2024 Pre-Roll Consumer Report: Key Demographics and Buyer Trends
Published By CustomCones on November 18, 2024
Author: Brian Beckley | Editor: James Valentine | Reviewer: Harrison Bard
Custom Cones USAs’ Pre-Roll Consumer Report presents a comprehensive analysis of pre-roll consumer trends, preferences, and demographics. By combining survey responses from over 900 cannabis consumers with data from Headset.io, it offers insights into preferred sizes, paper types, brands, features and pricing.
Respondents aged 19-76 (average age 43), with an even gender split, reveal a long-standing affinity for pre-rolls, with many having smoked for over 20 years. This first-of-its-kind study aims to guide manufacturers in creating products that resonate with today's pre-roll consumers.
Key Findings
- Pre-rolls are the third most popular and fastest-growing cannabis category, with $4.1B in sales from 2023 to mid-2024.
- 82% of cannabis smokers buy pre-rolls, preferring full-gram sizes and multi-packs.
- Pre-rolls saw an 11.9% revenue increase from June 2023 to June 2024, leading industry growth as the top dispensary add-on.
- Nearly 11,000 new pre-roll products were introduced from April to October 2024.
Who Smokes Pre-Rolled Joints?
- Millennials lead pre-roll purchases (44.6%) as of September 2024, followed by Gen X (24.3%), Gen Z (18.5%), and Boomers (12.5%).
- Joints are the preferred consumption method for 94.2%, followed by vape pens (67.3%), edibles (66.1%), and bowls (64.6%).
- Monthly pre-roll sales grew from 14M in Sept 2021 to 27.3M in Sept 2024, peaking at 28.8M units in Aug 2023.
- 80% of pre-roll smokers consume cannabis multiple times daily; 11.7% smoke once a day, and 5% a few times weekly.
Which Pre-Rolls Do People Buy?
- Full-gram pre-rolls are most popular (57%), followed by half-grams (28.3%) and ¾-grams (9.1%).
- Jeeter leads the market with 8.8% share, selling 18.6M units ($504.2M) and dominating the top 20 best-selling pre-rolls.
- Infused pre-rolls' market share rose from 34.4% in 2019 to 44.4% in 2024.
Which Features Do Pre-Roll Consumers Prefer?
- Kief is the top concentrate in infused pre-rolls (78.3%), followed by live resin (77.3%) and rosin (58.8%).
- 43% buy both single-use and multi-pack pre-rolls, with 31.1% preferring multi-packs.
- 59% of smokers buy pre-rolls with premium filter tips; 51.8% for special occasions, 21.4% weekly.
- Glass-tipped pre-rolls are most popular (79.7%), followed by wood (69.5%); nearly 55% have tried ceramic tips.
How Much Do Pre-Rolls Cost?
- Average pre-roll price fell to $9.50 in Sept 2024, down from $10.67 in 2023 and $11.68 in 2022.
- Washington and Oregon have the lowest per-gram prices at $3.36 and $3.87, while New York ($13.74) and Illinois ($11.90) are highest.
- Michigan has the lowest average item price at $5.57; New York ($21.20) and Illinois ($17.15) have the highest.
Table of Contents
- Introduction
- Who is Smoking Pre-Rolled Joints?
- How Many Pre-Rolls are People Smoking?
- Where are People Buying Pre-Rolls?
- What Do People Think of Pre Rolls?
- How Often do People Smoke and Buy Pre Rolls?
- What Size Pre-Rolls Do People Consume?
- Which Pre-Roll Brands Do People Buy?
- What is the Most Important Factor in Choosing a Pre Roll?
- What Kind of Pre Rolls are People Buying?
- What Paper Types Do People Use in Their Pre-Rolls?
- How Much Do Pre-Rolls Cost?
- How Many People Buy Single-Use or Multi-Pack Pre Rolls?
- What Kind of Multi-Packs Do People Buy?
- How Many People Buy Premium Infused Pre-Roll Products?
- What Kind of Infused Pre-Rolls Do People Use?
- How Many People Purchase Pre-Rolls with Premium Filter Tips?
- How Much More are People Willing to Pay for Premium Filter Tip Pre Rolls?
- Conclusion
Introduction
Pre-rolls are the third most popular and fastest growing category in the cannabis industry, selling more than $4.1 billion worth of product in 2023 and the first half of 2024. From June 2023 to June 2024, pre-rolls saw an 11.89% year-over-year jump in revenue, the highest in the industry.
