The overall fountain machine market worldwide was valued at US$ 1.80 Bn in 2018 and is set to grow with a CAGR of 2.9% during the forecast period.
Market Insights
Growth in consumption of carbonated beverages worldwide is driving the growth for fountain machine market in 2018. The carbonated beverages market is valued at around US$ 350 Bn in the same year. Fountain machine combines the carbon dioxide, flavored syrup concentrate and chilled water mechanically and the combination is called soda water. These machines are widely adopted at malls, restaurants, convenience stores and other stores. Mostly youngsters prefer this type of drink across the globe. Fountain machines have various benefits such as wide variety of flavor syrup, high profit margins, quick dispensing and others. Further, aforementioned benefits of fountain machines are other major growth factors for the market. On account of these factors, we expect that the fountain machine market will show steady growth during the forecast period.
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Based on application, the fountain machine market is segmented into restaurants, cinema and others (convenience stores, cafeteria, etc.). The restaurant segment has the largest value contribution and accounts for around 50% of the market revenue in 2018. The restaurant segment has the highest share owing to penetration of fast food among youngsters worldwide. Application of fountain machines at major fast food restaurant chains such as McDonald’s, Burger King, KFC, Subway and others is one of the major growth factor for the segment. Therefore, we expect that the restaurant segment will continue leading the fountain machine market during the forecast period 2019-2027.
Based on the geography, North America led the fountain machine market followed by Europe and Asia Pacific in 2018. North America accounts for around 30% value contribution in fountain machine market in the same year. Developed economy and early adoption of technologies is the major factor for largest share of North America. On the other hand, we expect that Asia Pacific will be the fastest growing segment owing to improving technological advancement in the region. China and India will be the major countries for growth of fountain machines in the region owing to rising disposable income and growth in urbanization. As a consequence, we expect that the Asia Pacific will be fastest growing region in the fountain machine market.
Restaurants segment to Continue Leading the Market
The fountain machine by application was led by restaurant segment in 2018. The segment has nearly 1/2 of the revenue share in the same year. Penetration of fast food worldwide is the major growth factor for this segment. Nowadays, people like eating junk food instead of home food owing to which the demand for fountain machine in the restaurants have increased. As a consequence, we expect that the restaurant segment will continue its dominance during the forecast period from 2019-2027.
Asia Pacific to be the Fastest Growing Region
Fountain machine market was led by North America region accounted for nearly 30% of the market share in 2018. Rapid technological advancement is the major factor for its dominance in the fountain machine market. Asia Pacific will be the fastest growing segment in the fountain machine market owing to major developing economies such as China and India. Rapid increase in urbanization in aforementioned countries is the other major factor for the growth of the region. Therefore, we expect that the Asia Pacific region will be the fastest growing region in the fountain machine market throughout the forecast period from 2019-2027.
Some of the prominent players operating in the fountain machine market are Cornelius, Himalay Soda Fountain, Lancer, Manitowoc Ice, Inc., among others.
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