Summary: A Trends 2023 market analysis shows a shift in U.S. cannabis market towards high potency, premium products, particularly solventless products like live rosin and infused pre-rolls. The study, conducted by BDSA analyst Brendan Mitchel-Chesebro, highlights trends such as the rise in solventless product sales and the growing demand for minor cannabis cannabinoid-infused edibles.
Trends 2023: Rising Popularity of High Potency, Premium Products, Rosin and Infused Pre-Rolls Among US Cannabis Consumers
The U.S. legal cannabis market in 2023 has seen significant shifts in consumer preferences, driven by factors like potency, taste, and premium packaging. Solventless products like live rosin have become increasingly popular for their nuanced flavors, as noted by BDSA analyst Brendan Mitchel-Chesebro.
Key findings from the market analysis include:
- A decrease in the cannabis extracts segment to just 6% of total cannabis sales, down from over 10% previously.
- A rise in solventless product sales within this category, from 14% in Q2 2022 to 18% in Q3 2023, with rosin dominating 84% of this segment.
- Infused pre-rolls have seen a 63% increase in average retail price compared to non-infused ones, reflecting their added value and costs of concentrates.
- The disposable vapes category experienced a 50% increase in market share from Q3 2022 to Q3 2023, with rosin disposables growing by 86% and live resin disposables by 24%.
- Minor cannabis cannabinoids such as CBN and CBG are gaining traction in the edibles market, commanding higher prices than THC or CBD-only edibles due to their consistent, targeted effects.
Younger demographics, particularly Gen Z and millennials, favor high-potency and premium products. They are more likely to consume products like infused pre-rolls and solventless extracts, with 58% reporting infused cannabis pre-roll usage. However, they are also more price-sensitive compared to the general consumer base.
Mitchel-Chesebro emphasizes the need for cannabis companies to adopt a comprehensive pricing strategy and competitive analysis to succeed in the premium cannabis market. Local brands with established consumer bases are well-positioned to capitalize on premiumization opportunities. He also underscores the importance of comparative pricing analysis and marketing to attract the right consumer segments, especially in a market with increasing brand loyalty and recognition.
Source: The Dales Report
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