Pre-rolls are also among the top add-ons at dispensaries across the country, consistently among the major categories and appearing in 15-23% of baskets with other items, including the top add-on among flower buyers, the largest single category in the industry with 15.2% of flower buyers adding a pre-roll product to their basket.
From the relatively low price point to the endless opportunities for innovation and personalization, the pre roll is a ubiquitous symbol of the industry and something that nearly every cannabis consumer has tried at some point.
But few studies have been done on the demographics of the pre-roll smoker, how they are smoking their pre rolls and what pre rolls are dominating the consumer landscape.
In a first-of-its-kind study, we combined survey data from more than 900 cannabis consumers with retail sales data pulled from cannabis analytics firm Headset.io to create the most comprehensive look at the pre-roll consumer and their buying habits.
What we found is that pre roll use is on the rise, with the majority of consumers buying them and sales reaching record highs, that consumers have a wide variety of preferences including size and package type and that more and more are buying premium options like infused pre rolls or pre-rolls with premium filter tips.
Our research shows that 82% of cannabis smokers buy pre rolls, with full-gram pre-rolls being the most popular size, though the multi-pack is the most popular format. Most (70%) of pre-roll smokers buy infused pre rolls, but infrequently. Most pre-roll smokers have also purchased items with premium filter tips, though they are mostly for special occasions and because of that, they are willing to pay more for them.
This whitepaper will look deeper into these stats and more, including market trends and consumer preference on pre-rolls in general, favorite sizes and paper preferences, leading brands, pricing, and much more, all with the goal of better understanding the pre-roll consumer and their preferences so manufacturers can create products that appeal to their customers.
Who is Smoking Pre-Rolled Joints?
So who exactly is the customer for pre-rolled cones and blunts? According to the data, just about everyone.
Our survey revealed that 82% of respondents purchase pre-rolls. Unsurprisingly, 94.2% of survey respondents listed joints as their favorite consumption method, followed by vape pens (67.3%), edibles (66.1%) and bowls (64.6%).
Respondents to our survey ranged in age from 19 to 76, with an average age of 43 years old. A majority indicated that they have been smoking pre rolls or joints for more than 20 years on average. The gender distribution was nearly even.
The majority of people in our survey use cannabis more than once each day and prefer joints as their primary method of consumption, followed by vape pens and edibles. Of those, 82.1% buy pre rolls.
Because our survey is self-selected, meaning respondents chose to answer it if they wanted to, it is not a perfect representation of the pre-roll market, though it is close and a good representation of pre roll smokers.
For example, according to New Frontier Data’s “Cannabis Consumers in America 2023” study, joints are still the most preferred consumption method among consumers, used by 61%. Blunts follow in third at 36% with joints with added concentrates (or infused joints) at ninth (16%) and spliffs at 12th (13%).
This data also aligns with real-world data on consumption preferences from March 2024 in Boston, MA from the Network of Applied Pharmacognosy (NAP), a non-profit natural products research and science advocacy organization. Pre-rolls are an excellent product to trial out flower and flower was the preferred product type of 67% of respondents, 80% of whom were in the cannabis industry, according to their research.
Additionally, preference for flower also indicated a two-fold increase in likelihood of daily consumption with 76% of respondents who prefer flower consuming daily as opposed to 38% in the other group. Taken together, this data supports pre rolls as a product that has value to a unique population of consumers who prefer flower.
Checking the Headset data, 62% of pre-roll buyers across their tracked markets are male, as tracked through dispensary loyalty programs. As a comparison, males account for 65.4% of all cannabis sales. New Frontier’s report has a more even split of 54% male and 46% female.
Millennials account for the largest share of pre-roll purchases. For example, in September 2024, Millennials purchased 44.6% of all pre-rolls, totaling $103.9 million. Generation X is second at 24.3% ($56.7 million), followed by Gen Z at 18.5% ($43.2 million) and finally Baby Boomers at 12.5% ($29.2 million).
Diving a little deeper, men buy more pre rolls than women in every generational breakdown, with Millennial Males taking the top spot among all breakdowns, accounting for 28% of all pre roll revenue and 26.8% of all units sold. Looking at a state-by-state breakdown, Millennial Males account for between 26% (Michigan) and 32% (New York) of all pre-roll sales.
