When recent legislation allowed for the legal production of cannabis concentrates, market trends started evolving quickly. Flower was the most popular form of cannabis for years because it was easier to produce, but that’s changing thanks to the increased availability of high-tech equipment.
Industry experts are leveraging state of the art facilities and years of research to process flower into potent concentrated forms, and their efforts are starting to capture a larger market share. Customers are pining for the latest and greatest cannabis concentrates, and concentrate sales are catching up to flower sales in a hurry.
Flower Vs. Concentrates
Some industry insiders believe that concentrates are healthier than the raw flower. They’re more pure, which means consumers don’t have to smoke as much to achieve the same effect. Smoking joints and blunts are associated with some degree of tar buildup, and dabbing concentrates isn’t associated with as much risk. In addition to health causes like smoke allergies, consumers are drawn to concentrates by the high potency which allows for measurable doses and fast relief. The popularity of cannabis concentrates is continuing to grow, and these products are more valuable than raw flower.
Cannabis Concentrate Sales Are on the Rise
In 2017, sales of concentrates rose by 50%, and the changing market landscape even led to declining flower sales in states with developed cannabis industries. While flower still gets a massive market share, cannabis and edibles are claiming much bigger pieces of the pie than ever before. The sales trends continued in 2018, with concentrates growing by another 49% over the previous years.
Easier Consumption and Lower Prices Drive Concentrate Sales
Dab rigs are still popular among experienced cannabis enthusiasts, but expensive equipment is no longer a requirement for those who wish to enjoy these products. Vapor pens and tinctures make it convenient, discreet, and easy to consume concentrates almost anywhere, so even new customers are jumping at the opportunity. Classic concentrates like wax and shatter are still on the rise, too, thanks to superior product quality, greater availability, and falling prices.
When Will Concentrate Sales Surpass Flower Sales?
If market trends continue, it’s not a question of if concentrates will surpass flower in popularity– it’s a question of when. Flower has already dipped below 50% of total market share, though it still outsells any other product type.
By the beginning of 2018, flower was only making up 44% of cannabis sales in Colorado, and concentrates had expanded into a 33% share. That’s quite a change from 67% for flower and 15% for concentrates when the market opened in 2014. Arcview Market Research estimates that concentrate sales will catch flower sales by 2022.
Branded Cannabis Products Are More Popular
In states like Colorado, which have a relatively developed cannabis marketplace, sales are surging for branded products like concentrates and edibles. Most flower isn’t branded, which means discerning consumers can expect variable quality even among the same strain. Research from BDS Analytics suggests that consumers are becoming more loyal to their trusted brands of concentrates and edibles. Branded products and unbranded products are sharing the market almost 50/50 now.
Best Cannabis Concentrates in Colorado
As the popularity of concentrates continues to skyrocket, dispensaries will have to meet demand with a greater supply. Stocking the most reputable brands will help attract and retain customers who are loyal to a given provider. We at Chronic Creations can help on both fronts– we offer fast turn times on the purest, most potent concentrates in Colorado. Contact us today to learn more about our processing capabilities and schedule a free consultation.
Image Credit: Dougie Jones