Market Insights Snapshot
In the Massachusetts market, Wave Hemp has shown some interesting movements across categories. In the Tincture & Sublingual category, it managed to improve its ranking from 20th in June and July 2023, to 15th in August, and then slightly dropped to 16th in September. This suggests a positive upward trend in the middle of the year, but a slight decrease towards the end. It's worth noting that even though the ranking dropped by one place in September, the sales have increased significantly compared to July, indicating a potential growth in market share.
On the other hand, in the Topical category, Wave Hemp's performance has been less consistent. The brand started at the 16th spot in June, climbed to 17th in July, and then further to 18th in August, but unfortunately fell back to 20th in September. This indicates a struggle to maintain a steady upward momentum in this category. Despite this, the sales in August were higher than in July, which could suggest a growing consumer interest. However, the sharp decrease in sales in September might be a cause for concern for the brand.
In the Tincture & Sublingual category for Massachusetts, Wave Hemp has shown a steady improvement in its ranking, moving from 20th place in June and July 2023 to 15th place in August and maintaining a 16th place in September. This upward trend indicates a positive growth in market position relative to its competitors. Notably, Nira+ Medicinals experienced a significant drop in rank from 12th to 18th place between August and September, while Heritage CBD and Yellow Labs have maintained a relatively stable rank, with Yellow Labs slightly outperforming Wave Hemp in September. Western MA Hemp Inc. was not in the top 20 brands in June, but has since made an appearance in the rankings, although still trailing behind Wave Hemp. The absence of Western MA Hemp Inc. in June's top 20 suggests a potential increase in competition within this category.
In September 2023, the top-performing product from Wave Hemp was the CBD Natural Tincture (1000mg CBD, 30ml), which maintained its position from the previous month, and sold 27 units. The second best-seller was the CBD Hemp Salve (1000mg CBD), which dropped from its leading position in August 2023 to the second spot. The CBD Peppermint Tincture (1000mg CBD, 30ml) which previously held the third position, did not make it to the top ranks in September.
These changes indicate a shift in customer preference towards the CBD Natural Tincture over the CBD Hemp Salve, despite the latter's consistent performance in previous months. The absence of the CBD Peppermint Tincture in the top ranks suggests a decrease in its popularity for this period.