Baby milks inflation in Singapore stood at 12.200% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q4 2023, GlobalData monitored the pricing of 90 baby milks SKUs from companies such as Nan, Similac and Nature One Dairy that were sold by e-retailers. Buy the report here.
Pricing is crucial, especially in a challenging economic climate, as competitive pricing and price leadership impact consumers’ choices. GlobalData’s pricing analysis reveals that FairPrice offered lowest prices of the total SKUs within the baby milks category from October through December 2023, followed by Cold Storage and RedMart. According to the analysis, the price range of $20 and $50 was the most competitive, with 48 SKUs.
The chart below illustrates price leadership among the covered retailers which offer the highest number of low-priced products in the category. Of all retailers, FairPrice had greatest share of lowest prices for individual SKUs in baby milks in Singapore in Q4 2023.
Analysis of the quarterly price data showed that no discounts were offered for baby milks category by the retailers tracked by GlobalData. Among variants, the tracker revealed growing up; stage 3 and pro a+; growing up; stage 3 as the most popular (by number of SKUs) baby milks variants. These were priced 73.19% higher than the average price of a baby milks SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were FairPrice, Cold Storage, RedMart, and . According to the analysis, Cold Storage had the lowest average unit price, while the retailer with the widest product assortment was FairPrice.
The report brings attention to the intricate pricing dynamics within the baby milks market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, FairPrice, Cold Storage and RedMart stood out as prominent e-retailers, providing competitive pricing for a substantial number of baby milks SKUs. However, to comprehensively grasp baby milks market in Singapore, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Singapore baby milks market, buy the report here.