How Many Pre-Rolls are People Smoking?
People are smoking a lot of pre-rolls, and more every year. From September 2023 to September 2024, more than 300.7 million pre-roll products, totaling $3 billion, were sold across the 13 markets tracked by Headset.
Total units sold in the pre roll category also continue to increase. Total units sold represents the total number of pre-roll product SKUS sold, not necessarily the number of pre-rolls themselves. For example, a 5-pack of pre rolls constitutes a single “unit” in the data, not five.
In September 2021, nearly 14 million pre-rolls were sold, according to the data. That rose to 16.7 million in Sept. 2022, 22.8 million units in Sept. 2023, 26.9 million units in Sept. 2024, with a peak of 28.8 million units sold in August 2023
That’s an increase of 106% in just three years.
And while that is due in part to new markets opening over that time span, our State of the Pre-Roll Market 2024 whitepaper noted that the category market share is also on the rise. For example, in September 2021, pre rolls commanded a market share of 11.8%. That rose to 14.1% in September 2022, remained at 14.1% in September 2023 and is up to 15.3% in September 2024.
That shows us that even as more markets are leading to increased sales numbers, more and more consumers are flocking to pre rolls as a preferred cannabis consumption method.
Where are People Buying Pre-Rolls?
Pre rolls are available in every market with a legal, recreational cannabis industry and in most states with medical programs. Our survey results reflected that, with respondents from every state except Nebraska, North Dakota and Wyoming, as well as responses from Washington D.C., Ontario, Canada and even Brazil. The five most commonly represented were:
- California
- Ohio
- New York
- Florida
- Illinois
Interestingly enough, Ohio’s medical program did not allow pre roll sales, but dispensaries began carrying them this summer when the state’s adult use program opened, again showing the consumer desire for these convenient, potent products.
California and its massive population still lead in pre-roll revenue, racking up $734.5 million in sales over the past year, followed by Michigan ($595.9 million) and Massachusetts ($312 million).
But the state that buys more pre rolls than any other is easily Michigan, where consumers snapped up an astounding 94.6 million pre-rolls, due in part to it having the lowest average item price in the nation at $5.57. California comes in a distant second at 52.1 million, with Washington third at 30.9 million units sold.
Meanwhile, Massachusetts ranks first as far as pre-roll market share, topping all the states tracked by Headset at 19.2%. Michigan and New York tie for second at 18.2% each.
What Do People Think of Pre Rolls?
Often considered a cheap add-on when markets open, Pre-rolls often rise into the top three categories of every state market in time, earning them a growing reputation as a premium product. Customers like the simplicity of the pre roll, as well as the wide variety of options available.
When asked what came to mind when they thought of pre-rolls, the no. 1 response was convenience or ease of use, mentioned by 45% of respondents. About 20% mentioned quality or consistency concern, while another 10% mentioned the variety of options as their first thought.
Other responses included cost consideration (5%), as well as the following:
The ability to try what’s new and popular;
Easy peasy and amazing;
Lots of choices;
Easy to use, taste better;
A big bang in a small size;
Ease of use, work’s already been done. I just light up and enjoy;
Great for partying with friends;
Easy to consume and great varieties;
Easy to carry and extinguish in same container;
Uniqueness. I'm not buying pre-rolls for the ease of smoking, I'm buying pre-rolls for the ingenuity. The dipped rolls, the rolled in kief rolls, the infused and coated pre-rolls;
Depends on the place it comes from; some are amazing and others are not; and even
I feel a little guilty that I can’t roll my own joint after all these years.
How Often do People Smoke and Buy Pre Rolls?
Our survey found that 79.7% of pre roll smokers smoke cannabis multiple times a day, with another 11.7% smoking once each day. Only 5% smoke a couple times per week and even fewer (1.2%) smoke a couple times per month.
However, we found that respondents were split on how often they visited the dispensary, with 38.3% visiting between 1-3 times each week. Respondents also said they were likely to buy pre-rolls 16% of the time they visit a dispensary, second only to flower. But since the majority of respondents smoke joints, this shows that many people are still rolling their own joints or packing their own pre rolled cones at home.
