Market Insights Snapshot
Looking at the performance of the Humblebee brand in the Michigan market, we can see some interesting trends. In the Concentrates category, Humblebee consistently ranks within the top 20 brands in the state. The brand saw a slight dip in September 2023, falling to the 18th position from the 11th in August. However, it quickly rebounded in October, moving up to the 14th spot. This movement signifies a strong presence in the concentrates market, despite the fluctuation.
On the other hand, Humblebee's performance in the Vapor Pens category tells a different story. The brand has struggled to break into the top 20 brands in this category. In July and August 2023, it ranked 99th and 92nd respectively. It's worth noting that there are no ranking numbers for September and October, which implies that the brand did not make it to the top 20. While this might seem like a setback, it could also present an opportunity for Humblebee to reassess and improve its strategy in the Vapor Pens category within the Michigan market.
In the Michigan concentrates market, Humblebee has experienced a fluctuating competitive position. In July 2023, Humblebee ranked 12th, improving to 11th in August, but then dropping to 18th in September before rebounding to 14th in October. This suggests a volatile market position relative to competitors. For instance, Element consistently outperformed Humblebee, ranking 6th in August and September, but dropped to 12th in October. Similarly, Pleasantrees also ranked higher than Humblebee in July and August, but fell below Humblebee in October. A notable competitor, Cannashine, showed significant improvement, jumping from 86th in July to 15th in October, surpassing Humblebee. Meanwhile, Rkive Cannabis maintained a relatively stable position, ranking just above Humblebee in October. These shifts indicate a highly competitive and dynamic market for concentrates in Michigan.
In October 2023, Humblebee's top-performing product was the 'Candied Lemon Live Resin (1g)', jumping from 4th place in July to 1st place with 1559 units sold. The 'Humblebee x High Minded - Wedding Crasher Live Resin (1g)' dropped to the 2nd spot from 1st in July. Making their first appearance in the rankings, 'Champagne Patties Live Resin (1g)' and 'Trash Panda Live Resin (1g)' secured the 3rd and 4th positions respectively. The 'Tire Fire Live Resin (1g)', despite a drop from 3rd place in July to 5th in October, still maintained strong sales. These shifts in rankings indicate a dynamic consumer preference within Humblebee's concentrate offerings.