Prepared meals inflation in China stood at -13.320% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q1 2024, GlobalData monitored the pricing of 315 prepared meals SKUs from companies such as Hai Di Lao, Mo Xiaoxian and Haifusheng 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 QX-era offered lowest prices of the total SKUs within the prepared meals category from January through March 2024, followed by Epermarket and My dmart. According to the analysis, the price range of $5 and below was the most competitive, with 176 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, QX-era had greatest share of lowest prices for individual SKUs in prepared meals in China in Q1 2024.
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 beef; cup noodles and assorted; rice as the most popular (by number of SKUs) prepared meals variants. These were priced 21.07% higher than the average price of a prepared meals SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were QX-era, Epermarket, My dmart, GZ Grocery and . According to the analysis, QX-era had the lowest average unit price, while the retailer with the widest product assortment was QX-era.
The report brings attention to the intricate pricing dynamics within the prepared meals market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, QX-era, Epermarket and My dmart stood out as prominent e-retailers, providing competitive pricing for a substantial number of prepared meals SKUs. However, to comprehensively grasp prepared meals market in China, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the China prepared meals market, buy the report here.
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