When asked how often they purchase pre-rolls from a dispensary, 19.6% our survey respondents pick up pre-rolls 1-2 times each week with 9% buying them 3+ times each week. Another 18.7% buy pre rolls every other week and 22.2% buy pre rolls once a month.
What Size Pre-Rolls Do People Consume?
According to our survey, full gram pre-rolls are still the favorite among joint smokers, with 57% of respondents saying it is the size they buy most often. Half-gram pre rolls are the go-to for 28.3% of respondents while the ¾ gram is a favorite of 9.1%. Mini cones, known as “dogwalkers,” are the main buy for 4.3%
That tracks with the data from Headset as well, which reveals the 1-gram pre-roll as the most popular product in the category. The house brand (sold under the name of the dispensary) 1-gram Hybrid – Single Strain is the most purchased pre roll in the country and full gram hybrid pre-rolls account for 35% of all pre-rolls sold.
However, despite the half-gram package accounting for less than 5% of all sales, the half-gram pre-roll might be even more popular than the full gram. Aside from the top spot, the remainder of the Top 13 best-selling pre roll products over the past three years are all 2.5-gram multipacks, which feature five (5) half-gram pre-rolls. In fact, 16 of the top 20 best-sellers were 2.5-gram 5-packs while one was a 7-gram 14-pack (also half-gram cones).
The other two spots in the top 20 are both 3.5-gram packs containing 10 mini “dogwalker” cones.
Which Pre-Roll Brands Do People Buy?
Over the past two years, Jeeter has easily outpaced all other brands, accounting for 8.8% of all pre-rolls purchased – more than 18.6 million units – with sales totaling nearly $504.2 million. The California-based brand is available in Michigan, Arizona and Massachusetts, as well as its home state. Thirteen (13) of the top 20 best-selling pre roll products are from Jeeter.
Coming in second place is fellow California-based brand STIIIZY, which sold more than 43.4 million pre-rolls and raked in $320.9 million. Five of the top 20 products, including the best-selling non-house brand product, belong to STIIIZY. STIIIZY products are available in California and Michigan.
The Dogwalkers brand, which helped pioneer the mini pre-roll, comes in third, totaling $141.6 million in sales on 6.1 million units sold.
Michigan-based Cali-Blaze comes next in revenue, generating $95.6 million, but being based in Michigan, it has by far the lowest average price point in the top 10 and its 12.6 million units sold would place third if ranked by that metric.
Rounding out the top 5 brands is California’s Presidential Cannabis Co., which moved 4.7 million units for a total of $81.9 million. Presidential products can be found in California, Arizona, Nevada, Michigan and Oklahoma.
What is the Most Important Factor in Choosing a Pre Roll?
By a wide margin, respondents to our survey listed potency as the key factor when choosing a pre roll. More than 70% of respondents ranked it first. Price followed in second place with brand coming in third.
Pre-roll manufacturers, however, had a different perspective, ranking price as the most important factor, with potency second. Interestingly enough, producers cited the strain as the third-most important factor for consumers, with brand loyalty coming in sixth (after packaging and paper type), showing a bit of a disconnect between companies and their customers.
What Kind of Pre Rolls are People Buying?
Sales data, however, backs up the customer survey as the Connoisseur/Infused Pre-Roll segment, which features concentrates combined with flower to create a more potent product, became the top pre roll segment in 2023, overtaking Hybrid – Single Strain.
The Connoisseur/Infused segment dominated the charts in 2023 and the first half of 2024, accounting for more than $1.75 billion in sales – edging out Hybrid - Single Strain and its $1.64 billion sales for that time, due in part to the higher price point created by added concentrate.
However, it is not just the price point that has led to the impressive numbers for infused products. The segment’s market share has also increased from an average market share of 34.4% in 2019 to an impressive 44.4% in the first half of 2024.
The Connoisseur/Infused segment is also the most popular among every single generation and gender segment, ranging from 41.2% of all sales (Female Baby Boomers) to 45.9% (Gen Z Males).
The Infused segment also saw the largest growth, with sales increasing 61% from January 2023 to June 2024. Hybrid – Single Strain also maintained steady sales and growth, accruing between $73-$100 million per month during that span.
There is also a clear hierarchy among strain-specific products. Hybrids are the most popular, but Indica-dominant strains consistently outsell Sativa strains, with Indica sales ranging from $16-20 million per month compared to Sativa's $12-16 million. This could indicate a consumer preference for the relaxing effects typically associated with Indica strains.
