With the year half over, we thought now would be a good time to take stock of the overall size of the kratom market and forecasted growth over the next five years. There were two notable industry studies published this year that grabbed our attention.
Yes, the kratom market is growing and growing fast, but it’s not growing in every product category and distribution channel. Recognizing these trends and key points of uncertainty are essential to find new areas of growth and guard against potential threats.
Kratom Market Analysis from Maximize Market Research
The MMR report, titled “Kratom Market: By Form, Product Type, Application and Distribution Channel,” was published in February 2024. The main headline from the report is that the kratom market is expected to see a compound annual growth rate (CAGR) of 3.4 percent from 2023 to 2030, taking the entire market size from $1.87B to $5.69B, respectively.
Upon review, we found several insights in the report that drew our attention and got us thinking about how to shape the future of our own business model and our individual kratom brands.
Get the Full Report for $3,500-$6,900
We wanted to share some of our own insights with our wholesale partners and the kratom retail store community in general. We think these insights alone can help you find increased success for your business, but you may also be interested in reading the full report.
- Visit the following page to find a nifty summary of the MMR report and to see the various buying options.
- You can also request a customized sample from the report to get more of a sneak peek and determine if buying the full report is a worthwhile investment for your business.
MIT45 vs Golden Monk Shows MMR Bias Toward Online Sales?
One thing about the report that caught our eye—and hit a little close to home—was the indication that Golden Monk is a key player in the kratom industry, but MIT45 is not. We’re not going to divulge proprietary details about our business, but we don’t mind telling you that we own both brands, and MIT45 drives considerably more sales revenue overall than Golden Monk.
This leads us to wonder if the MMR report is failing to capture a large segment of the offline kratom market, even as it points out that “the Offline segment dominated the global market in 2023.” Perhaps it’s simply failing to capture the manufacturers behind these brick-and-mortar sales.
This good news for retail shops should be tempered with the note that online sales are expected to see the fastest growth for the rest of the decade. The MMR report found that “the online purchase of kratom is mainly increasing due to the convenience and accessibility of e-commerce platforms. To cater to customer base (sic) across the world, many kratom vendors are establishing their online stores.”
Online Marketing Strategies for Local Retailers
What’s the takeaway here? Where’s the actionable intelligence? Here’s what we would say: Brick-and-mortar stores can no longer require on a local footprint and old-fashioned word-of-mouth to drive sales. If you’ve been interested but also skeptical of launching a website and online profiles that go beyond a simple Google Business page, now may be the time to take the plunge. Even locally targeted digital ads may be a hidden resource for driving new customers into your store.
Long story short, the most successful kratom manufacturers and resellers have both a D2C and brick-and-mortar retail presence in the kratom market.
Recognizing the Importance of Differentiated Growth for Various Product Types
Another key point in the MMR report is the growth analysis for specific types of products. Namely, while powdered kratom still comprises the biggest segment of the kratom market, capsules and tablets are poised to see the fastest growth through 2030. The report attributes this growth to the fact that these products “offer a convenient way to consume kratom. They provide precise (serving sizes), which makes them popular among users who want to monitor their intake closely.”
For us, the key takeaway here is that, like so many segments of the economy, customers are looking for convenience. And more than likely, this convenience isn’t limited to the products themselves. Smoke and head shops that began offering customers curbside pickup during the pandemic may find this service option an invaluable resource for retaining and expanding their customer base.
Here are some featured MIT45 retailers that offer curbside pickup and/or local delivery for kratom products.
- Puff Love (multiple locations throughout Dallas-Fort Worth metroplex): Offers curbside pickup, carries multiple MIT45 products.
- Burnie’s Smoke Shop (Fort Lauderdale and Delray, FL): Local delivery available, carries the MIT45 shot
- Mystic Moods (Omaha, NE): Offers curbside pickup, carries multiple MIT45 products.
Partner with MIT45 for Online Marketing Support
Let us help your early online marketing efforts! We’re actively working on building out local retailer profiles here on the MIT45 site. This provides another way for customers to find your store, helps drive loyal MIT45 customers to your business, and creates a high-quality backlink to grow your organic traffic lead funnel. Start by registering as a MIT45 kratom wholesale partner or reach out to our Sales Team directly at [email protected].
