Prepared meals inflation in the US 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 1,276 prepared meals SKUs from companies such as Wegmans Food You Feel Good About, Digiorno and Kraft Macaroni & Cheese 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 Hannaford offered lowest prices of the total SKUs within the prepared meals category from April through June 2023, followed by Wegmans and Target. According to the analysis, the price range of $5 and below was the most competitive, with 821 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, Hannaford had greatest share of lowest prices for individual SKUs in prepared meals in the US in Q2 2023.
Analysis of the quarterly price data showed that Hannaford offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed cheese & macaroni and pepperoni as the most popular (by number of SKUs) prepared meals variants. These were priced 2.7% 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 Hannaford, Wegmans, Target, Coborns Delivers and LIDLUS. According to the analysis, Target had the lowest average unit price, while the retailer with the widest product assortment was Hannaford.
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, Hannaford, Wegmans and Target 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 US, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the the US prepared meals market, buy the report here.