The number of shopping malls being built in the country will continue to grow over the forecast period with this in turn creating new opportunities for more vending machines. As the number of shopping malls in the country increases, coupled with investments in festivals and entertainment seasons, it is expected that the number of vending machines will grow and there will be good opportunities for higher sales.
Grocery retailers and health and beauty specialists are likely to find vending a viable alternative to fast paced or capital-intensive expansion, while vending can also offer the benefit of 24-hour unmanned functionality. As consumers become more health conscious and more demanding, players could look to introduce more fresh products such as prepared salads and sandwiches and healthier snacks such as protein and raw bars.
The digital economy forms part of the government’s Vision 2030 strategy, with it aiming to achieve 70% cashless payments by 2025. With cash no longer the preferred payment option in the Kingdom vending companies are responding with more advanced machines and therefore cash-only vending machines are likely to be obsolete by the end of the forecast period.
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Vending (automatic merchandising) is the sale of products at an unattended point of sale through a machine operated by introducing coins, bank notes, payment cards, tokens or other means of cashless payment. Sales figures cover vended products only (i.e. food, drink and other consumable goods such as vended tobacco, sanitary products and condoms). Services such as the public telephone, launderette facilities, travel tickets, stamps, passport photographs, domestic energy supplies and business card creation are excluded. Coverage includes vending systems installed in public and semi-captive environments only. Hotels, transport networks, recreational centres, shopping centres/malls are included. Factories, offices, hospitals, prisons, schools and other captive environments are excluded.
See All of Our DefinitionsThis report originates from Passport, our Vending research and analysis database.
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