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Mar-2024
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Overview
Market Insights Snapshot
In the beverage category, Collective Project has seen varied performance across different provinces. In Alberta, the brand experienced a gradual decline in ranking from 15th in December 2023 to 20th in March 2024, indicating a potential decrease in market share or increased competition. This downward trend is also reflected in their sales figures, which dropped significantly over the same period. Conversely, in British Columbia, Collective Project maintained a strong position within the top 10, although it slipped from 4th to 8th place from December 2023 to March 2024. This suggests a relatively strong brand presence but possibly an emerging challenge in maintaining its top-tier status amidst a dynamic market landscape. Notably, in Ontario, the brand saw a dramatic fall from being the top-ranked beverage in December 2023 to 14th by March 2024, alongside a significant decrease in sales, which could hint at strategic missteps or shifts in consumer preferences within the province.
On the edibles front, Collective Project's performance in Ontario shows stability in rankings, hovering in the mid-20s from December 2023 through March 2024. This consistency suggests a steady demand for their edibles, although the brand is not among the top contenders in this category. In Saskatchewan, the brand made its entry into the edibles market in February 2024, ranking 29th in both February and March. While breaking into the top 30 is a positive sign, the lower rankings indicate that there is considerable room for growth and market penetration in Saskatchewan. The contrasting performance between beverages and edibles across provinces highlights the diverse challenges and opportunities Collective Project faces, underscoring the importance of tailored strategies to navigate the complexities of each market.
Competitive Landscape
In the competitive landscape of the beverage category in Ontario, Collective Project has experienced a notable fluctuation in its market position, according to recent data. Initially leading the pack in December 2023 as the top brand, it saw a gradual decline in rank over the following months, dropping to 14th place by March 2024. This shift is particularly striking when compared to its competitors, such as Cookies, which also saw a decrease but remained relatively stable, and Vacay, which improved its standing, moving up to 12th place by March 2024. Solei and Green Monke have shown resilience and consistency in their ranks, highlighting a competitive edge in maintaining market presence amidst fluctuations. This trend of Collective Project's declining rank, despite its initial dominance, underscores the volatile nature of consumer preferences and the intense competition within the Ontario beverage market. Such insights are crucial for stakeholders looking to navigate the complexities of market dynamics and consumer trends.
Notable Products
In March 2024, Collective Project saw "Day Tripper - CBD:THC 1:1 Raspberry and Vanilla Sparkling Juice (10mg CBD, 10mg THC)" rise to the top of their sales chart with 4,402 units sold, marking a significant shift as it climbed from third place in February to first. Following closely, "CBD/THC 1:1 Blood Orange, Yuzu & Vanilla Sparkling Juice (10mg CBD, 10mg THC, 355ml)" dropped to second after leading the sales in the previous months. The "CBD:THC 1:1 Mango Pineapple & Coconut Sparkling Juice (5mg CBD, 5mg THC)" maintained a consistent performance, securing the third spot again. Notably, two new entrants in the edible category, "Day Tripper- CBD:THC 1:1 Raspberry & Vanilla Sour Squeezys Chews 5-Pack (10mg CBD, 10mg THC)" and "Squeezys -CBD:THC 1:1 Blood Orange Original Sour Soft Chews 5-Pack (10mg CBD, 10mg THC)", debuted in the rankings at fourth and fifth place, respectively. This shift indicates a diversifying interest among Collective Project's offerings, with beverages still leading but edibles gaining traction.
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