the Joshua Schall Audio Experience

Celsius Holdings has come a long way from a single energy drink product launched more than two decades ago to a scaled platform with multiple billion-dollar beverage brand powerhouses. Although why does it feel like there's still so much more that needs done? Celsius Holdings (NASDAQ: CELH) had quarterly revenue of $721.6 million, which was up 117% YoY. Excluding the Alani Nu acquisition-related financial impact, CELSIUS brand revenue declined 8% YoY. Alani Nu had quarterly revenue of $370 million. Rockstar Energy had quarterly revenue of $45 million. According to recent 13-week retail sales data, CELSIUS increased by 13% YoY...remaining the third-largest energy drink brand in the category with a dollar share of 10.9%. Alani Nu increased retail sales 77% YoY and is now the dominant fourth brand in the U.S. energy drinks market with dollar share of 6.7%. And Rockstar Energy retail sales decreased 10% YoY and is the seventh-largest U.S. energy drink with dollar share of 2.4%. If we look at Celsius Holdings combined brand portfolio, it reached 20% of dollar share...ranking it third and trailing only Red Bull and the combined Monster Beverage portfolio. Additionally, if you were to consider the last 52-week period ending December 28, 2025…Celsius Holdings retail sales surpassed $5.2 billion. Things drastically shifted for CELSIUS because of the August 2022 distribution and investment deal with PepsiCo. Additionally, when Celsius Holdings took ownership of the Rockstar Energy brand last quarter, it designated them the PepsiCo strategic energy drink captain. Also, another major aspect of “Celsius Holdings and PepsiCo strengthening its long-term strategic partnership” was the transition of Alani Nu distribution into the PepsiCo DSD system starting December 2025. So then, in my latest first principles thinking content piece, I'll explore four key factors surrounding why the next 12-18 months will define the future of the Celsius Holdings brand portfolio.

If Glanbia wanted to further increase Optimum Nutrition and ISOPURE brand household penetration, should it focus more on brand marketing or production innovation? Glanbia Plc (LON:GLB) is a multibillion-dollar global nutrition company that's currently comprised of three divisions that span across the B2B supply chain (i.e. Health & Nutrition and Dairy Nutrition) and branded products (Performance Nutrition). “Health & Nutrition” is a leading global ingredients solutions business, providing value added ingredient and flavor solutions to a range of attractive, high-growth end markets. In 2025, revenue was $629 million, which increased by 11.5% YoY. “Dairy Nutrition” is the number one producer of whey protein isolate…and provides a wide range of dairy and functional protein solutions. In 2025, revenue was $1.52 billion, which increased by 2.8%. The brands in the Glanbia Performance Nutrition portfolio include; Optimum Nutrition, BSN, think!, ISOPURE, and Amazing Grass. In 2025, Glanbia Performance Nutrition revenue was $1.8 billion, which decreased 0.9% YoY. Additionally, I'll dive deeper into Glanbia Performance Nutrition geographical, sales channel, product format, and categorial performance. As part of the branded products portfolio part of the group-wide transformation program announced last November, Glanbia completed the sale of SlimFast and Body & Fit. Optimum Nutrition, which was the initial M&A transaction in 2008 that created the GPN division, now represents 75% of the total revenue. In 2025, Optimum Nutrition generated revenue of approximately $1.35 billion. The other largest GPN brand is ISOPURE, which is a premium high-protein, low-carb brand grounded in purity. And I've loudly proclaimed for several years that “ISOPURE had arguably the largest untapped upside of the entire GPN portfolio.” In fact, I've said it had billion-dollar global brand potential. But with the two largest brands within GPN growing in 2025, what must be solved for Optimum Nutrition and ISOPURE to reach their greatest ambition level. Therefore, our examination will focus on household penetration, as it's often used as a key performance indicator that helps quantify brand health and growth opportunities for CPG brands. Essentially, higher household penetration proves velocity, making retailers more likely to stock a brand, thus increasing all commodity volume, while selling more items to these new households increases total distribution points. Moreover, product innovation and brand marketing act as the "fuel" to this “primary growth engine," accelerating the relationship between household penetration, ACV, and TDPs.

