Baking ingredients inflation in India stood at -6.490% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q4 2023, GlobalData monitored the pricing of 72 baking ingredients SKUs from companies such as Harveys, Tiger Foods and Urban Platter 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 Big Basket offered lowest prices of the total SKUs within the baking ingredients category from October through December 2023, followed by Lulu-India and Natures Basket. According to the analysis, the price range of $5 and below was the most competitive, with 60 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, Big Basket had greatest share of lowest prices for individual SKUs in baking ingredients in India in Q4 2023.
Analysis of the quarterly price data showed that Spar India offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed strawberry; jelly crystals and cooking; soda as the most popular (by number of SKUs) baking ingredients variants. These were priced 139.49% lower than the average price of a baking ingredients SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were Big Basket, Lulu-India, Natures Basket, Spar India and . According to the analysis, Lulu-India had the lowest average unit price, while the retailer with the widest product assortment was Big Basket.
The report brings attention to the intricate pricing dynamics within the baking ingredients market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, Big Basket, Lulu-India and Natures Basket stood out as prominent e-retailers, providing competitive pricing for a substantial number of baking ingredients SKUs. However, to comprehensively grasp baking ingredients market in India, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the India baking ingredients market, buy the report here.