Fountain Machine Market To Grow With Steady Growth Of 2.9% CAGR Throughout The Forecast Period
According to a new market research report published by Credence Research “Fountain Machine Market (Product Type – Drop-In Fountain Machine and Tower Fountain Machine), (Application- Restaurant, Cinema and Others (Convenience Stores, Cafeteria, etc.)) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, 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.
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.
Some of the major companies profiled in the report include Cornelius, Himalay Soda Fountain, Lancer, Manitowoc Ice, Inc., among others.