Mooncake Market Study For 2022 To 2030 Providing Information On Key Players, Growth Drivers And Industry Challenges

Mooncake Market: Overview

Every mid-autumn festival, Chinese people spend time with their loved ones while exchanging and eating mooncakes, densely baked pastries with a variety of fillings. The festival is deeply rooted in ancient tradition, and while there are several legends surrounding its origin, the most compelling explanation is that it is closely related to seasonal harvest.

Chinese emperors worshipped heavenly bodies in ancient times, and gatherings and feasts were held every autumn to ask the moon for abundant crops. In 2019, Chinese mooncakes generated approximately 19.7 billion RMB, a 7.9% year-on-year increase, and approximately 1.4 billion mooncakes were sold, equating to one mooncake per person. Aside from being shared among relatives, friends, and lovers, Chinese companies usually give mooncakes as a gift to their employees around the Mid-autumn festival. According to Datagoo, more than 19% of those polled in 2020 had no intention of purchasing a mooncake because they would have received one from their employer, while 39.8% planned to do so.

Although quality and taste are the most important factors influencing purchasing decisions, traditional flavours such as red beans, egg yolk, dried meat, sesame, and plums are becoming less appealing to young Chinese consumers. As a result, when developing new mooncake aromas, experimenting and daring are now essential attitudes. Chocolate, seafood, ice cream, and cranberry are just a few of the flavours transforming Chinese mooncakes into a diverse constellation of new fillings. While traditional flavours are popular with people of all ages, cheese and matcha tea are among the top five favourite flavours of Chinese young consumers.

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Because most Chinese consumers buy mooncakes in physical stores, creative packaging is essential for making them stand out and catch customers’ attention. Furthermore, Chinese tech behemoths frequently turn to design firms because they see mooncakes as a vehicle for communicating corporate culture and brand values. Today, mooncake manufacturers primarily draw inspiration from the web in their efforts to attract Chinese Millennial and Gen-Z consumers: Guochao, secret gift boxes, and collaborations with recent cartoon characters are the main trends in China’s mooncake market.

COVID-19 Impact:

The covid-19 pandemic prompted Chinese consumers to pay more attention to their health. Such rising health consciousness had an impact on the world of mooncakes as well. While traditional mooncakes weigh between 180 and 250gr, many brands have reduced the size of their cakes to 50-80gr. In addition to a smaller size, manufacturers began offering their customers low calorie, low sugar, and probiotic-rich mooncakes. Furthermore, Nestlé, Oatly, and Twinkling Powder, as well as other Chinese and international food companies, collaborated with bakery brands to launch their innovative plant-based Mid-autumn mooncakes.

Global Mooncake Market: Major Players

  • Taipan
  • Wing Wah Cake Shop
  • Saint Honore
  • Kee Wah Bakery
  • Maxim’s Caterers Limited
  • Hang Heung Cake Shop

Segmentation:

Global Mooncake Market: Types

  • Snowy Mooncake
  • Fruit and Vegetable Mooncake
  • Seafood Mooncake
  • Others

Global Mooncake Market: Applications

  • Cake Shop
  • Hypermarket
  • Supermarket
  • Others

The COVID-19 epidemic has caused significant economic and social upheaval. The pandemic has had an impact on many businesses’ supply chains and value chains. The moon cake market is no different. The impact of the COVID-19 pandemic will be assessed from the standpoint of the entire industry, including both the demand and supply sides. The pandemic’s effects would be studied and analysed for both short-term and long-term scenarios. This would aid in the development of business strategies for both the pandemic and the post-pandemic period for all industry stakeholders, including suppliers, manufacturers, vendors, distributors, and end-users.

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Frequently Asked Questions:

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