Oils and fats inflation in Australia stood at -0.001% 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 99 oils and fats SKUs from companies such as Honest to Goodness, Carwari and Colavita 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 Goodness offered the lowest prices of the total SKUs within the oils and fats category from April through June 2023, followed by Harris Farm and International Groceries. According to the analysis, the price range of $5 and $10 was the most competitive, with 42 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, Goodness had the greatest share of lowest prices for individual SKUs in oils and fats in Australia in Q2 2023.
Analysis of the quarterly price data showed that no discounts were offered for oils and fats category by the retailers tracked by GlobalData. Among variants, the tracker revealed organic; virgin; coconut and extra virgin; olive as the most popular (by number of SKUs) oils and fats variants. These were priced 78.96% lower than the average price of a oils and fats SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were Goodness, Harris Farm, International Groceries, Coles and ALDI-Australia. According to the analysis, Coles had the lowest average unit price, while the retailer with the widest product assortment was Goodness.
The report brings attention to the intricate pricing dynamics within the oils and fats market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, Goodness, Harris Farm and International Groceries stood out as prominent e-retailers, providing competitive pricing for a substantial number of oils and fats SKUs. However, to comprehensively grasp the oils and fats market in Australia, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Australia's oils and fats market, buy the report here.