Meat inflation in Singapore stood at -10.630% 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 888 meat SKUs from companies such as Aw’s Market, Eater’s Market and HEGO 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 FairPrice offered lowest prices of the total SKUs within the meat category from October through December 2023, followed by Shopee Singapore and Cold Storage. According to the analysis, the price range of $5 and below was the most competitive, with 340 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, FairPrice had greatest share of lowest prices for individual SKUs in meat in Singapore in Q4 2023.
Analysis of the quarterly price data showed that no discounts were offered for meat category by the retailers tracked by GlobalData. Among variants, the tracker revealed luncheon and pork; luncheon as the most popular (by number of SKUs) meat variants. These were priced 16.41% higher than the average price of a meat SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were FairPrice, Shopee Singapore, Cold Storage, RedMart and . According to the analysis, FairPrice had the lowest average unit price, while the retailer with the widest product assortment was FairPrice.
The report brings attention to the intricate pricing dynamics within the meat market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, FairPrice, Shopee Singapore and Cold Storage stood out as prominent e-retailers, providing competitive pricing for a substantial number of meat SKUs. However, to comprehensively grasp meat market in Singapore, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Singapore meat market, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s online price intelligence platform helps users analyze price leadership and price gaps, as well as visualize product variants at the SKU level, across multiple geographies, retailers, and categories. The platform, a product of Consumer Intelligence Center provides price insights from more than 370 online retailers across 44 countries.
