Market Insights Snapshot
In the Colorado market, Nove Luxury Chocolate has shown significant progress in the Edible category. The brand moved from a rank of 38 in July 2023 to a commendable rank of 19 by October 2023, showing a consistent upward trend. This improvement in ranking is reflective of a substantial increase in sales over the same period. However, it's worth noting that in September 2023, the brand wasn't among the top 20, indicating room for growth and improved market penetration.
Conversely, in the Topical category within the same Colorado market, Nove Luxury Chocolate has maintained a steady presence among the top 10 brands from July to October 2023. Despite a slight dip in ranking from 10 in July 2023 to 11 in August 2023, the brand bounced back to a rank of 9 in the subsequent months. The consistency in ranking is mirrored in their sales trend, which shows a gradual increase over the period. This suggests a stable demand for their Topical products in the Colorado market.
In the edible category within Colorado, Nove Luxury Chocolate has shown a significant upward trend in both rank and sales from July to October 2023. Starting from a rank of 38 in July, it climbed to 19 by October, surpassing competitors like Binske and Sweet Mary Jane, which were not consistently in the top 20. Meanwhile, brands like Canyon and NFuzed, which maintained a top 20 position, showed a downward trend in rank. In terms of sales, Nove Luxury Chocolate saw a substantial increase, indicating a growing consumer preference for this brand. However, it's important to note that while Nove's sales are increasing, they are still lower than those of competitors like Canyon and NFuzed.
In October 2023, Nove Luxury Chocolate's top-performing product was the Sea Salt Caramel Milk Chocolate (100mg), maintaining its number one ranking from previous months and achieving a notable sales figure of 2142 units. The Honey Peanut Butter Milk Chocolate Bar (100mg) held its second position with a significant increase in sales. The Glacier Mint Milk Chocolate (100mg) moved up one place to third, showing improvement from September. The Cafe Cappuccino Milk Chocolate (100mg) also moved up, securing the fourth position from fifth in September. Finally, the Island Coconut Dark Chocolate (100mg) maintained its fifth position, despite not having sales data for September.