Herbs, spices & seasonings inflation in China stood at 8.300% 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 119 herbs, spices & seasonings SKUs from companies such as McCormick, Kotanyi and Carmencita 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 Epermarket offered lowest prices of the total SKUs within the herbs, spices & seasonings category from October through December 2023, followed by GZ Grocery and . According to the analysis, the price range of $5 and below was the most competitive, with 94 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, Epermarket had greatest share of lowest prices for individual SKUs in herbs, spices & seasonings in China in Q4 2023.
Analysis of the quarterly price data showed that Epermarket offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed curry powder and garlic; powder as the most popular (by number of SKUs) herbs, spices & seasonings variants. These were priced 25.19% lower than the average price of a herbs, spices & seasonings SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were Epermarket, GZ Grocery, , and . According to the analysis, Epermarket had the lowest average unit price, while the retailer with the widest product assortment was Epermarket.
The report brings attention to the intricate pricing dynamics within the herbs, spices & seasonings market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, Epermarket, GZ Grocery and stood out as prominent e-retailers, providing competitive pricing for a substantial number of herbs, spices & seasonings SKUs. However, to comprehensively grasp herbs, spices & seasonings market in China, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the China herbs, spices & seasonings market, buy the report here.