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Jun-2024
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Overview
Market Insights Snapshot
Hover Beverages has shown varied performance across different states and categories in recent months. In Alberta, the brand managed to secure the 21st position in April 2024, a notable achievement considering it was not in the top 30 in March 2024. This upward movement indicates a positive reception in the Alberta market, although subsequent months' data are not available to confirm whether this trend continued. Conversely, in Ontario, Hover Beverages has experienced a gradual decline, dropping from the 23rd position in March 2024 to the 30th position by June 2024. This downward trend suggests increasing competition or potential challenges in maintaining market share within the province.
The category performance of Hover Beverages also presents a mixed picture. While the brand has been able to maintain a presence in the top 30 in Ontario, the steady decline over the months highlights potential areas for improvement or strategic adjustments. The absence of rankings in Alberta for months other than April 2024 may indicate either fluctuations in consumer demand or inconsistencies in distribution and marketing efforts. The sales figures in Ontario also show a downward trajectory, with a notable decrease from $28,085 in March 2024 to $15,258 in June 2024, suggesting that the brand may need to reassess its strategies to regain momentum. Overall, Hover Beverages' performance across these regions underscores the importance of adaptive marketing and robust distribution strategies to sustain and grow its market presence.
Competitive Landscape
In the competitive landscape of the beverage category in Ontario, Hover Beverages has experienced notable fluctuations in rank and sales over the past few months. Hover Beverages saw its rank drop from 23rd in March 2024 to 30th by June 2024, indicating a downward trend. This decline is particularly significant when compared to competitors like Yandi Fresh, which, despite a similar drop in sales, managed to maintain a relatively stable rank, hovering around the 27th to 29th positions. Meanwhile, Sense & Purpose Beverages showed a positive trajectory, climbing from 32nd in April 2024 to 28th by June 2024, with a corresponding increase in sales. Another competitor, Aspire, remained relatively stable in the 31st position, suggesting a consistent market presence. Hover Beverages' sales decline from 28,085 in March to 15,258 in June reflects the challenges it faces in maintaining market share amidst growing competition. These insights highlight the need for strategic adjustments to regain and sustain a competitive edge in the Ontario beverage market.
Notable Products
In June 2024, the top-performing product for Hover Beverages was the CBD:THC 1:1 Peach Mango High Sparking Beverage (10mg CBD, 10mg THC, 355ml), maintaining its number one rank for four consecutive months with sales of 1497 units. The second-best seller was the CBD:THC 1:1 Lemon Iced Tea High Sparkling Beverages (10mg CBD, 10mg THC), which also held its position at number two consistently throughout the same period. Both products have shown a decline in sales figures compared to previous months. The Peach Mango variant saw a significant drop from 3103 units in April to 1497 units in June. Despite the decrease in sales, these two beverages have remained the top choices among consumers.
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