Market Insights Snapshot
In Ontario, Hover Beverages has seen a slight decline in their performance in the Beverages category. They started in July 2023 at rank 24 but have slipped down to 28 by October 2023. This indicates a possible decrease in their market share, which is also reflected in their sales figures. July saw sales of around 37,466 units, but by October, this had dropped to 25,062 units. While this is not a dramatic decrease, it does suggest a downward trend that Hover Beverages will need to address.
On a more positive note, in Saskatchewan, Hover Beverages has shown a significant improvement. The brand was not even in the top 20 in July, but by September, they had managed to climb to rank 20 and further improved to rank 17 in October. This upward movement is a good sign and shows that their market presence is growing in Saskatchewan. The sales data also supports this, with sales increasing from 467 units in August to 1,367 in October. This is a significant increase and indicates a strong upward trend for Hover Beverages in this market.
In the Ontario Beverage category, Hover Beverages has been experiencing a steady decline in rank and sales over the period from July to October 2023. In July, Hover Beverages was ranked 24th, but by October, it had dropped to the 28th position. This indicates that the brand was not able to maintain its position in the top 20 brands in this category and state. In comparison, THC BioMed and Zele initially held higher ranks but also experienced a similar downward trend. On the other hand, HYTN and House of Terpenes were consistently ranked lower than Hover Beverages throughout this period. In terms of sales, Hover Beverages also saw a decrease, with the decline being more pronounced than that of HYTN but less severe than Zele.
In October 2023, Hover Beverages' top-performing product was the "CBD:THC 1:1 Peach Mango High Sparking Beverage (10mg CBD, 10mg THC, 355ml)", which maintained its first-place ranking from the previous three months. This product saw sales of 1556 units in October, marking a slight decline from September. The "CBD:THC 1:1 Lemon Iced Tea High Sparkling Beverages (10mg CBD, 10mg THC)" held onto the second position, as it has since July. There were no changes in the rankings of these products from the previous month. This consistency suggests a stable preference among Hover Beverages' customer base for these two products.