Can BUM Energy successfully make the move from “supplement store” niche product to the energy drink market's next breakout superstar? Admittedly, while dubbing BUM Energy a “supplement store niche product” is probably unfair…it speaks to how the energy drink was launched as a collaboration between six-time Mr. Olympia Chris Bumstead (CBUM) and his fellow co-owners in the sports nutrition brand RAW Nutrition. And few supplement brands (especially in the last handful of years) have captured the zeitgeist of the fitness and lifestyle community quite like RAW Nutrition (and BUM Energy). Moreover, everyone has likely heard this “broken record” (by now), which expresses my long-held belief (proven correct) that the best and brightest sports nutrition brands could compete against any large CPG incumbent when it comes to functional food and beverage. So, if anything…I'd consider it a somewhat “badge of honor” earned within this journey navigating the rapidly evolving beverage landscape. But then, it's important to establish my definition of a “breakout star” within the approximately $27 billion U.S. energy drinks market…which is currently growing somewhere between the low- to mid-teens percentage YoY range. But when referring to a “breakout star,” I'm talking about (1) being among the “top 15” energy drink brands based on last 52-week retail sales data, (2) growing at least five times the categorical average, and (lastly) not being partially/wholly owned by one of the Big 3 nonalcoholic beverage giants. But in my latest first principles thinking content piece, I'll explore various strategic reasons why I believe BUM Energy is currently positioning itself as one of the most credible challenger energy drink brands. Likewise, why this upcoming “Year 3” will be its most important…especially if BUM Energy wants to become the energy drink market's next breakout superstar.

Is it just me or have you also noticed a growing amount of energy being placed on the creation of "lower caffeine, higher electrolyte" beverages? Are we experiencing an accelerated convergence of the energy and sports drink categories? Driven by consumer demand for beverages that offer both functional hydration benefits and an energy boost, the blurring lines are set to drive further market growth and innovative product iterations. But in hopes of bringing more attention to the optionality within this beverage trend, here are three unique examples for consideration. Firstly, Cadence RACE Energy Hydration Drink includes the brand's core electrolyte blend, but also an evidence-based 1:2 ratio of caffeine & l-theanine to sharpen focus (and fight fatigue). Next, podcaster Alex Cooper packed Unwell Hydration with 700mg of electrolytes, along with a gentle dose of 75mg of natural caffeine. Finally, Huxley puts an all-natural spin on the blurring beverage category…including 90mg of plant-based caffeine from upcycled Cascara Superfruit.

Innovation doesn't need to (and usually shouldn't) be complicated. In fact, look at the recent Wonderbelly acquisition. It reimagined OTC medicine by moving beyond sterile branding, offering effective products with clean ingredients and enjoyable flavors…targeting health-conscious Millennials (and Gen Z) looking to make digestive relief a more positive experience. So, if you really want to create something that has lasting impact, it needs to be a combo of “new” yet “familiar.” And many of today's most successful CPG brands resulted from identifying that doing something too closely related to market leadership won't get noticed…but doing something too novel and it will create confusion.

For the last 15+ years, I've heard this “running joke” inside the supplement industry that sports nutrition brands should never shame “pizza eaters,” as elevated cheese consumption is extremely important for strong whey protein production. But as refreshing clear whey protein (like protein soda) grows in popularity, it might be time for an updated inside joke pertaining to a once “sad staple of 1970s diet culture.” So, how is the cottage cheese renaissance reshaping whey protein production? For decades, cottage cheese was a lumpy, uninspired side dish (usually served on a lettuce leaf). However, in the 2020s, a perfect storm of viral social media trends, a global obsession with protein, and advancements in food technology have transformed this humble dairy product into a powerhouse of the "high protein era." Additionally, as GLP-1 medications become mainstream, millions of users are seeking high-protein, low-volume foods to maintain muscle mass while their appetite is suppressed…with cottage cheese emerging as an ideal solution. As a result, U.S. retail sales of cottage cheese have surged annually between the high-teens and low-20s percent in each of the last few years. But maybe more importantly for the bulk of my audience, growth in cottage cheese consumption is doing more than just clearing grocery store shelves…it's fundamentally altering the economics of whey protein production. And that's because it typically takes roughly 3 to 4 pounds of milk to produce just 1 pound of cottage cheese. So, this essentially means for every tub of cottage cheese sold, a massive volume of liquid whey is generated. And if you're slightly familiar with whey protein supply and demand dynamics currently, all that extra liquid whey byproduct sounds great. But what dairy companies call "acid whey" is produced during cottage cheese manufacturing, which has historically been a liability…as “acid whey” is harder to process and was often sold as cheap animal feed or spread on fields as fertilizer. In the past, the high acidity of cottage cheese whey made it difficult to dry into the powders used in protein shakes. However, modern processing now allows companies to neutralize and "upcycle" this acid whey. Moreover, by using the natural acidity of the whey…this byproduct is now being turned into refreshing fruit-like flavored “clear whey” protein isolate powders and protein-fortified waters (and soda), both of which have become increasingly popular in the last several years. Consequently, in some cases, the whey byproduct is becoming more valuable than the cheese itself. But here's maybe the best news…I don't believe this cottage cheese trend is just a passing social media fad. And as long as the global appetite for protein remains high, cottage cheese will remain a cornerstone of the dairy industry…not just for what is in the tub, but for the "white gold" liquid that used to be thrown away. Accordingly, by driving up the demand for curds, consumers will continue inadvertently funding the infrastructure needed to perfect the extraction of acid whey, which hopefully could help whey protein commodity pricing that has basically tripled in recent years.

