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Jun-2024
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Overview
Market Insights Snapshot
Humblebee's performance in the Michigan market has shown varied results across different categories. In the Concentrates category, Humblebee maintained a presence within the top 30 brands from March to June 2024, although it experienced some fluctuations. The brand ranked 21st in March, improved slightly to 19th in April, but then saw a decline to 27th by June. This downward trend might indicate increasing competition or shifting consumer preferences within the Concentrates market. Despite the dip in rankings, Humblebee's sales in this category peaked in April with $240,544, showing that the brand can still capture significant market share when conditions are favorable.
In the Vapor Pens category, Humblebee's performance was less consistent. The brand was not in the top 30 in April, which could be seen as a setback. However, it made notable progress from March to June 2024. Starting at rank 88 in March, Humblebee climbed to 70th in May and further improved to 60th by June. This upward trajectory suggests a growing consumer interest in Humblebee's Vapor Pens, potentially due to product innovation or successful marketing strategies. The brand's sales in this category also increased over the months, with a notable rise to $97,422 in June, indicating a positive reception from the market.
Competitive Landscape
In the Michigan concentrates market, Humblebee has experienced notable fluctuations in its ranking and sales over the past few months. Starting at rank 21 in March 2024, Humblebee improved to 19th in April but then saw a decline to 27th by June. This downward trend in rank is mirrored by a decrease in sales from $240,544 in April to $190,853 in June. In comparison, Element, another competitor, showed a more stable performance, maintaining a rank around the low 20s and experiencing less dramatic sales fluctuations. Uplyfted Cannabis Co. also saw a similar dip in rank from 22nd in April to 28th in June, with sales closely matching Humblebee's in June. Meanwhile, Cannashine experienced a significant drop in rank in April and May but rebounded to 25th in June, with sales surpassing Humblebee's at $202,315. Lastly, Dabs & Doses showed a steady climb from 40th in March to 29th in June, suggesting a potential threat to Humblebee's market share if the trend continues. These competitive dynamics indicate that while Humblebee has had strong sales figures, maintaining or improving its rank will require strategic adjustments to counter the rising competition.
Notable Products
In Jun-2024, Humblebee's top-performing product was Melonade Live Resin (1g) in the Concentrates category, which achieved the number one rank with sales of $1051. Acai Sherbet Live Resin (1g) followed closely in second place, while Fried Apples Live Resin (1g) secured the third spot. Gelato #25 x Dosido Live Resin (1g) maintained its fourth rank from the previous month. Notably, Acai Sherbert Live Resin Cartridge (1g) in the Vapor Pens category dropped from the top position in May-2024 to fifth place in June. This shift in rankings indicates a strong performance for concentrates over vapor pens in the latest month.
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