Market Insights Snapshot
Starting with the performance of Goody Bag in the Edibles category, we can see some interesting trends. In Illinois, the brand has consistently maintained a position in the top 20 brands, albeit with some fluctuation. The ranking improved from 15th in July 2023 to 12th in August 2023, before slipping back to 15th in October 2023. The slight drop in rank in the last month could be a point of concern, but it's important to remember that staying in the top 20 in this competitive category is an achievement in itself.
On the other hand, in Michigan, Goody Bag's performance in the Edibles category shows a positive trend, despite not being in the top 20 for the first two months. They were ranked 29th in July 2023, 31st in August 2023, but by October 2023, they had climbed to 24th. This improvement in ranking, coupled with a noticeable increase in sales, indicates a potential for Goody Bag to break into the top 20 in the near future. The brand's performance in Michigan is certainly a space to watch.
In the Michigan Edible category, Goody Bag has been experiencing a steady upward trend, improving its rank from 29th in July 2023 to 24th in October 2023. This increase in rank indicates a positive growth in sales, outpacing some of its competitors. For instance, Kushy Punch started stronger in July, but dropped from 11th to 20th by October. Similarly, Platinum Vape and Mitten Extracts both failed to break into the top 20 during this period. On the other hand, Sauce Essentials maintained a fairly stable rank, but did not show the same level of improvement as Goody Bag. These trends suggest that Goody Bag is gaining a stronger foothold in the Michigan Edible market, outperforming several key competitors.
In October 2023, Goody Bag's top-performing product was the Green Apple Gummies 10-Pack (200mg), with an impressive sales figure of 7308 units. This product climbed from 5th place in July to 1st place in October, showing a strong upward trend. The Pink Lemonade Gummies 10-Pack (200mg) and Hybrid Blue Raspberry Gummies 10-Pack (200mg) followed closely, ranking 2nd and 3rd respectively. The Melon Gummies 10-Pack (200mg) also showed improvement, moving from 3rd place in August to 4th in October. However, the Citrus Gummies 20-Pack (200mg) experienced a drop in sales, falling from 2nd place in July to 5th place in October.