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Jun-2024
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Overview
Market Insights Snapshot
Tune has exhibited notable performance in the Beverage category, particularly in New York. The brand maintained a strong presence, consistently ranking within the top five from March to June 2024. Despite a dip to the fifth position in May, Tune rebounded to secure the second spot again by June. This fluctuation suggests a resilient market position and a robust consumer base in New York. The brand's ability to regain its ranking after a brief decline is indicative of strong market strategies and consumer loyalty.
While Tune's performance in New York is commendable, it is important to note that the brand did not make it into the top 30 in other states and categories during the same period. This absence could be viewed as a missed opportunity or a potential area for growth. The brand's concentrated success in one state underscores the need for a more diversified market approach to enhance its footprint across other regions. By leveraging its strong performance in New York, Tune could explore strategies to replicate its success in other states, potentially tapping into new consumer segments and expanding its market share.
Competitive Landscape
In the competitive landscape of the New York cannabis beverage market, Tune has experienced notable fluctuations in its rank and sales over recent months. Initially holding a strong position at rank 2 in March and April 2024, Tune saw a dip to rank 5 in May before rebounding to rank 2 in June. This volatility contrasts with the consistent performance of Ayrloom, which has maintained the top spot throughout this period, indicating a robust and loyal customer base. Meanwhile, MyHi has shown a steady climb, moving from rank 5 in March and April to rank 3 in May and June, suggesting an upward trend in consumer preference. Harney Brothers Cannabis has remained relatively stable at rank 3 and 4, but has not posed a significant threat to Tune's position. These dynamics highlight the competitive pressures Tune faces, particularly from Ayrloom and MyHi, and underscore the importance of strategic marketing and product differentiation to regain and sustain higher market rankings.
Notable Products
In June 2024, the top-performing product for Tune was the Black Cherry Infused Seltzer (10mg THC, 12oz), maintaining its rank from May with notable sales of 2784 units. The Sicilian Lemon & Rose Infused Seltzer (10mg THC, 12oz) followed closely in second place, having climbed from third place in May. The Black Cherry Infused Seltzer 4-Pack (40mg) secured the third position, up from second place in the previous month. The Raspberry Lime Infused Seltzer (10mg THC, 12oz) ranked fourth, consistent with its May ranking. Lastly, the Sicilian Lemon & Rose Infused Seltzer 4-Pack (40mg) entered the top five, showing a significant rise from its previous absence in the rankings.
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