Market Insights Snapshot
In New York, the cannabis brand NEXT has shown a notable performance across various categories, with its presence being most prominent in the concentrates category. The brand maintained its position within the top 15 from October 2023 through January 2024, showing a slight dip in December but recovering by January. This upward trajectory, especially with a jump from 14th to 12th rank, indicates a growing consumer preference for NEXT's concentrates. Interestingly, despite not breaking into the top 20 in the edible category initially, NEXT witnessed a consistent rank in the high twenties from October 2023 to January 2024. This persistence in ranking, despite not being among the top contenders, suggests a steady demand for their edibles. However, it's worth noting that in the vapor pens category, NEXT struggled to make a significant impact, with rankings falling outside the top 45 initially and deteriorating further by January 2024. This variation in performance across categories highlights the brand's strengths and areas for potential growth within the competitive New York market.
While the detailed sales figures for each category reveal interesting trends, one standout detail is the significant sales increase in the concentrates category, where sales grew from 4,840 in October 2023 to 11,641 by January 2024. This jump not only underscores the growing market demand for concentrates in New York but also positions NEXT as a rising player in this category. Conversely, the vapor pens category presents a challenge for NEXT, with a declining rank and sales figures suggesting a need for strategic reevaluation to capture consumer interest. The edibles category, despite not achieving top 20 status, shows a consistent market presence, hinting at a loyal consumer base that could be expanded with targeted marketing efforts. Overall, NEXT's performance across categories and over time offers a nuanced view of its market positioning, with notable successes and clear opportunities for growth and improvement.
In the competitive landscape of the edible category in New York, NEXT has shown a consistent presence, albeit with slight fluctuations in its ranking over the recent months. Starting from October 2023, NEXT held the 23rd position, which slightly improved in November but then dipped to 29th by December 2023, and remained stable into January 2024. This indicates a competitive but challenging market environment for NEXT, especially when compared to its competitors. For instance, Bison Botanics has consistently outperformed NEXT in terms of rank, maintaining a higher position throughout the same period, despite a slight decline in January 2024. On the other hand, MKX Oil Company showed remarkable improvement, moving from a lower rank in October 2023 to significantly surpass NEXT by January 2024. Interestingly, Matter., despite not being ranked until December, surged in January 2024, indicating a volatile market where new entrants can quickly rise. This competitive analysis underscores the dynamic nature of the edible cannabis market in New York, highlighting the need for NEXT to innovate and adapt to maintain or improve its market position amidst these fluctuations and the aggressive strategies of its competitors.
In January 2024, NEXT's top-selling product was Blue Razz Gummies 10-Pack (100mg) from the Edible category, maintaining its number one rank with 271 sales. Following closely, Grape Nectar Bites Gummies 10-Pack (100mg) also in the Edible category, secured the second position, showing a slight rank fluctuation in previous months but holding steady from December. The third spot was taken by Mango Gummies 10-Pack (100mg), which saw a rank interchange with Grape Nectar Bites in November but has remained consistent in the third position since December. Puppy's Breath Cured Resin Crumble (1g) from the Concentrates category consistently held the fourth rank across the observed months, indicating a stable demand. Beach Buzz Piña Colada Disposable (1g) from the Vapor Pens category, a newer entry, managed to secure the fifth position since its introduction in November, showing a growing interest in this product line.