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Jun-2024
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Overview
Market Insights Snapshot
NectarBee has shown a mixed performance across categories and states in recent months. In Colorado, the brand's ranking in the Concentrates category has seen a gradual improvement, moving from not being in the top 30 in March 2024 to 58th place by June 2024. This upward trend, albeit slow, indicates a positive reception in the market. However, the brand's absence from the top 30 in March highlights a challenging start to the year in this category, which could be a point of concern for stakeholders monitoring performance closely.
In contrast, NectarBee's performance in the Topical category in Colorado has been more stable and promising. The brand consistently ranked within the top 10, holding positions such as 9th in March, 7th in both April and May, and 8th in June 2024. This consistency suggests a strong foothold in the Topical category, with a notable sales figure of $21,977 in June. The slight fluctuation in rankings indicates a competitive market, but NectarBee's ability to maintain a high rank highlights its resilience and strong consumer base in this segment.
Competitive Landscape
In the Colorado Topical category, NectarBee has shown a consistent performance, with its rank fluctuating slightly between 7th and 9th place over the past few months. Notably, in April 2024, NectarBee climbed to 7th place, surpassing Highly Edible and ioVia, both of which saw a decline in their rankings. However, by June 2024, NectarBee slipped back to 8th place, indicating a competitive and volatile market. Despite these fluctuations, NectarBee's sales have remained relatively stable, suggesting a loyal customer base. In contrast, Care Division has maintained a stronger position, consistently ranking in the top 6, which could be a potential area for NectarBee to focus on for strategic improvements. Additionally, the entry of Nove Luxury Chocolate into the top 10 in June 2024 highlights the increasing competition in the market, emphasizing the need for NectarBee to innovate and differentiate its offerings to maintain and improve its market position.
Notable Products
In June 2024, NectarBee's top-performing product was Pure Caviar (1g) in the Concentrates category, maintaining its number one ranking for three consecutive months with sales of 694 units. The CBD/THC 1:1 Heal Line Muscle Balm (100mg CBD, 100mg THC) in the Topical category rose to second place from third in May, showing a significant increase in sales. The CBD/THC 1:5 Heal Line Nerve Salve (50mg CBD, 250mg THC, 1.78oz), also in the Topical category, dropped to third place from second. The Caviar Cone - Hybrid Infused Pre-Roll (1g) moved up to fourth place from its consistent fifth-place ranking in previous months. Ginger Ale (10mg, 355ml) in the Beverage category remained steady, rounding out the top five products for June 2024.
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