One of the best ways to forecast upcoming trends and what to buy is by looking back at how the industry is evolving. Over the course of 2023 we saw two interesting data points in particular- flower was under 50% of sold SKUs and the vape category made up a full third.
In the last two years we’ve seen flower stay steadily under 50% making up 48.9% of sold SKUs in 2022 and 48.5% in 2023. This shift comes through a cultural pivot to vape, where we see cartridges and pens move up to comprising 33.0% of sold SKUs.
The vape category hit a rough patch a few years ago when an outbreak of illnesses stemming from unregulated cannabis vapes and tobacco vapes hit users in 2019. The industry reveled from bad press and paranoid users who backed off of the category in favor of other consumption methods or opting not to consume altogether. However, in a post-pandemic world with updated regulations and more transparency into production processes, users are turning back to the vape category. Culturally, as people are heading out of quarantine and back into the real world, they are seeking more discreet consumption methods. The consumption method, paired with more confident consumption, is causing a concentrated renaissance in the vape world.
Interestingly, the extract effect is moving users away from concentrates and into vape. Concentrates made up 10.5% of sales in 2022 and fell to 9.57% in 2023. This dip shows the pivot to a more user-friendly consumption method- particularly one that doesn’t involve a blow torch.
The trend of more user-friendly consumption also impacted edible sales. In 2022 we saw edibles make up 6.7% of SKUs sold and that number rose to 7.36% in 2023. The user-friendly consumption trend is also paired with the rise of more adventurous edibles. In 2023 we are starting to see edibles finally break out of baked goods and gummies. More daring delicacies like hot sauce, popsicles, and a major expansion of the drinkable market have been trending in 2023. Socially, we also saw a rise in social consumption like edible dinner parties and cannabis cooking classes. These community events bring cannabis out of the taboo and into the social calendar, positively impacting the overall perception of the plant.
Based on this, we anticipate 2024 to continue to lean into user-friendly consumption methods, drive more innovations in consumption, and continue to see a majority movement in flower.
Want more industry insights? Keep reading for our review of the top ten sales days of 2023.