Is nothing sacred? Did you hear the MAHA movement is coming for “Pizza Day,” which we all know is the crown jewel of the grade school cafeteria. Banning Red Dye No. 40? Easy win. Prohibiting the only meal that stops hundreds of middle schoolers from rioting? Good luck, RFK Jr. Trying to swap a square of pepperoni pizza for one of those sweet potato and black bean bowls could prove to be the political equivalent of walking into a hornet's nest with a stick. So, which side are you on: Team "Real Food Only" or Team "Don't Touch My Pizza"?

They say, “there's levels to this game,” but this episode's guest seemingly built a brand around that philosophy. Blake Niemann, the founder (and CEO) of LEVELS, didn't just launch a protein powder…he engineered a manual for anyone looking to build a CPG brand that lasts. So, what does it actually take to build a category-defining brand with zero outside capital? In this conversation, we examine the different “levels” of his business journey…from the scrappy early days of establishing its “us vs. them” brand identity on Amazon to solving the unsexy puzzle of finance and operations that wins in an omnichannel retail world, and the high-level strategic vision of turning a supplement brand into a true “dairy protein” platform. Also, we're talking through why the next decade of whey protein will be defined by cultural shifts like GLP-1, MAHA, and the necessity of market-wide affordability. Whether you're an operator scaling through trade marketing or a visionary looking to future-proof your business, this is the blueprint for anyone trying to level up.

Can the produce aisle reinvent itself, enhance its appeal, and broaden its consumer reach? If you haven't noticed yet, the dairy and egg merchandising sets have already started extending a product's basic utility to its story, its presentation, and its ability to resonate on a personal level…and it appears the produce set could be next. As an example, after hedge fund manager Ray Dalio's personal venture arm got involved with the berry brand Agrovision…it changed the name to Fruitist, started focusing more on jumbo blueberries, and invested heavily in the infrastructure needed to eliminate “berry roulette.” Additionally, the 120+ year-old berry brand Driscoll's just hired its first Global Chief Marketing Officer to close the gap between market share dominance and low brand awareness. With many of the health properties found in berries aligned with some of the trendiest wellness focuses, it appears produce brands are more motivated than ever to create an elevated unique experience that forms a deeper, more personal connection with consumers.

