The global commercial beverage dispenser equipment market size is anticipated to grow from USD 5.9 billion in 2020 to USD 8.3 million by 2027, at a CAGR of 5.9% during the forecast period from 2021 to 2027. The commercial beverage dispensers are used to dispense drinks in retail spaces and commercial outlets. The beverage categories include hot, cold, frozen, fountain, and soft serve, stored in stainless steel, glass & acrylic, or plastic containers. The equipment is considered as a tool to promote productivity, profitability, and operational excellence in foodservice chains and restaurants. Technology, merchandising options, user-friendliness, and footprint are some of the decision influencing factors for the product. The fountain dispensers were the most conventional models that encouraged product innovation in various categories throughout the decade. Convenience stores, shopping malls, recreational sites are other major end-user industries for beverage dispensers.
Dispensers have also become an integral component for retail stores. It is a tool with a blend of sustainability and design to drive consumer traffic, assuring more profitability and reducing the number of laborers. Furthermore, the growth in momentum for eco-friendly cooking, energy consumption awareness, smart kitchens, IoT embedment is expected to support the development of beverage dispensers, especially in the retail sector.
The retention of shoppers for a longer duration with engaging and user-friendly equipment has been more crucial in determining the fate of the retailing industry. The operators are also forced to adopt successful strategies to enhance profitability, operational excellence, large consumer traffic, better customer relationships, and avoid unnecessary labor costs and electricity bills. Henceforth, the dependence and reliability of equipment such as beverage dispensers have become more familiar to enhance the overall customer experience and the convenience level of the employees.
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The impact of COVID-19 in early 2020 has greatly affected the market of the beverage dispenser industry. The momentum dropped globally, both from usage frequency and stimulation of new and replacement demand. The stringent government policies and regulations from the local and national governments significantly restricted the movement of goods and equipment distribution, including beverage dispensers, where the situation was highly challenging for the vendors in the industry. Sustaining in such uncertain economic conditions allowed the vendors to strategize for the upcoming market threats and hazards. The vendors are also anticipated to foresee consistency in financial position in the coming years by adopting appropriate regional strategies to counter pandemics and such downfalls of the market landscape. Moreover, due to the current COVID-19 pandemic, the usage of beverage dispensers was affected as major end-users like shopping malls, amusement parks, cinema halls, educational institutions, and coworking spaces were shut down to prevent the rapid growth spread of the virus. The curfew also highly impacted the replacement demand and after-sales services that generate additional revenue through replacement, accessories, cleaning, and maintenance.
The concept of self-service has gained popularity in recent years as the technology is more reliable and sufficient than manual labor. Further, the innovative self-serving features and options help establish memorable experiences that can set standards. The integration level of the devices is more crucial in enhancing opportunities for in-store efficiency by pricing all in one solution. Consumers are also relying on self-service technology to reduce time in the checkout lines. Differentiation is also a major driver for the growth in the segment.
Furthermore, the foodservice industry is expected to remain a profit center for self-service-based beverage dispensers. By applying the self-service concept, the proprietors of convenience stores can leverage consumer trends and boost efficiency. They can evolve to serve the exclusive needs of the modern-day customer.
Despite the huge advantages concerning optimum performance, resource utilization, productivity, and return on investment, the high initial investment is a major challenge for the retail operators that hinder the adoption rate. This can be significantly felt in the small and growing businesses, which might compel the vendors to rely on entirely natural and packaged beverages than dispensed categories. Moreover, the recurring repair, replacement, and maintenance costs are also an additional burden for wide installation in the retail premises.
The concept of self-service has increased in popularity in recent years as the technology is now more reliable and sufficient than manual labor. Additionally, the innovative self-serving feature and options help establish a memorable experience that can set the standard. The integration level of the device is more crucial in enhancing opportunities for in-store efficiency by pricing all in one solution. Consumers are relying on self-service technology to reduce time in the checkout lines. Differentiation is a major driver for the growth in the segment. Also, the foodservice industry is expected to remain a profit center for self-service-based beverage dispensers. By applying the concept of self-service, the proprietors of convenience stores can leverage consumer trends, boost efficiency. They can evolve to serve the exclusive needs of the modern-day customer.
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The study categorizes the market of the commercial beverage dispenser equipment based on technology, beverage type, material, dispenser type, end-users, and region.
The commercial beverage dispenser equipment market has been segmented into the hot, cold, fountain, frozen, and soft serve by beverage type. In 2020, the fountain will have the largest market share of 29%. A fountain beverage dispenser is one of the most common and widely utilized equipment owing to the rising demand for carbonated and cola drinks. The vendors also rely on dispensers that deliver consistently satisfying and delicious beverages that help retain loyal customers and ensure a highly profitable business. A fountain drink, composed of 84% water, is added with sugar syrup, where the CO2 adds the sparkling effervescence to the drink. The craze for carbonized water and fizzy drinks has surged in the past five years. The vendors consider it a differentiating factor to capture the market share either in terms of organic or non-organic drinks. The changing consumer behavior and demand for fizzy drinks have been considered reasons for the increase of carbonized water in convenience stores and restaurants over the last decade.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global commercial beverage dispenser equipment market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 7.2% in the global commercial beverage dispenser equipment market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. The region’s growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India. Accounting for 60% of the global population and over 4.3 billion people, the rising disposable income, growing women employees, favorable real estate investments, growth in middle-class society support the development of technology dependence and machines such as beverage dispensers.
Drive-thru are the latest sensation that is driving the foodservice industry in South Korea. Even major QSR chains such as McDonald’s have more than 250 locations, meaning one in every six outlets operates through drive-thru business models. Similarly, coffee shops are the latest trend where Starbucks has over 200 outlets accounting for 15% of its total outlets. It is also estimated that the peak hours for the coffee are between 12 pm –1 pm, where operational efficiency is more crucial. Hence, beverage dispensers are highly preferred for maintaining productivity during these hours.
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Major players in the global market of commercial beverage dispenser equipment are Igloo Products Corporation, Manitowoc Foodservice Companies, Inc., Cornelius, Inc., FBD Frozen Beverage Dispensers, Follett LLC, Lancer BLVD, Bras Internazionale SPA, Danby Products Ltd., Cambro Manufacturing, Co., and BUNN. Every company follows its business strategy to attain the maximum market share.