Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "North America Micro Market Size, Share & Trends Analysis Report By Channel (Business & Industry, Education, Entertainment Venues, Travel & Leisure, Healthcare), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The North America micro market landscape is positioned for significant growth, with a projected size of USD 10.54 billion by 2030. This trajectory is underpinned by an impressive compound annual growth rate (CAGR) of 13.0% spanning from 2023 to 2030.
Technological advancements stand out as a pivotal driving force behind this expansion, reshaping the micro market experience for consumers and businesses alike.
The integration of cutting-edge systems, including self-checkout stations and a suite of features such as touchscreens, barcode scanners, and mobile payment options, not only streamlines the purchasing journey but also eliminates the traditional need for cashiers, resulting in shorter wait times.
Beyond convenience, the incorporation of inventory management and real-time data analytics tools empowers micro market operators to track sales, manage stock levels, and gain insights into product pricing and offerings, fostering operational efficiency and data-driven decision-making.
Additionally, a big contributor to the market's continued surging expansion is the rising consumer awareness and acceptance of micro markets. Micro markets are in greater demand as more customers discover their advantages and convenience, which has led to more of them being installed.
To inform consumers and raise knowledge of the benefits of such retail formats, micro market operators are also stepping up their marketing and promotional efforts. In addition, consumers in the region are increasingly emphasizing healthy lifestyles and wellness owing to which healthier options such as gluten-free snacks, protein bars, and others are being added to these markets to meet the consumer trends.
The education segment held a considerable share of the market in 2022
In educational settings, micro markets give students access to a variety of food and drink alternatives outside of the typical cafeteria hours. Students that may have busy schedules, such as early morning or late evening classes, study sessions, or extracurricular activities, will find this to be very helpful. Micro markets make it easy to grab a quick snack or lunch while on the road with increasing accessibility to various food and beverage options.
The U.S. accounted for a significant market share in 2022
The U.S. business and industrial sectors have seen a major increase in the popularity of micro markets. These self-service retail locations offer a practical and creative way for staff members and guests to get access to a variety of food and drinks without using conventional vending machines or cafeteria services. Micro markets, which offer a wider variety of goods than conventional vending machines, let customers select products that meet their particular tastes, such as organic, gluten-free, or locally sourced goods that are highly popular among health-conscious consumers. Thus, this ease of use and accessibility is fueling market expansion in the country.
Major market players include Compass, Aramark, Sodexo, 365 Retail Markets, Five Star Food Service, Canteen, 24 Seven, Avanti Markets, and USConnect. Various steps are adopted by these companies including partnerships, mergers & acquisitions, global expansion, and others to gain more share of the market.
North America Micro Market Report Highlights
- Canada is expected to grow at a faster CAGR over the forecast period. Increased adoption of micro markets in workplace environments enabling employees to provide access to food and beverages is driving the growth of the Canada market
- The others segment is expected to grow at the highest CAGR during the forecast period. Various dietary needs and preferences are catered by micro markets to gym enthusiasts and military personnel resulting in the rising adoption of micro markets in such channels thus surging the market growth
- The business & industry segment accounts for the largest market share in the U.S. and Canada as these channels provide a convenient and innovative solution for employees and customers to access a wide range of food and beverages without needing traditional vending machines or cafeteria services. Manufacturing facilities and offices continue to house the majority of micro markets
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 60 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3950.4 million |
| Forecasted Market Value (USD) by 2030 | $10540 million |
| Compound Annual Growth Rate | 13.0% |
| Regions Covered | North America |
Companies Mentioned
- Canteen Vending Services
- Avanti Markets
- 365 Retail Markets
- Five-Star Food Service
- Compass Group
- Aramark
- Royal Vendors, Inc.
- Sodexo
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Channel Outlook
2.3. Regional Outlook
Chapter 3. North America Micro Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Active Micro Market Locations, 2013-2021
3.2.2. Micro Market Locations by Employee Strength, 2017-2021 (%)
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.3.3. Market Opportunities
3.3.4. Market Challenges
3.4. Industry Analysis - Porter's Five Forces Analysis
3.5. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Demographics Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Key Observations & Findings
Chapter 5. U.S. Micro Market: Channel Estimates & Trend Analysis
5.1. Channel Movement Analysis & Market Share, 2022 & 2030
5.2. Business and Industry
5.3. Education
5.3.1. U.S. micro market estimates and forecast for education, 2017 - 2030 (USD Million)
5.3.2. Colleges and Universities
5.3.3. K-12 Colleges
5.4. Entertainment Venues
5.5. Travel and Leisure
5.5.1. U.S. micro market estimates and forecast for travel and leisure, 2017 - 2030 (USD Million)
5.5.2. Hotels/ Lodging
5.5.3. Airports
5.6. Healthcare
5.6.1. U.S. micro market estimates and forecast for healthcare, 2017 - 2030 (USD Million)
5.6.2. Hospitals
5.6.3. Long-Term Care
5.7. Others
5.7.1. U.S. micro market estimates and forecast for others, 2017 - 2030 (USD Million)
5.7.2. Military Bases
5.7.3. Correctional Facilities
5.7.4. Gyms
Chapter 6. Canada Micro Market: Channel Estimates & Trend Analysis
6.1. Channel Movement Analysis & Market Share, 2022 & 2030
6.2. Business and Industry
6.3. Education
6.4. Entertainment Venues
6.5. Travel and Leisure
6.6. Healthcare
Chapter 7. Competitive Analysis
7.1. Recent developments & impact analysis, by key market participants
7.2. Company Categorization
7.3. Participant's Overview
7.4. Financial Performance
7.5. Product Benchmarking
7.6. Company Market Share Analysis, 2022 (%)
7.7. Company Heat Map Analysis
7.8. Strategy Mapping
For more information about this report visit https://www.researchandmarkets.com/r/jgqq6q
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