The Mixed Strain segment also showed strong growth with a 35% increase in monthly sales revenue, suggesting an increased interest in products offering varied experiences, though it still only accounts for about $5.7 million per month.
Finally, according to the Network of Applied Pharmacognosy’s research there was a slight shift in aroma preference associated with flower as a participant’s preferred product. Participants who preferred flower showed higher relative preference for piney, gassy, and skunky aroma profiles while the other preference group showed higher responses for floral and fruity profiles. The relative percentage who preferred earthy or spicy profiles was unchanged between the groups.
What Paper Types Do People Use in Their Pre-Rolls?
Though not listed among the top three factors that consumers said they looked for in a pre-roll, paper type is also a major factor for pre roll buyers with more than half (55.5%) calling it “very important” while only 9% of those surveyed called it “not important.”
We asked pre-roll smokers what paper types they have tried, and organic hemp took the top spot with 72.5% of respondents having tried it. As the name indicates, these are pre-rolled cones made with papers created out of hemp fibers, instead of traditional wood pulp paper.
In second with 69.4% was refined white. Though it is sometimes called “rice paper,” though that is a misnomer, as they are made with wood pulp that has been ultra-refined to remove as much lignin – found in plant cell walls and responsible for the color. Hemp wraps (64.2%) followed next with Natural Brown (61.6%) paper, made from wood pulp but slightly less refined than white rolling papers, after that.
It is important to note, however, that not all pre rolled cones are the same, even those that look alike or share a paper type. A study by SC Labs, for example, found pesticides in 16% of rolling papers tested and at least one heavy metal in 90% of those tested.
How Much Do Pre-Rolls Cost?
The average price for a pre roll, according to the Headset data, is $6.44 per gram, a number that has been generally dropping for years. For example, just two years ago in September 2022, the average equalized price for a pre-roll was $8.13.
The average item price has also consistently dropped. In September 2024, the average item price for a pre-roll product was 9.50, down from $10.67 the year before and $11.68 in September 2022.
However, within the segment, prices can vary wildly, with connoisseur or infused pre-rolls commanding a much higher price point due to the addition of a concentrate. For example, the average price per gram of an infused pre roll in September 2024 is $8.27 (down from $11.87 two years ago), with an average item price of $11.68 ($16.75 in 2022).
Beyond that, prices vary from market to market, often related to the market’s maturity, with prices dropping as a state’s industry first catches up with and then begins to outpace demand.
Pre-roll fans in Washington and Oregon pay the lowest equalized per-gram prices in the country at $3.36 per gram and $3.87 per gram, respectively. Buyers pay the highest equalized per gram price in New York ($13.74) and Illinois ($11.90).
As for average item price, the lowest in the country – by far – is Michigan at $5.57, more than a dollar cheaper than second-place Washington at $6.24. The highest prices are again New York ($21.20) and Illinois ($17.15).
How Many People Buy Single-Use or Multi-Pack Pre Rolls?
One of the major trends in the pre-roll sector is the move toward pre roll multi-packs, which we’ve noted compose the vast majority of the top 20 pre-roll products by revenue in the country, including 3 of the top 5 and 8 of the top 10.
Our survey of consumers found similar results, with more buyers saying they choose multi-packs over single pre-rolls when at the dispensary. While 43% said they bought both packaging types while at the dispensary, 31.1% said they purchase multi-packs, compared to 25.9% for single pre-rolls.
What Kind of Multi-Packs Do People Buy?
One area our survey responses differed from the Headset data, however, is in the size of pre roll featured in the multi-packs. While the top products sold include a majority of half-gram multi-packs, 47.5% of survey respondents said they buy multi-packs of full gram pre-rolls, compared to 25% who purchase half-gram pre-rolls. Another 12% prefer 0.7-grams while 11.6% lean toward mini, or “dogwalker” size pre roll multipacks.
Nearly 48% of respondents said they buy in packs of 4-6, followed by 32.3% who buy packs of 2-3, which tracks with the headset data. Only 15.3% of multipack buyers go for a larger size multi-pack feature 7 or more pre-rolls.
Digging deeper into the Headset data, in the past year the 2.5-gram pack size accounts for 15.9% of all pre-roll sales revenue across tracked markets and 5.8% of units sold, second behind the 1-gram pack in both cases.