I noticed a growing number of internet people (mostly without any industry knowledge) trashing the beverage brand PRIME. And I get it…people love to kick someone (or something) when they're down, especially if it's a highly visible (maybe even a bit controversial) consumer brand partly owned by polarizing internet celebrities. Although if you stumbled into this expecting it would be just another copy/paste overly dramatic “rise and fall of PRIME” content piece…I'm sorry to disappoint you! But if you're into first principles thinking that produces fresh perspectives then hopefully, you'll stick around…mostly because when these internet people simultaneously proclaimed, “PRIME serves as a modern Case Study in the volatility of hype-first business models,” they collectively forgot to mention their whole thesis was foundationally established by whichever AI model prompts scraped my old strategic commentary within my content years earlier. Nevertheless, before getting started…while I'm not going to retrace the meteoric rise of PRIME, I have the utmost respect for what it achieved in those initial two years…and no one can ever take away that PRIME not only generated over a billion dollars in annual retail sales globally faster than any CPG brand in history but impacted (influenced) the overall industry in ways that will be felt for a very long time. However, over the last two years, PRIME has faced a classic “identity trap.” While PRIME obviously achieved viral success with Gen Z and Gen Alpha, essentially becoming a status symbol…older consumers (whether parents or not) often viewed the brand as a neon-colored faddish drink made for children. Attempting to fix this (and increase buy rates among Millennials and Gen X), PRIME shifted its strategy from "hype marketing” to functional legitimacy. Though, apart from throwing the "Gatorade Blueprint" sports marketing proverbial Hail Mary, what could PRIME really have done after retail sales momentum slowed…and aggressive over-expansion left inventory bloat? When the viral novelty faded…and once-scarce bottles were found everywhere (on-promotion), it signaled to younger consumers that the brand was no longer "exclusive.” Moreover, older consumers remained critical (warranted or not) that PRIME lacked the sodium and electrolytes necessary for true rehydration purposes. So, faced with two very different challenges impacting demand…PRIME decided to tackle “product” concerns over attempting to reignite cultural virality (which is extremely complex). Last month, PRIME officially entered the RTD protein category by launching a line of ultra-filtered protein milkshakes. PRIME Protein represents maybe the last remaining product strategy impactful enough to transition the beverage brand from a youth-centric "hype" product into a legitimate player within the functional beverages category. Lastly, and this cannot be overlooked when explaining why the “doom and gloom” scenario likely never came (or didn't come as severely) for PRIME yet. If you weren't aware, the more hidden owners of PRIME also co-founded Alani Nu. Obviously, everyone knows by now, Celsius Holdings acquired Alani Nu for $1.8 billion last April. But while that liquidity event maybe helps assess future risk/reward considerations, it's recognizing the culmination of that intertwined business activity that's most helpful because when a CPG brand rockets from zero to over $1 billion in two years…then falls to around $250 million two years later, it would normally result in chapter 11 bankruptcy.

Y'all know I love creative intersections between the CPG industry and Hip-Hop culture. And this newest Bobbie marketing campaign with Cardi B is slick. Playing off the famous Lil' Wayne “Weezy F baby and the F is for…” lines, I guess the “B” in Cardi B is for Bobbie. Though, the marketing campaign goes deeper than that. After expressing her frustrations (and struggles) around breastfeeding during a livestream, the purpose-driven organic infant feeding company, Bobbie, hopes Cardi B can bring her signature unfiltered confidence to a generation of parents navigating feeding choices amid a worsening maternal health crisis.

Rich People Live Longer. This year's Hims & Hers Super Bowl ad is certainly provocative…but as a strategist with deep domain expertise, I know exactly what it meant! Because even if almost everyone accepts that “Father Time” will remain undefeated, the upper portion of the “K-Shaped” U.S. economy realized that they didn't need to solely default into being patients within the healthcare market, as viewing themselves as consumers allowed for more control over the pace and trajectory of functional decline. Therefore, Hims & Hers is leveraging this massive advertising moment to not just promote products but elevate brand awareness that its leading health and wellness platform can be a powerful catalyst for change…democratizing access to the kind of distinctively proactive, personalized, and integrative care that “elites” have largely gatekept over the last decade.

Celebrities are everyday people just like us and should never be placed on a pedestal. Well, unless their oftentimes mysterious financial involvement within the dietary supplement industry is being investigated. Welcome back to Part 3! And I bet even my most avid audience members are scratching their heads (in confusion), as it's been what feels like a lifetime since my last update in 2021. But I get it…in that timeframe, the celebrity brand playbook has been completely rewritten. We aren't just looking at celebrities as being "faces" of a product anymore…we've seen a massive shift toward talent-led brands where celebrities are literally taking a seat in the boardroom. Today, three-quarters of Americans take dietary supplements…but the trend has moved beyond basic vitamins and into functional foods, functional beverages, and bidirectional beauty products. Also, success is now driven by digital platforms and community connection rather than traditional ads…as it's no longer just about looking like your favorite celebrity; it's about living like them. And over the last five years, talent-led CPG brands positioned across the categorical intersections of functional foods, functional beverages, bidirectional beauty, and dietary supplements…have surpassed several billion dollars in annual retail sales. Likewise, celebrities have continued to pour billions into these supplement industry offshoots…arguably cementing it as the official net worth growth frontier for the A-list. But for this third installment…I've uncovered a dozen more celebrities who have quietly built (or invested into) the massive supplement empires you know (and love), including Kourtney Kardashian, Cristiano Ronaldo, David Beckham, Travis Kelce, Jennifer Lopez, Steve Aoki, Zac Efron, Cameron Diaz, Halle Berry, Marisa Tomei, Joe Rogan, and Bella Hadid.

