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Jun-2024
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Overview
Market Insights Snapshot
Magic Edibles has shown varied performance across different categories and states. In the Beverage category within Michigan, the brand maintained a steady rank of 11th from March to May 2024, but slightly dropped to 12th in June 2024. This indicates a minor decline in market position, which could be a point of concern for stakeholders. Conversely, in the Edible category in Michigan, Magic Edibles exhibited a strong upward trend, climbing from the 10th position in March to 7th in April and May, before settling at 8th in June. This consistent performance in the top 10 highlights the brand's strong foothold in the Edible market in Michigan, despite the minor drop in June.
It is noteworthy that Magic Edibles did not appear in the top 30 rankings for several other states and categories, which could signal a lack of market penetration or competitive edge outside of Michigan. The absence of rankings in these markets might be seen as a negative indicator, suggesting areas where the brand could improve its outreach and marketing strategies. However, the detailed sales figures and specific state performances are reserved for more in-depth analysis, which could provide further insights into the brand’s overall market strategy and operational strengths.
Competitive Landscape
In the competitive landscape of the Michigan edibles market, Magic Edibles has shown notable resilience and growth. Over the past four months, Magic Edibles has fluctuated in rank but generally maintained a strong presence, moving from 10th place in March 2024 to 8th place in June 2024. This is particularly impressive considering the competitive pressure from brands like Wana, which consistently ranks higher, holding the 6th position in June 2024, and Dixie Elixirs, which improved its rank from 8th to 7th over the same period. Additionally, Magic Edibles has outperformed Monster Xtracts and NOBO, both of which have shown more variability in their rankings. The steady sales figures for Magic Edibles, which saw a consistent increase from $680,535 in March to $765,591 in June, reflect a positive trend and suggest a loyal customer base. This stability and growth in a highly competitive market underscore Magic Edibles' strong brand positioning and potential for continued success.
Notable Products
In June 2024, the top-performing product for Magic Edibles was Lemonade Gummies 4-Pack (200mg), which regained its number one rank with sales reaching $28,420. Following closely was Blue Raspberry Fruit Chews 4-Pack (200mg), maintaining its second position from the previous month with notable sales. Pineapple Chews (200mg) made a strong comeback, rising to the third position after not ranking in May. Berry High Dose Chews (200mg), which had been the top product in both April and May, dropped to fourth place. Orange Chews 4-Pack (200mg) entered the rankings for the first time, securing the fifth position.
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