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Jun-2024
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Overview
Market Insights Snapshot
Monster Xtracts has shown varied performance across different categories in Michigan. In the Concentrates category, the brand's ranking has been relatively consistent, hovering around the mid-40s, but it has yet to break into the top 30, which suggests room for improvement. Notably, there was a slight uptick in June 2024, moving from the 49th position in May to the 40th position. This indicates a potential positive trend, but the overall sales figures have fluctuated, with a notable dip in April 2024 followed by a recovery in June.
In contrast, Monster Xtracts has performed significantly better in the Edible category in Michigan. The brand consistently ranks within the top 15 and even broke into the top 10 in June 2024, highlighting its strong presence in this segment. This category has seen a steady increase in sales, with a notable spike in June 2024. However, the Vapor Pens category tells a different story, as the brand did not rank within the top 30 for most months and only appeared in the 90s range in May and June 2024. This indicates a weaker performance in the Vapor Pens segment, suggesting a need for strategic adjustments to improve market positioning.
Competitive Landscape
In the competitive landscape of the Michigan edible cannabis market, Monster Xtracts has shown a notable fluctuation in rankings and sales over the past few months. Starting from a rank of 12 in March 2024, Monster Xtracts experienced a slight dip to 13 in both April and May, before climbing back to 10 in June. This upward movement in June is significant, especially when compared to competitors like Kushy Punch, which saw a decline from rank 7 in March to 12 in June, and Good Tide, which also experienced a drop from rank 10 in April to 11 in June. Meanwhile, Magic Edibles consistently maintained a higher rank, fluctuating between 7 and 10, and NOBO showed a significant improvement from 17 in March to 9 in June. The sales trends indicate that while Monster Xtracts faced a dip in April, it rebounded strongly in June, suggesting a positive long-term directional trend. This dynamic competitive environment underscores the importance of strategic positioning and market adaptability for Monster Xtracts to sustain and enhance its market share.
Notable Products
In June 2024, Monster Medibles - Blue Raspberry Gummies 10-Pack (200mg) secured the top spot with impressive sales of 18,031 units. Monster Medibles - Tropical Thunder Gummies 20-Pack (200mg) climbed to the second position from fourth in May, showing significant growth. Monster Medibles - Raspberry Lemonade Gummies 10-Pack (200mg) made a strong entry at third place, having not been ranked in April and May. Monster Medibles - Cherry Lemonade Gummies 10-Pack (200mg) maintained a consistent presence, ranking fourth, while Monster Medibles - Lemon Drop Gummies 10-Pack (200mg) dropped to fifth place from its previous second position in May. Overall, the top products for June demonstrated dynamic shifts in rankings, reflecting changing consumer preferences.
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