Soymilk & soydrinks inflation in the US 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 24 soymilk & soydrinks SKUs from companies such as Silk, West Life and Wegmans Organic 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 Wegmans offered lowest prices of the total SKUs within the soymilk & soydrinks category from April through June 2023, followed by Hannaford and LIDLUS. According to the analysis, the price range of $5 and below was the most competitive, with 21 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, Wegmans had greatest share of lowest prices for individual SKUs in soymilk & soydrinks in the US in Q2 2023.
Analysis of the quarterly price data showed that no discounts were offered for soymilk & soydrinks category by the retailers tracked by GlobalData. Among variants, the tracker revealed original; soy milk and vanilla; soymilk as the most popular (by number of SKUs) soymilk & soydrinks variants. These were priced 7.67% 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 Wegmans, Coborns Delivers, Hannaford, LIDLUS and Target. According to the analysis, Target had the lowest average unit price, while the retailer with the widest product assortment was Wegmans.
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, Wegmans, Hannaford and LIDLUS stood out as prominent e-retailers, providing competitive pricing for a substantial number of soymilk & soydrinks SKUs. However, to comprehensively grasp soymilk & soydrinks 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 soymilk & soydrinks market, buy the report here.