Oils and fats inflation in Hong Kong stood at 0.030% 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 66 oils and fats SKUs from companies such as Lion & Globe, Knife and La Tourangelle 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 ParkNShop offered lowest prices of the total SKUs within the oils and fats category from April through June 2023, followed by Huorganic and Biovea. According to the analysis, the price range of $10 and $15 was the most competitive, with 22 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, ParkNShop had greatest share of lowest prices for individual SKUs in oils and fats in Hong Kong in Q2 2023.
Analysis of the quarterly price data showed that Biovea offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed extra virgin; olive and peanut as the most popular (by number of SKUs) oils and fats variants. These were priced 9.18% 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 ParkNShop, Huorganic, Biovea, Jett Foods and . According to the analysis, Huorganic had the lowest average unit price, while the retailer with the widest product assortment was ParkNShop.
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, ParkNShop, Huorganic and Biovea stood out as prominent e-retailers, providing competitive pricing for a substantial number of oils and fats SKUs. However, to comprehensively grasp oils and fats market in Hong Kong, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Hong Kong oils and fats market, buy the report here.
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