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Ranking and Market Share |
#2 - 6.5% of overall market. 2019 sales: $157 million; 2018 sales: $70 million |
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Product Portfolio |
Softgels and capsules, topicals, tinctures, sprays, gummies and edibles (snack bar) |
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Distribution Channels |
Natural food stores, mass grocery and pharmaceutical retail chains, medical and alternative care offices, independent pharmacies, online |
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Positioning |
Nutraceutical products primarily in supplement capsule format, designed for the average consumer - particularly one with a chronic condition - who is most comfortable with traditional products (capsules/softgels/balms) and looking to replace or supplement medications |
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Competitive Advantages |
Dominating presence in natural food stores; First-mover advantage in various mass retail channels; Packaging reminiscent of OTC medicines, vitamins, supplements - appealing to mainstream nutraceutical market. |
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Core Competencies |
Uniquely clean and medically-oriented products (precisely-dosed softgels and capsules) have seen enduring success; Highly effective in positioning products as nutraceuticals and getting them onto diverse retail shelves. |
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Making the most money on |
Softgels, tinctures, topicals |
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Doing well |
Maintaining and growing presence in brick-and-mortar retailers - beyond natural food stores, now successfully targeting mass retailers, where most industry players are aiming to better-establish themselves today. Top competitor in capsules/softgels arena. |
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Beneficial trends |
Well-positioned to continue capitalizing on health-and-wellness trends with low- and precisely-dosed products geared toward more conservative users interested in nutraceutical side of market - drawn by capsules, softgels packaged in familiar, trusted ways. |
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Niches competitors are missing |
CV Sciences has placed itself at the forefront of older and more conservative user markets, as well as drawing in hesitant new users, by offering an array of low-dose, approachable products in formats familiar to a mainstream audience. |
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New needs of customers |
Customers drawn by clean, simple packaging and products that are right at home in the vitamin aisle, instead of having to turn to unfamiliar tinctures or stigmatized edibles. |
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Additional growth opportunities |
CV Sciences' core products have built trust among consumers, but incoming competitors (particularly legacy supplements brands) will be more competitive than past market players in softgel and capsule markets, thus diversification and further specialization of the product line, leveraging the company's market position, would be advantageous. CV Sciences is well-positioned for additional growth in natural foods and chain stores, as well as internationally. |
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Who do they want to be? |
Become the go-to CBD supplements manufacturer in independent and major chain retail stores around the U.S. |
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Desire to be known for |
Nutraceutical and supplement market leader, brand quality, trustworthiness and approachability |
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Priorities |
Diversifying product menu. Developing relationships with major retail chain stores, national and regional broker networks and major distribution companies to grow reach in food, drug and other mass consumer markets |
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Results/milestones aiming to achieve |
Expanding brand awareness, especially among nutraceutical consumers in mainstream channels. Product line and retailer innovation and expansion. Ramping up domestic production and pushing for improved industry guidelines/standards. |
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Chief competitors |
CW Hemp (CBD-only); Irwin Naturals, Garden of Life, Barlean's, NaturesPlus (supplements) |