Cannabis Flower? No, Thanks: Canadians Shift To Pre-Rolls & Vapes As Market Eyes C$5.47B
Cannabis Flower? No, Thanks: Canadians Shift To Pre-Rolls & Vapes As Market Eyes C$5.47B
The latest equity research report from Pablo Zuanic of Zuanic & Associates highlights key trends in Canada's cannabis market, noting a deceleration in recreational sales growth.
Zuanic & Associates的巴勃罗·祖安尼克的最新股票研究报告强调了加拿大大麻市场的主要趋势,指出娱乐销售增长减速。
Data from StatCan reveals that sales for 2Q24 were down 4% year-over-year (YoY), contributing to a 1.3% decline year-to-date (YTD) compared to 14% growth in 1H23. In contrast, Hifyre data shows a 6% YTD growth through August.
StatCan的数据显示,24年第二季度的销售额同比下降了4%,导致年初至今(YTD)下降了1.3%,而23年上半年的增长率为14%。相比之下,Hifyre的数据显示,截至8月,年初至今增长了6%。
If annualized, this growth would project a total recreational market size of C$5.47 billion for calendar year 2024, translating to US$102 per capita.
如果按年计算,这一增长预计2024日历年度的娱乐市场总规模将达到54.7亿加元,相当于人均102美元。
Get Benzinga's exclusive analysis and top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.
每天在您的收件箱中免费获取Benzinga的独家分析以及有关大麻行业和市场的热门新闻。在这里订阅我们的时事通讯。如果你认真对待这项业务,就不能错过这个机会。
Market Share Shifts Among Top Players
顶级参与者的市场份额变化
Zuanic's report highlights notable shifts in market share among the top licensed producers (LPs). Tilray (NASDAQ:TLRY), once a dominant player, saw its share drop by 1.5 percentage points to 9.6% in August, continuing its decline over recent quarters. Decibel (TSXV:DB) also experienced a decline, dropping 0.9 percentage points to 5.2%.
Zuanic的报告强调了顶级许可生产商(LP)市场份额的显著变化。曾经占主导地位的蒂尔雷(纳斯达克股票代码:TLRY)的份额在8月份下降了1.5个百分点至9.6%,持续了最近几个季度的下降。分贝(多伦多证券交易所股票代码:DB)也出现了下跌,下降了0.9个百分点至5.2%。
Meanwhile, Village Farms (NASDAQ:VFF) experienced strong growth, increasing its market share to 7.9%, up from 6.1% a year ago, representing a 34% year-over-year growth. Similarly, Cronos (NASDAQ:CRON) and Organigram (NASDAQ:OGI) posted gains, with Cronos maintaining a steady 5.3% share (up 24% YoY), and Organigram growing its market share to 7.2%, up from 6.6% a year ago, reflecting 15% (YoY) growth.
同时,乡村农场(纳斯达克股票代码:VFF)经历了强劲的增长,其市场份额从去年同期的6.1%增加到7.9%,同比增长34%。同样,克罗诺斯(纳斯达克股票代码:CRON)和Organigram(纳斯达克股票代码:OGI)也公布了涨幅,其中克罗诺斯保持了稳定的5.3%的份额(同比增长24%),而Organigram的市场份额从去年同期的6.6%增长至7.2%,反映了15%(同比)的增长。
Additionally, Auxly (OTC:CBWTF) and Cannara Biotech (unlisted) gained 0.5 points each, reaching 5.2% and 3.4% market shares, respectively.
此外,Auxly(场外交易代码:CBWTF)和坎纳拉生物科技(非上市)各上涨0.5点,分别达到5.2%和3.4%的市场份额。
Here is a breakdown of the major players:
以下是主要参与者的明细:
- Village Farms: sales grew +34% YoY, holding a 7.9% market share in August (up from 6.1% a year ago).
- Cronos: +24% YoY growth in sales, maintaining a 5.3% share, consistent with previous quarters.
- Organigram: +15% YoY growth in sales, with a market share of 7.2% in August, up from 6.6% a year ago.
- Tilray: -20% YoY decline in sales, with a 9.6% market share in August, down from 10.1% earlier in the quarter.
- Decibel: -25% YoY decline in sales, holding a 5.3% market share, down from 7.4% a year ago.
- 乡村农场:销售额同比增长34%,8月份市场份额为7.9%(高于去年同期的6.1%)。
- Cronos:销售额同比增长24%,保持5.3%的份额,与前几个季度持平。
- 组织结构图:销售额同比增长15%,8月份的市场份额为7.2%,高于去年同期的6.6%。
- 蒂尔雷:销售额同比下降20%,8月份的市场份额为9.6%,低于本季度初的10.1%。
- 分贝:销售额同比下降25%,市场份额为5.3%,低于去年同期的7.4%。
Format Preferences Continue To Evolve
格式偏好不断发展
The Canadian cannabis market is shifting towards newer product formats, with some segments outperforming others. Flower remains the largest category, accounting for 36% of sales in June-August 2024, down from 41% in 1Q23 and 57% in 1Q21. This decline reflects changing consumer preferences, as pre-rolls and vapes gain market share.
加拿大大麻市场正在向更新的产品形式转变,其中一些细分市场的表现优于其他细分市场。花卉仍然是最大的类别,占2024年6月至8月销售额的36%,低于23年第一季度的41%和21年第一季度的57%。这种下降反映了随着预卷和电子烟市场份额的增加,消费者偏好的变化。
Pre-rolls now represent 34% of total sales, up from 27% in 1Q23 and 17% in 1Q21. The segment grew 11% year-over-year (YoY) in the June-August period, driven by consumer demand for convenience. Decibel leads with a 10.4% share, though it fell to 9.7% in August. Tilray holds 8.3%, and Organigram has 6.4%.
预售卷现在占总销售额的34%,高于23年第一季度的27%和21年第一季度的17%。受消费者对便利需求的推动,该细分市场在6月至8月期间同比增长了11%。分贝以10.4%的份额领先,尽管在8月份跌至9.7%。蒂尔雷持有8.3%,Organigram持有6.4%。
Vapes account for 16% of sales, up from 15% in 1Q22 and 14% in 1Q21, supported by 8% yoy growth. Motif Labs leads with 20.6%, followed by Auxly (OTC:CBWTF) at 12.4%, up from 10.7% in 2Q24.
电子烟占销售额的16%,高于22年第一季度的15%和21年第一季度的14%,这得益于8%的同比增长。Motif Labs以20.6%领先,其次是Auxly(场外交易代码:CBWTF),为12.4%,高于24年第二季度的10.7%。
Other formats, like concentrates, edibles, beverages, and oils, hold smaller shares. Concentrates and edibles each represent 5%, while beverages and oils account for 2% each. Concentrates grew 5% YoY, while edibles declined by 5%. Beverages saw a 6% YoY increase, indicating gradual consumer adoption.
其他形式,如浓缩物、食品、饮料和油,持有的份额较小。浓缩物和零食分别占5%,而饮料和油分别占2%。浓缩物同比增长5%,而食品下降了5%。饮料同比增长6%,表明消费者逐渐采用了饮料。