How Many People Buy Premium Infused Pre-Roll Products?
Our customer survey confirms what the Headset sales data shows us: pre-roll buyers love infused products.
Approximately 70% of our survey respondents said they buy infused pre-rolls, though 64% buy them infrequently, choosing “Once a Month” or “Special Occasions.”
As noted earlier, the Connoisseur/Infused segment became the top-selling segment within the pre-roll category in 2023, topping the revenue charts within every generational and gender split of pre-roll buyers, in part due to their higher price point
What Kind of Infused Pre-Rolls Do People Use?
When buying infused pre-roll products, 52.4% of respondents to our consumer survey listed potency as the most important factor guiding their choice.
However, buyers were split on the next most important factor, with concentrate type slightly edging out price for the no. 2 spot. Brand followed in fourth.
Nearly 86% of respondents also indicated that the infusion method itself was important when deciding on an infused pre-roll purchase.
We found that consumers are split pretty evenly on the types of infused pre-rolls they buy most frequently, with pre-rolls coated in kief – the golden dust made of dried trichomes that shake off flower during grinding – slightly edging out pre-rolls internally infused with oil 46.7 to 44.8%. Another 8.5% of respondents prefer the “hash hole” style of infusion in which a thin snake of concentrate is placed in the center of pre-roll and vaporizes as the flower around it burns, creating a doughnut shape in the ash.
When asked what kind of concentrate is used in their infused pre-rolls, we again found kief remained king (78.3%), followed closely by live resin (77.3%) and rosin (58.8%). These numbers make sense, considering many infused pre rolls, including those by the some of the most popular brands in the country like Jeeter and STIIIZY, use both kief and a second, internal concentrate.
Bubble hash (38.2%), distillate (38%) and THCa (34.1%) rounded out the common concentrate options consumers bought in infused pre rolls.
How Many People Purchase Pre-Rolls with Premium Filter Tips?
Consumers love pre-rolls in part because of the constant innovation of manufacturers that use the format as a palette to create new products. In fact, nearly 11,000 new pre-roll products were introduced from April to October 2024 across the markets tracked by Headset.
One of the more popular innovations in the pre-roll category is the addition of premium filter tips, such as wood, flavored wood, glass and ceramic, to help cool the smoke and create a more luxurious pre-roll experience.
[INSERT PRODUCT WIDGET HERE WITH PREMIUM TIPPED ITEMS]
According to our survey, 59% of pre-roll smokers have purchased pre-rolls with premium filter tips, showing growing strength of this new segment, though the majority (51.8%) purchase them on special occasions. However, 21.4% purchase pre rolls with premium filter tips at least once a week.
Glass tipped pre-rolls are the most popular, with 79.7% of pre-roll smokers who have purchased the products, followed by wood at 69.5%. And though they are newer to the market than their counterparts, nearly 55% of respondents have also tried ceramic filter tips. Additionally, 63.7% of those who buy pre-rolls with premium filter tips keep and re-use the tips.
How Much More are People Willing to Pay for Premium Filter Tip Pre Rolls?
Asked about the additional cost, 47.6% of those who premium filter tips are willing to spend up to $2 more for the premium experience with an additional 26% willing to pay up to $5 more and another 12.3% willing to pay more than $6 extra for a pre roll with a premium filter tip.
Conclusions
The popularity of pre-rolls cuts across every generation and gender, providing features for every taste.
This has led to record sales revenue for the category as the majority of cannabis smokers reach for pre rolls at some point during their visits to the dispensary.
We have also seen consumers flock to pre-rolls because of the variety of choice the product provides, including different paper preferences and product sizes, making it an easy and convenient option for every cannabis consumer, regardless of location, age or gender.
We have also seen more and more consumers choosing infused products, in part due to their increased potency, which is still the top thing shoppers look for when searching for a pre-roll. Additionally, multipacks have become a go-to choice for pre-roll fans, with the 5-pack dominating sales charts and full gram multi-packs claiming the top spot in our survey.
Finally, we see that pre-roll fans are also open to trying premium filter options – and been willing to pay an additional price – with glass being the most popular, though ceramic filter tips are on the rise.
All told, it shows that every cannabis consumer is a potential pre-roll buyer, and probably has at one time, showing why the category is the fastest-growing product form in the industry, with no signs of slowing down.