Market Insights Snapshot
In the Alberta market, Nuveev has seen some fluctuation in its performance in the Topical category. In July 2023, the brand secured the 17th rank, however, in August 2023, it fell out of the top 20, indicating a potential downturn. This movement is also reflected in the sales figures, with a significant drop from July to August. On the other hand, in the Saskatchewan market, Nuveev has been consistently improving its ranking in the Topical category, moving from the 16th position in July to 12th in October. This upward trend is mirrored in the sales numbers, with a steady increase over the same period.
Turning to the Ontario market, Nuveev's performance in the Beverage category has been relatively stable, albeit outside of the top 20. The brand's ranking hovered around the mid-40s from July to October 2023. Sales figures, however, have shown some volatility, with a peak in August followed by a drop in September and a slight recovery in October. In contrast, Nuveev's performance in the Topical category within the same market has been impressive, maintaining its position within the top 20 and even improving its ranking from 13th in July to 11th in October. This positive trend is supported by the sales data, which shows a consistent increase over this period.
In the Topical category within Ontario, Nuveev has shown a steady upward trend, improving its rank from 13th in July to 11th in October 2023. This progress is notable considering the competitive landscape. For instance, Wildflower maintained a consistent rank in the top 10, while Axea remained just ahead of Nuveev throughout the period. Interestingly, Replay which started in a higher position, dropped from 8th to 12th rank, indicating a potential opportunity for Nuveev to further improve its position. Another competitor, Pura Earth, stayed relatively stable but behind Nuveev in the rankings. In terms of sales, without disclosing exact numbers, it's evident that Nuveev has experienced growth, particularly between September and October, outperforming Pura Earth and closing the gap with Axea.
In October 2023, Nuveev's top-selling product was the CBD Soothe Nourishing Hand Cream (200mg CBD, 50g), with a significant increase in sales to 216 units. Close behind was the Soothe - CBD Grapefruit Beverage (25mg CBD, 62.6ml) ranking second, selling 156 units. The CBD Soothe Skincare Trio (450mg CBD) rose in the rankings to third place, showing a notable improvement from the previous month. The CBD Replenishing Facial Moisturizer (150mg CBD) and CBD Restorative Facial Cleanser (150mg CBD,120ml) took the fourth and fifth spots respectively. This marks a shift in customer preferences from beverages to topicals compared to the previous months.