Prepared meals inflation in the UK stood at 0.010% 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 1,291 prepared meals SKUs from companies such as Tesco, ASDA Extra Special and Morrisons 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 Tesco offered lowest prices of the total SKUs within the prepared meals category from April through June 2023, followed by ASDA and Morrisons. According to the analysis, the price range of $5 and below was the most competitive, with 1,111 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, Tesco had greatest share of lowest prices for individual SKUs in prepared meals in the UK in Q2 2023.
Analysis of the quarterly price data showed that no discounts were offered for prepared meals category by the retailers tracked by GlobalData. Among variants, the tracker revealed cheese & macaroni and tomato sauce; baked beans as the most popular (by number of SKUs) prepared meals variants. These were priced 22.61% lower 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 Tesco, ASDA, Morrisons, Bestway and Ocado. According to the analysis, Costco UK had the lowest average unit price, while the retailer with the widest product assortment was Tesco.
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, Tesco, ASDA and Morrisons 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 the UK, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the the UK prepared meals market, buy the report here.