Dear BellRing Brands board of directors…please consider this my formal submission for your open CEO position! BellRing Brands (NYSE: BRBR) is a portfolio that owns a collection of convenient nutrition brands like Premier Protein and Dymatize Nutrition, which was previously wholly-owned by Post Holdings. A fast-paced and busy lifestyle is pushing consumers to switch to quick and healthy meal options. This has resulted in above average categorical growth rates and increased household penetration of RTD protein shakes that promote active lifestyles. Additionally, powders are becoming more mainstream, and category proliferation has created an environment where more consumers are purchasing both every day and performance nutrition positioned protein products at grocery stores and mass retailers. Bellring Brands reported 2026 Q1 net sales of $537.3 million, which was up 0.8% YoY. Premier Protein (~85% of BellRing Brands total revenue) declined 1.2% YoY, resulting from mostly incremental promotions lowering net pricing. Dymatize Nutrition was up 15.8% YoY, stemming from strong volume growth (particularly across international markets). Moreover, I provide deep dives into Premier Protein RTD protein shakes business activity, along with examining similar metrics surrounding the protein powders from Premier Protein and Dymatize Nutrition. But my latest first principles content piece will end with a "formal" submission for the upcoming open CEO position, as Darcy Davenport has decided to retire, effective upon whichever is earlier…the appointment of a new CEO or the end its fiscal year 2026. And most will scoff at my boldness thinking I can run a multibillion-dollar public company…but double-check those receipts because I'd put my very public “visionary field notes” up against anyone regarding BellRing Brands and the larger “wellness CPG” market dynamics. Although more so than anything…I recognized early that what got Premier Protein here, won't get it there (with “there” being an independent public company with $4 billion in net sales heading into fiscal year 2030). So, I'll provide future-proofing details on what would arguably be my three most-critical forward-looking strategic initiatives as the new CEO of BellRing Brands. Firstly, as the popularity of protein pushes the macronutrient into top-of-mind status (arguably creating more purchasing impulsivity), I must re-position Premier Protein for this marketplace shift. Secondly, Premier Protein cannot (and should not) become an “everything to everyone” brand. Thirdly, I must hedge against the reality that our protein powder emulsion beverages, which are essentially my entire business, might not be the market's most desirable consumption experience going forward (and will be foundationally replaced by ultra-filtered milk).

