Soymilk & soydrinks inflation in Singapore stood at 0.020% 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 41 soymilk & soydrinks SKUs from companies such as Vitasoy, F&N Nutrisoy and Marigold 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 Cold Storage offered the lowest prices of the total SKUs within the soymilk & soydrinks category from April through June 2023, followed by FairPrice and Eamart. According to the analysis, the price range of $5 and below was the most competitive, with 34 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, Cold Storage had the greatest share of lowest prices for individual SKUs in soymilk & soydrinks in Singapore in Q2 2023.
Analysis of the quarterly price data showed that FairPrice offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed soya bean and high calcium; soy milk as the most popular (by number of SKUs) soymilk & soydrinks variants. These were priced 4.83% lower than the average price of a soymilk & soydrinks SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were Cold Storage, FairPrice, Eamart, and . According to the analysis, Eamart had the lowest average unit price, while the retailer with the widest product assortment was Cold Storage.
The report brings attention to the intricate pricing dynamics within the soymilk & soydrinks market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, Cold Storage, FairPrice and Eamart stood out as prominent e-retailers, providing competitive pricing for a substantial number of soymilk & soydrinks SKUs. However, to comprehensively grasp the soymilk & soydrinks market in Singapore, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Singapore's soymilk & soydrinks market, buy the report here.