Baking ingredients inflation in the US stood at 0.040% 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 606 baking ingredients SKUs from companies such as Betty Crocker, Dr. Oetker and McCormick 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 Wegmans offered lowest prices of the total SKUs within the baking ingredients category from April through June 2023, followed by Hannaford and Coborns Delivers. According to the analysis, the price range of $5 and below was the most competitive, with 464 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, Wegmans had greatest share of lowest prices for individual SKUs in baking ingredients in the US in Q2 2023.
Analysis of the quarterly price data showed that Hannaford offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed pure; vanilla extract and vanilla; pie & pudding filling as the most popular (by number of SKUs) baking ingredients variants. These were priced 32.01% higher 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 Wegmans, Hannaford, Coborns Delivers, GermanShop24 and Target. According to the analysis, LIDLUS had the lowest average unit price, while the retailer with the widest product assortment was Wegmans.
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, Wegmans, Hannaford and Coborns Delivers 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 US, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the the US baking ingredients market, buy the report here.