As one form of cultural capital is democratized, “the elite” promptly establish a new (less accessible) social asset. Therefore, what could it mean across the CPG landscape after GLP-1s made thinness no longer a pursuit of rarity? And while I recently shared a short-form content piece on this topic, it was not nearly enough time to properly assess massive opportunities emerging from this social phenomenon. Either way, my hope is to expand (while also simplifying) a messy sociology and economics intersection that blends elements of the “leisure class theory” and the concept of social distinction (along with) my own first principles thinking. The result? Optimistically, you'll clearly see the beginning of an enormous (potentially multi-decade long) structural realignment of consumer demand, as this new “Age of Ozempic” era is facilitating a "measuring stick" shift (with thinness commoditized) and strength (defined by lean muscle and metabolic health) elevating into the ultimate social status. But consumer surveys still show most Americans are interested in losing weight. So, why are “the elite” changing the social distinction game…even as the previous one still feels mostly inaccessible to a broader population? Whether analyzing over a 100 million annual BMI classifications, taking notice of recent CDC data involving adult obesity rates, or noticing that calories consumed per capita is declining…it appears obesity has peaked in the United States. However, that societal trend alone isn't the culprit. Instead, its centers around how GLP-1 medications have become this sort of "social technology," rapidly moving thinness from a result of extreme discipline (and/or maybe rare genetics) to a broadly accessible pharmaceutical outcome. So, because GLP-1s often cause significant muscle loss, maintaining a "strong" physique now requires a level of investment that the drugs alone cannot provide. Accordingly, muscle mass serves as a signal of disposable income, time, and agency over one's schedule, as it requires resistance training and specific nutritional regimens that are harder to sustain than medication alone. Hence, the new social distinction isn't just about weight, but the biological quality of the body…with strength now framed as a “critical measure of health.” And the CPG industry has also been strategically repositioning itself to sell this new social distinction. And that's obviously the sector lens I primarily utilized when making the comment about “then you probably need to learn more about what I've dubbed the foundational triad of muscle health” within my beforementioned short-form content. Although (in all honesty) just recognizing protein, creatine, and HMB could (very) likely grow their relevance (and inclusion) even further within the various categorical intersections across packaged foods, beverages, and dietary supplements…probably isn't a compelling enough insight, right? Nonetheless, what happens when a sizable share of the CPG industry strategically repositions themselves to (more obviously) sell this new social distinction? It appears this new “Age of Ozempic” era is facilitating a "measuring stick" shift (with thinness commoditized) and strength (defined by lean muscle and metabolic health) elevating into the ultimate social status, which should trigger a multi-decade “muscle health revolution” (effectively putting consumers in a trillion-dollar productized chokehold)!

Are popular OnlyFans creators and/or adult film stars too spicy for the CPG industry? While crossover attempts have been occurring for decades, a significant cultural shift…where the line between adult entertainment and mainstream influence is increasingly blurred, has more commonly allowed performers to achieve a different kind of celebrity and control over their careers. Though, beyond noticing a few “adult performers” utilized in marketing campaigns for vice categories like alcoholic beverages, illicit substances, or even certain dietary supplement categories…stodgy industry gatekeepers have kept deeper involvement (what appears to be) quite low. And maybe the best recent example happened after Urban Decay (a beauty brand popular with teens) recruited an explicit content creator, as global cosmetics giant L'Oréal faced public outcry…even though Ari Kytsya has a dual online persona producing hair and makeup tutorials for millions of social media followers.

Did the intern hit send too early on the brand's 2026 April Fool's Day joke? Was this AI image slop designed to distract us from their abysmal stock market performance? Are we actually living in some weird alt-protein simulation? Honestly, I had all those same gut reactions! And while those “hot takes” might be funny…my comedic skills hardly warrant any attention from strangers. So then, what's the key takeaway from Beyond Meat launching protein beverages? Just because you can…doesn't mean you should! And unfortunately, many leaders (plain and simple) lack the strategic discipline required for innovation to strengthen a brand rather than dilute it.

Shohei Ohtani is redefining what it means to be a baseball player in real time, and we're all witnesses. However, that greatness doesn't come from talent alone…as Shohei Ohtani is widely recognized for his meticulous data-driven attention to holistic health management and his commitment to maintaining peak performance. But let me tell you something from recent experience…I don't care if you're one of baseball's most remarkable players or simply some business strategist yapping online to you right now, there isn't anybody “immune” from needing to rebuild just about every routine after becoming a father. Though, what can we learn from recent decisions by Shohei Ohtani in his first offseason after becoming a father? Shohei Ohtani is placing a greater importance on immune care…and entrusting supplements powered by IMMUSE, a unique, patented postbiotic from Kirin Group that has been clinically shown to stimulates multiple types of immune cells for more comprehensive support.

Alcohol has been part of society for thousands of years. Also, likely because of its ability to trigger a release of dopamine…leading to feelings of confidence and impulsivity (thus increasing the likelihood of initiating contact with individuals you find attractive), alcohol has been part of the mating process for an equally lengthy period. However, driven by a wide range of factors…from increased health consciousness to evolving attitudes towards the drinking culture that dominates social settings, many are choosing to leave the “beer goggles” at home and embark upon their romantic adventures with a clear head. But this rise of dry dating got me thinking about beverage innovation possibilities…and it seems increasingly obvious the evolving adult nonalcoholic category should be “swiping right” on the market opportunity. Because arguably with the right combination of dopamine-boosting and aphrodisiac functional ingredients, a little “liquid courage” could be replicated without alcohol…saving you from those butterflies fluttering in your stomach.

If increased accessibility to GLP-1s is “changing the social distinction game,” with “thinness” now being replaced by “strength” as today's highest social ideal…then you probably need to learn more about what I call the foundational triad of muscle health. So, not that the protein-ification trend needed further support, especially after the FDA just inverted the old food pyramid…but protein is the tried-and-true nutritional cornerstone of building muscle. Similarly, have you noticed how suddenly (one day) creatine seemed to be everywhere…being hyped up by every fitness influencer and cognitive health guru? While I believe (at this point) the popular nutraceutical ingredient should be an almost must-have staple for everyone, creatine is a natural fuel source for muscles. Lastly, due to its ability to help protect muscle mass, don't get surprised when HMB (a metabolite of the essential amino acid leucine) makes its way into more functional foods, functional beverages, and dietary supplements…especially as “strength” increasingly shifts from niche pursuit into the new marker of social distinction with broader appeal.

For the last eight years, I've publicly shared my conviction around “relaxation” building into the next functional CPG frontier, due to the growing consumer demand from today's overstimulated (especially younger) generations for products that enhance mental wellness, support relaxation and stress relief, and enable alcohol moderation. Also, during that same timeframe…I've highlighted only one single brand (repeatedly) which I believed could become the “Red Bull of Relaxation,” effectively pioneering a category counterbalancing the $26 billion U.S. energy drinks market built on stimulation. “Take a Recess.” And it might be corny to make this comparison but hearing that Recess brand tagline was like a Jerry McGuire “you had me at hello” moment. Regardless, it became super apparent to me that founder (Ben Witte) truly understood Recess would only have a chance at becoming the definitive household name in modern relaxation if the selling formula started with emotion. Obviously, there's A LOT of other internal/external business dynamics ultimately at play…and the Recess story hasn't been without twists, turns, and challenges, but recently it's entering a fundamentally new chapter. So, I was honored when (right after) its $30 million Series B fundraising (and associated leadership hiring) news was released…I got a text message from Ben Witte asking if I'd be interested in hosting himself and Kyle Thomas for their first official recorded Co-CEO fireside chat together. As you'd imagine, in an effort to best help them share the nuanced business story of how Recess is scaling into the next iconic modern beverage company…it required a wide-reaching strategic conversation, but one that undoubtedly will provide insightful nuggets across every corner of the CPG industry.

If you focus on what you can do, what you cannot do will diminish in size. As THG CEO Matthew Moulding recently stated, “we can't control commodities or currencies.” After more than a decade of marketplace stability, MyProtein faced a “Great Shutdown” era spike in whey input costs and the Japanese Yen collapse (impacting its second largest market). And these two external factors almost entirely wiped-out profitability delivered by MyProtein in 2019 (which would be the last annual results prior to THG IPO'ing in September 2020). But THG must stay focused on what it can control like continuing to diversify territories, sales channels, and product category mix to reflect the record global consumer demand for protein…along with making deliberate trading decisions to protect margins and retain market share while whey commodity prices remain elevated. THG (aka the company formerly known as The Hut Group) recently updated the public markets by releasing its 2025 Q4 trading statement. I'll be utilizing that financial information, along with notes I took listening to the earnings conference call, and any relevant publicly disclosed information to obviously update you on the recent performance of THG Nutrition division, which includes the world's largest online sports nutrition brand MyProtein, but also utilize everything as the contextual backdrop for my expanded strategic commentary around global sports nutrition market dynamics and trends. Additionally, for those unfamiliar with the up-to-date THG portfolio configuration…due to the THG Ingenuity demerger action occurring at the end of 2024, it now would be described as a global, cash generative, health and wellness consumer brands group. During the fourth quarter of 2025, THG Nutrition revenue was approximately $211 million, which increased 8.5% YoY. Also, THG Nutrition reported generating full-year 2025 revenue of approximately $816 million, which increased 6.2% YoY. THG Nutrition delivered its fourth consecutive quarter of revenue growth, driven by average selling prices recovering to pre-rebrand levels. Moreover, momentum was said to be broad-based across categories outside of the core protein range, especially in activewear and creatine. But I'll dive into several strategic decisions impacting MyProtein including its global digital sales channel strategy, offline retail expansion efforts, product licensing strategy, and let's just say A LOT is riding on the success of the MyProtein global rebrand that started its initial staggered market rollout two years ago. Myprotein maintained its leading position (holding a 25% share of the UK online sports nutrition market). THG Nutrition still mainly deploys a global digital-first commerce strategy, with around 80% of its total revenue in the full-year of 2025 coming from direct-to-consumer, online marketplaces, and social commerce…but MyProtein has continued to invest in offline retail partnerships where it places a limited (or exclusive) SKU range as part of a bigger demand generation strategy. Nonetheless, this ambitious level of offline retail expansion globally will undoubtedly help drive a more diversified retail mix over the next few years.

