Baking ingredients inflation in the UK stood at 0.050% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q2 2023, GlobalData monitored the pricing of 243 baking ingredients SKUs from companies such as Dr. Oetker, ASDA Extra Special and Cake Decor 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 ASDA offered lowest prices of the total SKUs within the baking ingredients category from April through June 2023, followed by Tesco and Morrisons. According to the analysis, the price range of $5 and below was the most competitive, with 215 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, ASDA had greatest share of lowest prices for individual SKUs in baking ingredients in the UK in Q2 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 yeast and cocoa powder as the most popular (by number of SKUs) baking ingredients variants. These were priced 1.22% 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 ASDA, Tesco, Morrisons, Holland And Barrett and Bestway. According to the analysis, The Plantbase Store had the lowest average unit price, while the retailer with the widest product assortment was ASDA.
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, ASDA, Tesco and Morrisons 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 the UK, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the the UK baking ingredients market, buy the report here.