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16 Sep 2021

Econ Digest

Mooncake market still sluggish and may contract 5.7%YoY in 2021


        The atmosphere for spending on mooncakes may not recover this year. KResearch assesses that the 2021 turnover in the mooncake business may shrink 5.7% to approximately THB755 million, against the contraction of 15.8% reported for 2020, due mainly to the decline in sales volume. Mooncake makers that target the mass market segment (which accounts for 60% of the total market value) will likely be hurt by eroding consumer purchasing power; those targeting the premium consumer segment, which has high purchasing power and considers prices as secondary factor, may be able to stay afloat although they will continue to experience challenges from increased competition from the rising number of players.   

        In addition, the increased prices of raw materials, the use of premium raw materials with higher prices, and the development of various packaging designs altogether affect the production cost and have driven up the prices of mooncakes this year. A market survey conducted by KResearch shows that the prices of premium mooncakes tend to increase by an average of 5%-30%, depending on the size and style of the packaging; meanwhile, the prices of mooncakes in the mass market segment mostly remain unchanged from the previous year, as mooncake markers have been trying to retain their customer base by maintaining stable prices and managing incremental costs as much as possible. Another interesting issue is the entrance of new players, especially small operators in bakery and restaurant businesses, as they will attract customers by highlighting their key selling points such as reputation and their quality of production/manufacturing that is similar to the existing operators, and by implementing marketing activities through online channels to better reach the new generation of consumers and provide consumers with more choices. In summary, there is intensifying competition in the mooncake market.  

        KResearch views that preparations to cope with unfavorable market conditions, production cost management and appropriate production capacity plans are imperative in helping sustain mooncake sales. Concurrently, creating new gimmicks and product differentiation will help boost profit and compensate for the rising costs somewhat. Moreover, expanding sales channels, collaboration with business partners in product distribution, and early introduction of marketing campaigns for other festivals may also help increase profit for mooncake bakers.

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Econ Digest