Herbs, spices & seasonings inflation in Singapore stood at -7.340% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q2 2024, GlobalData monitored the pricing of 380 herbs, spices & seasonings SKUs from companies such as Master Foods, Seah’s Spices and Pasar that were sold by e-retailers. Buy the report here.
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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 herbs, spices & seasonings category from April through June 2024, followed by Cold Storage and QOO10. According to the analysis, the price range of $5 and below was the most competitive, with 214 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 herbs, spices & seasonings in Singapore in Q2 2024.
Analysis of the quarterly price data showed that NULL offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed mushroom; seasoning and black pepper; crab spice as the most popular (by number of SKUs) herbs, spices & seasonings variants. These were priced 49.75% higher 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 FairPrice, Cold Storage, QOO10, NULL and NULL. According to the analysis, QOO10 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 herbs, spices & seasonings market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, FairPrice, Cold Storage and QOO10 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 Singapore, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Singapore herbs, spices & seasonings market, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s online price intelligence platform helps users analyze price leadership and price gaps, as well as visualize product variants at the SKU level, across multiple geographies, retailers, and categories. The platform, a product of Consumer Intelligence Center provides price insights from more than 370 online retailers across 44 countries.
