Market Insights Snapshot
In the Topical category, Mino-Ahki has shown notable performance in different provinces. In Alberta, the brand consistently ranked within the top 20 from July to October 2023. However, there was a slight decline in ranking, moving from 12th place in July to 15th place in October. Sales reflected this trend, hitting a high in August before decreasing in the following months. In contrast, Mino-Ahki experienced a more drastic shift in Saskatchewan. The brand climbed from the 5th spot in July to 3rd in August, but slipped to 11th by October. Despite the drop in rankings, sales remained relatively stable.
On the other hand, Mino-Ahki's performance in Ontario was less consistent. The brand only appeared in the top 20 ranking for the Topical category in July, at 27th place. After that, it did not make the list in the following months, indicating that it may need to strengthen its presence in this market. However, it's important to note that even though the rankings for the following months are not available, it doesn't necessarily mean that the brand did not make any sales. The absence of ranking information only indicates that the brand was not among the top 20 in Ontario for those months. This could be an area for potential growth for Mino-Ahki.
In the Topical category within Saskatchewan, Mino-Ahki has experienced a fluctuating performance in terms of rank and sales. Starting strong in July 2023 at rank 5, Mino-Ahki climbed to the 3rd position in August, only to drop to 10th and 11th in September and October respectively. This indicates a significant decrease in market dominance compared to its competitors. Apothecary Labs and feelgood have consistently maintained higher ranks, with Apothecary Labs showing a steady rise and feelgood experiencing a slight drop in October. Notably, RHO Phyto which started at a higher rank than Mino-Ahki, has seen a significant drop in rank, indicating a decrease in sales. On the other hand, Nuveev, despite starting at a lower rank, has shown a steady rise, suggesting a potential threat to Mino-Ahki's market position. The data suggests a highly competitive and volatile market, with Mino-Ahki needing to strategize effectively to regain its lost ground.
In October 2023, Mino-Ahki's top-performing product was the CBD Traditional Sweetgrass Lotion (300mg CBD, 200ml), maintaining its number one ranking from the previous three months. Despite its consistent top ranking, the sales figure for this product in October dropped significantly to 75 units, compared to 156 units in September, 356 units in August, and 202 units in July. This suggests a declining trend in sales for this product, despite its top position. The persistent top rank indicates that even with falling sales, no other product in the Mino-Ahki portfolio was able to surpass its popularity. This data offers an interesting insight into the product dynamics within Mino-Ahki, and further analysis could reveal the reasons behind this trend.