by the increasing demand for healthier and convenient food options, as well as the rising incidence of obesity in the country. Vending machines are key contributors to this market growth, as they provide consumers with healthy snacks and beverages options that are convenient and affordable. In addition, the increasing popularity of home-based businesses is also expected to drive demand for vending machines in the Philippines over the next few years.
According to 6Wresearch, the Philippines Vending Machines Market size is expected to grow during 2022-2028. The Philippines is a popular destination for tourists, and public places catering to tourists are well-targeted for vending machines. These machines can provide convenient access to drinks and snacks, as well as promote the local tourist attractions.
The Philippines has a rich heritage and culture that is reflected in the public places where vending machines are located. These venues typically offer traditional foods such as noodle dishes, spring rolls, and barbecue pork. In addition, there are several international chains that have set up shop in the country, including Starbucks and Dunkin' Donuts.
The main factors that are driving the Philippines vending machines market growth are:
Some of the key challenges faced by the Philippines vending machines market include high capital requirements, lack of awareness about the benefits of using vending machines, and reluctance of customers to adopt new technologies.
Additionally, challenges faced by the operators of the Philippines vending machines market include high cost of maintenance and equipment, low margins, and lack of awareness about the potential profits from these machines. Furthermore, stringent regulations pertaining to food safety and hygiene are also hampering the Philippines Vending Machines Market revenue.
Despite these challenges, there are some promising signs for the Philippines vending machine market. For example, Hypermarchรฉ saw strong growth due to its innovative products such as coffee capsules that can be brewed directly from a vending machine. Moreover, many operators are expanding their product lines to offer additional services such as digital wallet payments and meal delivery. Overall, despite some challenges, there is reason for optimism about the future of the Philippines vending machine market.
Based on Payment Mode, there are two main types of payment modes used in the Philippines vending machines market: cash and cashless. Cash is the predominant mode of payment, accounting for more than two-thirds of total payments made in the Philippines vending machines market. This is due to high levels of consumer consensus and convenience factors associated with using cash.
Cashless payments are growing rapidly, however, as they offer several benefits such as reduced operational costs, greater security, and faster transactions. This is being driven by increasing adoption of electronic payments platforms such as mobile wallets and e-wallets, which provide added convenience to consumers.
The recent COVID-19 pandemic has impacted theย Global Vending Machines Market, with customers preferring to buy pre-packaged food and drinks. The impact on industries such as hospitality, retail, and food & beverage will be significant over the next few months as businesses try to make sense of how the pandemic has affected their operations.
In terms of depreciation rates for different types of vending machines, it is yet to be seen how severely COVID-19 will affect them. However, given that older generation machines tend to have a higher depreciation rate than newer ones, it is safe to say that they will lose value faster. For restaurateurs and retailers who own traditional vending machines, it would be prudent to install COVID-19 filters or upgrade their systems so that they can continue dispensing soda beverages etcetera even if there are no customers present.
The Philippine government has been supportive of the vending machine market, approving new regulations in 2018 that favour the industry. These new regulations include a minimum purchase requirement for machines, as well as tax breaks and other incentives. The government also plans to establish a vending machine industry support center to help manufacturers and operators comply with regulations. Despite these policies, the Philippine vending machine market is still relatively small and lacks both technical infrastructure and customer awareness. This could be due to several factors, including a lack of competitively priced machines, high shipping costs, and the difficulty of importing goods into the country.
The key trends in the Philippines vending machines market are increasing demand for convenience foods and beverages, growing health consciousness, and increasing investment in the sector.
Philippines vending machines market share is divided into three submarkets: domestic, regional, and international. Domestic players account for the majority of the market share, followed by regional players. The international segment is expected to grow at a faster rate due to increasing investment in the health and wellness sectors in countries such as China and India.
The Philippines was among the top ten global countries with the highest number of installed vending machines (IVMs). This high number is due to two reasons: an aging population and growing spending power of consumers. Additionally, the country's large population provides a large potential market for IVMs.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Philippines Vending machines Market Overview |
3.1 Philippines Country Macro Economic Indicators |
3.2 Philippines Vending machines Market Revenues & Volume, 2021 & 2028F |
3.3 Philippines Vending machines Market - Industry Life Cycle |
3.4 Philippines Vending machines Market - Porter's Five Forces |
3.5 Philippines Vending machines Market Revenues & Volume Share, By Applications, 2021 & 2028F |
3.6 Philippines Vending machines Market Revenues & Volume Share, By Payment Mode, 2021 & 2028F |
4 Philippines Vending machines Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Philippines Vending machines Market Trends |
6 Philippines Vending machines Market, By Types |
6.1 Philippines Vending machines Market, By Applications |
6.1.1 Overview and Analysis |
6.1.2 Philippines Vending machines Market Revenues & Volume, By Applications, 2018 - 2028F |
6.1.3 Philippines Vending machines Market Revenues & Volume, By Commercial Places, 2018 - 2028F |
6.1.4 Philippines Vending machines Market Revenues & Volume, By Offices, 2018 - 2028F |
6.1.5 Philippines Vending machines Market Revenues & Volume, By Public Places, 2018 - 2028F |
6.1.6 Philippines Vending machines Market Revenues & Volume, By Others, 2018 - 2028F |
6.2 Philippines Vending machines Market, By Payment Mode |
6.2.1 Overview and Analysis |
6.2.2 Philippines Vending machines Market Revenues & Volume, By Cash, 2018 - 2028F |
6.2.3 Philippines Vending machines Market Revenues & Volume, By Cashless, 2018 - 2028F |
7 Philippines Vending machines Market Import-Export Trade Statistics |
7.1 Philippines Vending machines Market Export to Major Countries |
7.2 Philippines Vending machines Market Imports from Major Countries |
8 Philippines Vending machines Market Key Performance Indicators |
9 Philippines Vending machines Market - Opportunity Assessment |
9.1 Philippines Vending machines Market Opportunity Assessment, By Applications, 2021 & 2028F |
9.2 Philippines Vending machines Market Opportunity Assessment, By Payment Mode, 2021 & 2028F |
10 Philippines Vending machines Market - Competitive Landscape |
10.1 Philippines Vending machines Market Revenue Share, By Companies, 2021 |
10.2 Philippines Vending machines Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |