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May-2024
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Overview
Market Insights Snapshot
Pyramid Pens has shown notable performance variations across different states and categories. In Colorado, the brand has made significant strides in the Concentrates category, climbing from a rank of 69 in February 2024 to 43 by May 2024. This upward movement is accompanied by a substantial increase in sales, indicating growing consumer preference. Conversely, in the Vapor Pens category within the same state, Pyramid Pens has maintained a steady presence, ranking 30th consistently from March to May 2024, suggesting a stable but competitive market position.
The performance in Michigan paints a different picture. In the Concentrates category, Pyramid Pens has seen a decline from rank 43 in February 2024 to 51 by May 2024, with a corresponding drop in sales. This downward trend could be indicative of increasing competition or shifting consumer tastes. Interestingly, in the Vapor Pens category, the brand was not within the top 30 until April 2024, where it entered at rank 97 and improved to 83 by May 2024. This late entry and subsequent rise suggest a growing foothold in the Michigan market, albeit from a lower starting point.
Competitive Landscape
In the competitive landscape of vapor pens in Colorado, Pyramid Pens has maintained a consistent rank of 30th place from February to May 2024. This stability contrasts with the fluctuating positions of competitors such as Natty Rems, which saw a peak at 16th in April before dropping to 28th in May, and Dabble Extracts, which experienced a significant rise from 68th in April to 31st in May. Meanwhile, West Edison and Goldwater Extracts have shown more moderate fluctuations, with West Edison hovering around the low 30s and Goldwater Extracts oscillating between the mid-20s and low 30s. The consistency in Pyramid Pens' ranking suggests a stable market presence, although it also indicates a potential need for strategic initiatives to break into higher ranks and boost sales, especially as competitors demonstrate both volatility and growth potential in the same period.
Notable Products
In May-2024, the top-performing product for Pyramid Pens was Tangie Breath Budder (1g) in the Concentrates category, securing the number one rank with sales of 2584 units. Prism - Golden Triangle Distillate Cartridge (1g) in the Vapor Pens category climbed to the second rank from fifth in March-2024, indicating a significant improvement. Gelonade Live Resin Budder Cartridge (1g) maintained a strong presence by securing the third rank, showing consistency from the previous month. Prism - Confucius Kush Distillate Cartridge (1g) and Sherbacio Live Resin Budder Cartridge (1g) rounded out the top five, with both products making their debut in the rankings this month. Overall, the rankings highlight a notable shift in consumer preferences towards new and diverse product offerings.
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