Baking ingredients inflation in Canada stood at 21.240% 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 351 baking ingredients SKUs from companies such as Club House, Compliments and Fleischmann’s 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 Voila offered lowest prices of the total SKUs within the baking ingredients category from October through December 2023, followed by Real Candian Superstore and Atlantic SuperMarket. According to the analysis, the price range of $5 and below was the most competitive, with 265 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, Voila had greatest share of lowest prices for individual SKUs in baking ingredients in Canada in Q4 2023.
Analysis of the quarterly price data showed that no discounts were offered for baking ingredients category by the retailers tracked by GlobalData. Among variants, the tracker revealed baking soda and baking powder as the most popular (by number of SKUs) baking ingredients variants. These were priced 27.53% lower than the average price of a baking ingredients SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were Voila, Real Candian Superstore, Atlantic SuperMarket, Valu Mart and Plantx Canada. According to the analysis, MetroCanada had the lowest average unit price, while the retailer with the widest product assortment was Voila.
The report brings attention to the intricate pricing dynamics within the baking ingredients market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, Voila, Real Candian Superstore and Atlantic SuperMarket stood out as prominent e-retailers, providing competitive pricing for a substantial number of baking ingredients SKUs. However, to comprehensively grasp baking ingredients market in Canada, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Canada baking ingredients market, buy the report here.