Soups inflation in South Africa stood at 21.620% 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 111 soups SKUs from companies such as Knorr, Pnp and Imana 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 Pick n Pay offered lowest prices of the total SKUs within the soups category from October through December 2023, followed by Makro and Woolworths-South Africa. According to the analysis, the price range of $5 and below was the most competitive, with 99 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, Pick n Pay had greatest share of lowest prices for individual SKUs in soups in South Africa in Q4 2023.
Analysis of the quarterly price data showed that no discounts were offered for soups category by the retailers tracked by GlobalData. Among variants, the tracker revealed brown onion and beef & onion as the most popular (by number of SKUs) soups variants. These were priced 51.74% lower than the average price of a soups SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were Pick n Pay, Makro, Woolworths-South Africa, and . According to the analysis, Pick n Pay had the lowest average unit price, while the retailer with the widest product assortment was Pick n Pay.
The report brings attention to the intricate pricing dynamics within the soups market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, Pick n Pay, Makro and Woolworths-South Africa stood out as prominent e-retailers, providing competitive pricing for a substantial number of soups SKUs. However, to comprehensively grasp soups market in South Africa, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the South Africa soups 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.
