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Apr-2024
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Overview
Market Insights Snapshot
Nomad Extracts has shown a promising trajectory in the Concentrates category within the Colorado market, demonstrating a consistent upward movement in rankings over the first four months of 2024. Starting the year at the 12th position in January and achieving a notable rise to the 7th by April, this progression is indicative of increasing consumer preference and market penetration. The sales figures reflect this positive trend, with a steady increase from $204,760 in January to $245,318 by April. While the brand did experience a slight dip in rank from February to March, falling from 10th to 11th, the overall upward trajectory in both rankings and sales underscores a strong performance in Colorado's competitive concentrates category.
However, the lack of presence in the top 30 brands across other states or categories within the same period suggests a concentrated focus or possibly limited distribution channels outside of Colorado. This focus has allowed Nomad Extracts to solidify its standing within the Colorado market, yet it raises questions about the brand's visibility and market share in broader regions. The absence from top rankings in other states or provinces may be viewed as a missed opportunity for expansion or could indicate a strategic decision to deepen market penetration within a specific category and state before branching out. Nonetheless, the brand's performance in Colorado's concentrates category is a noteworthy accomplishment, hinting at a strong consumer base and effective market strategies within the state.
Competitive Landscape
In the competitive landscape of the concentrates category in Colorado, Nomad Extracts has shown a notable upward trajectory in its rank over the first four months of 2024, moving from 12th in January to 7th by April. This improvement in rank is indicative of a positive trend in sales and market positioning within the state. Competitors such as 710 Labs, which held top positions in the early months but saw a decrease from 2nd to 6th place, and Denver Dab Co, which experienced a significant jump from 14th to 5th place by April, highlight the dynamic nature of the market. Other notable competitors like West Edison and Bud Fox Supply Co have also shown fluctuations in their rankings, indicating a highly competitive environment. Nomad Extracts' consistent upward movement, despite the competitive pressures and shifting ranks of its competitors, suggests a growing consumer preference and market share within Colorado's concentrate category.
Notable Products
In April 2024, Nomad Extracts saw Jungle Pie Sugar Wax (1g) leading their sales within the Concentrates category, marking its position as the top-selling product with notable sales figures reaching 681 units. Following closely were Kush Mints Wax (1g) and Super Lemon Haze Wax (1g) securing the second and third ranks, respectively, indicating a strong preference among consumers for these varieties. Orange Ice Pop Wax (1g) also performed well, landing in the fourth position. Interestingly, 2 Scoops Wax (1g), which was the top performer in January 2024, saw a significant shift in its sales trajectory, dropping to the fifth rank by April. This fluctuation highlights dynamic consumer preferences and the competitive nature of product performance over time within Nomad Extracts' offerings.
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