Milk inflation in China stood at 26.250% 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 125 milk SKUs from companies such as Klim, Oldenburger and Quaker 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 RT-MART offered lowest prices of the total SKUs within the milk category from October through December 2023, followed by Epermarket and Suning. According to the analysis, the price range of $5 and below was the most competitive, with 50 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, RT-MART had greatest share of lowest prices for individual SKUs in milk in China in Q4 2023.
Analysis of the quarterly price data showed that RT-MART offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed full cream and high calcium; powder as the most popular (by number of SKUs) milk variants. These were priced 39.45% higher than the average price of a milk SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were RT-MART, Epermarket, Suning, GZ Grocery and My dmart. According to the analysis, JD had the lowest average unit price, while the retailer with the widest product assortment was RT-MART.
The report brings attention to the intricate pricing dynamics within the milk market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, RT-MART, Epermarket and Suning stood out as prominent e-retailers, providing competitive pricing for a substantial number of milk SKUs. However, to comprehensively grasp milk market in China, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the China milk market, buy the report here.