Display mode (Doesn't show in master page preview)

23 Sep 2022

Econ Digest

2022 Vegetarian Festival: Food prices set to rise while Bangkok residents plan to cut days of eating vegetarian food


        KResearch projects that the vegetarian food consumption by Bangkok residents is likely to shrink by 6% YoY this year, while vegetarian food prices could rise by 10% from the previous year, making Bangkok residents’ spending during the Vegetarian Festival 2022 to be THB 3.2 billion, up by 4% YoY.

        A survey conducted by KResearch finds that the proportion of Bangkok residents planning to eat vegetarian foods this year is similar to last year at 32%, while 68% of respondents are not interested in participating in this festival. However, over 82% of those intending to eat vegetarian food say they are affected by the economic situation and the gradually rising prices of products, so they plan to adapt to this situation by consuming vegetarian food with affordable prices, as well as reducing their spending budget and volume of vegetarian food purchased. This is consistent with the findings that Bangkok residents will reduce the number of days eating vegetarian foods to an average of 4 days this year from an average of 4.5 days last year, in order to control their spending budgets throughout the festival.

        While vegan food prices are likely to rise in line with higher costs, there are two important factors that will affect the prices of vegetarian foods this year, besides the cost of living and accelerating inflation.
1. Heavy rains and flooding in many areas have caused damage to agricultural crops, which are the main ingredients of vegetarian food. Vegetables such as kale, water spinach, yard-long beans, cabbage, pumpkin and other ingredients such as tofu are popular vegetarian ingredients that usually increase in price during the Vegetarian Festival. KResearch therefore views that the prices of vegetables during the 2022 Vegetarian Festival tend to increase by at least 30% on average compared to normal periods.

2. Energy price hikes during the Vegetarian Festival, including higher cooking gas prices, higher electricity prices and global oil prices are expected to remain high despite a decline.

        Based on the aforesaid factors, the behavior of consumers has changed during the Vegetarian Festival this year. Therefore, the main challenges for vegetarian food businesses this year are cost management along with competitive prices, under marketing strategies that motivate consumers to purchase or use the services. Looking ahead, the increasing shift towards less meat consumption by the new generation of consumers will give related companies of vegetarian foods and alternative proteins the opportunity to increase sales of their products at times other than the Vegetarian Festival. However, amid volatile production costs, business operators should be prepared to manage raw material costs and guidelines to expand market opportunities in the future.

Scan QR Code

QR Code


This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow.