Soups inflation in the US stood at 0.040% 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 436 soups SKUs from companies such as Campbell’s, Progresso and Amy’s Kitchen 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 Target offered lowest prices of the total SKUs within the soups category from April through June 2023, followed by Coborns Delivers and Wegmans. According to the analysis, the price range of $5 and below was the most competitive, with 411 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, Target had greatest share of lowest prices for individual SKUs in soups 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 chicken noodle and chicken; broth as the most popular (by number of SKUs) soups variants. These were priced 0.35% lower than the average price of a soups SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were Target, Coborns Delivers, Wegmans, Hannaford and LIDLUS. According to the analysis, Walgreen had the lowest average unit price, while the retailer with the widest product assortment was Target.
The report brings attention to the intricate pricing dynamics within the soups market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, Target, Coborns Delivers and Wegmans stood out as prominent e-retailers, providing competitive pricing for a substantial number of soups SKUs. However, to comprehensively grasp soups 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 soups market, buy the report here.