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27 Sep 2017

Industry

New Challenges Facing the Mooncake Market in 2017 (Current Issue No. 2870 Full Ed.)

 KResearch expects this year's mooncake market will be worth around THB900 million, which would be essentially unchanged from 2016. In 2017, mooncake producers have raised their product prices as a result of higher costs, but they have also explored new ingredients and fillings to satisfy young people who buy mooncakes for personal consumption as well as for gifts. Some producers are targeting buyers with high purchasing power looking for unique creations; these businesses may also indulge in offering imported products to their customers to give the market a more colorful atmosphere amid intensified competition.

In our view, the younger generation of buyers seem to now be the focus of mooncake producers, thus young buyers are gaining a more important role in the market. However, some buyers in this segment may need to economize on their purchases, given deteriorating purchasing power. Therefore, businesses should seek other niche segments and/or markets to boost sales; one of the most promising potential niches may be foreign tourists in Thailand, especially Chinese who are now flooding tourism venues here. Durian fillings are now quite popular among Chinese buyers, and this filling – having a unique Thai identity – is likely to help lift the total value of overall mooncake sales.

Looking ahead, competition will likely increase due to new producers entering the market. The ability to maintain a producer's market share will surely depend on their ability to devise new product enhancements and adopt more marketing channels that can effectively reach out to consumers with new generation lifestyles, as would attracting foreign tourists also be important to sales in the future. These two segments are seen as having behaviors that differ from other consumer segments, though, so their preferences should be closely followed for the benefit of better business planning and success.

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