Herbs, spices & seasonings inflation in Hong Kong stood at 11.870% 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 87 herbs, spices & seasonings SKUs from companies such as McCormick, Select and Family Farm Organics that were sold by e-retailers. Buy the report here.
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Pricing is crucial, especially in a challenging economic climate, as competitive pricing and price leadership impact consumers’ choices. GlobalData’s pricing analysis reveals that ParkNShop offered lowest prices of the total SKUs within the herbs, spices & seasonings category from October through December 2023, followed by Huorganic and Biovea. According to the analysis, the price range of $5 and below was the most competitive, with 51 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, ParkNShop had greatest share of lowest prices for individual SKUs in herbs, spices & seasonings in Hong Kong in Q4 2023.
Analysis of the quarterly price data showed that Biovea offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed seasoning and himalayan; crystal; fine salt as the most popular (by number of SKUs) herbs, spices & seasonings variants. These were priced 61.91% lower than the average price of a herbs, spices & seasonings SKU.
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Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were ParkNShop, Huorganic, Biovea, and . According to the analysis, ParkNShop had the lowest average unit price, while the retailer with the widest product assortment was ParkNShop.
The report brings attention to the intricate pricing dynamics within the herbs, spices & seasonings market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, ParkNShop, Huorganic and Biovea stood out as prominent e-retailers, providing competitive pricing for a substantial number of herbs, spices & seasonings SKUs. However, to comprehensively grasp herbs, spices & seasonings market in Hong Kong, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Hong Kong herbs, spices & seasonings market, buy the report here.
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