The cannabis industry is growing, but consumers still lean toward one particular option
Although store shelves continue to be cluttered with different types of innovative cannabis products, the flower remains the favorite consumer product among marijuana lovers. Flower has lost considerable market share now that so many other products are becoming available to the customer. Still, even so, they do not seem to be replacing flowers with concentrates, edibles, and vaporizers.
Even as flower’s market share has declined, recent reports indicate that flower consumption and total dollars spent in the category have increased. “People use a lot of different products, but flower remains the backbone of the industry,” said Bethany Gomez, managing director of the Brightfield Group, a cannabis analytics firm in Chicago.
Headset, a Seattle-based cannabis data analytics firm, has been tracking different marijuana markets. After analyzing certain data, it has been found that flower sales have doubled significantly. For 2018, a figure of $2.36 billion was reported, which has increased to $4.83 billion so far in 2022. Although it may sound contradictory, during the same period, the market share of flowers fell 5%, from 45.7% to 40.7%.
Cooper Ashley, headset analytics manager, says flower enjoyed a “renaissance” during the early part of the pandemic. Even so, this year has evidenced a “correct course” as flower sales, rather than declining, have been growing at a quite remarkable rate.
Different retail inventory managers in the US report trends with many similarities. For example, according to Premiere Provisions in Big Rapids, Michigan, floral accounts for just over half of all sales. According to Edwin Maguire, general manager, low wholesale flower prices in the Great Lakes State have been one of the main reasons for these sales.