In the ever-evolving world of cannabis, staying ahead of the curve is crucial for brands to thrive. With new trends and shifts in product categories, adaptability is key in this young industry. Take, for example, the vape market, which took a hit in 2019 due to regulatory concerns, or the recent changes in the cannabis category mix driven by price compression and regulatory strain in 2022.
But amidst these changes, some intriguing and witty trends have emerged, showcasing the dynamic nature of the cannabis market. One notable trend is the rise of solventless products, particularly rosin, in the dabbable sector. Rosin’s share of dabbable dollar sales has skyrocketed, thanks to increased accessibility in mature markets where prices have dropped significantly. What was once seen as a product for the discerning few is now more affordable for a broader range of consumers, making rosin a hot commodity.
MJ Biz Daily also notes to look out for these 10 things.
Another surprising trend is the resurgence of disposable vapes. While disposable vapes had declined in recent years as consumers sought quality and value, 2022 saw a reversal of this trend. Dollar sales of disposable vapes grew significantly across all markets, outpacing the growth of vape cartridges. Even in mature markets like Colorado and California, disposable vapes have returned, defying expectations.
Infused pre-rolls, once a negligible market share, also saw remarkable growth in 2022. Their share of total pre-roll sales increased, with some markets like California seeing infused pre-rolls making up a whopping 55 percent of total sales. And it’s not just minor cannabinoids making waves, specifically CBN. Edibles containing CBN saw a remarkable 40 percent growth in dollar sales between October 2021 and October 2022. With consumers citing improved sleep as a top benefit of edible consumption, CBN has become a sought-after ingredient, commanding higher retail prices than other edibles.
CBN offers a crucial value add to edible brands in this era of ongoing price pressure, with BDSA Pricing Analytics data showing that CBN edibles held an average retail price that was ~20 percent higher than the average retail price for all edibles. – MJBI Report shows
In a landscape where price compression puts pressure on all segments of the cannabis industry, brands that can adapt to consumer demands and optimize their product assortments are poised for success. While trends may come and go, being nimble and responsive to the ever-changing market is key for cannabis brands to thrive in this exciting and dynamic industry. So, keep an eye on these witty trends, stay agile, and reap the benefits of a growing and sophisticated consumer base.
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