In an era of college football where bowl games don't matter anymore, it seems CPG brand marketers didn't get that memo! Imagine a world where fans are showing up (or watching at home) not just for the sport but the title sponsor's brand experience! In what has become a marketing platform for some of the wackiest shareable moments in recent memory…a select group has mastered how to turn passive viewers of college football postseason into active participants in their brand stories. But as another college football postseason ends, I wanted to quickly provide a tier ranking of every bowl game that had a CPG brand as the title sponsor, which includes the Bucked Up LA Bowl, Bush's Boca Raton Bowl of Beans, Pop-Tarts Bowl, Snoop Dogg Arizona Bowl, Kinder's Texas Bowl, Tony the Tiger Sun Bowl, Cheez-It Citrus Bowl, and Duke's Mayo Bowl. And my tier ranking will be based solely around how effective these sponsors were at creating brand-driven spectacles. Lastly, and this has little to do about dissecting the marketing strategies of CPG brands…but why not play these “bowl games” in the first week of the season. I'm not sure the college football teams participating would actively embrace the current-level of brand-driven spectacles…but it would certainly bring immense meaning back to those games. But in the end, maybe attention doesn't materially change either way in today's online sports betting and prediction markets era.

Who's better at making functional foods, functional beverages, and/or nutritional supplements taste the best…certified flavor chemists or famous chefs? Unless you're an industry insider like me that truly understands the rarity of certified flavor chemists is equivalent to Master Sommeliers, you most likely believe famous chefs would be able to create the best-tasting products. And I totally get…food television and social media have transformed chefs from behind-the-scenes professionals to household names and cultural influencers. And functional CPG brands are starting to realize they can successfully leverage famous chefs' skills, personality, and culinary philosophies to help differentiate themselves in crowded product categories. So, welcome to the “chef-partnered era” of functional CPG products. Most recently, we've seen IQBAR partner with Michelin-starred chef Thomas Keller and Premier Protein collaborate with the iconic Christina Tosi and her team at Milk Bar. And saving the best for last…Robert Irvine was instrumental in creating FITCRUNCH protein bars that recently was acquired by 1440 Foods.

Just when I thought I'd seen everything within the energy drinks market (and I do mean it all), a press release gets forwarded to me about Titan Casket introducing the world's first energy drink brand launched by an online direct-to-consumer casket company. Though, in all honesty, it wasn't until after looking at the Titan Casket social media accounts that I quickly realized launching an energy drink is simply another component of their lively marketing playbook! Additionally, from the “A Wake” in the product name to the dark tagline “Sleep When You're Dead,” Titan Casket definitely doesn't lack the type of irreverent humor that reminds me of Liquid Death. But maybe the best quote came from Titan Casket Founder (and CEO) talking about how efficiently sending small parcels filled with heavy energy drinks would be simple compared to regularly shipping very large products across the country on short notice.

If you haven't seen last week's headlines yet, Kroger announced the sale of its online health and wellness subsidiary, Vitacost, to iHerb. And while terms of the M&A transaction were not disclosed…there's still tons to discuss regarding why both sides considered this deal value accretive. But I'll start my examination on the sell-side, as A LOT has happened since Kroger acquired Vitacost for $280 million in mid-August 2014. And if you remember back to that grocery retail era, even a few years before Amazon acquired Whole Foods Market, which instantly put the entire retail channel on notice (and triggered a massive grocery technology arms race that permeated across every layer of the supply and value-chain), supermarket chains (even the largest ones like Kroger) were increasingly concerned about facing competition from online retailers. But while Vitacost (at the time) certainly helped jumpstart Kroger's technology expertise and provided it with a platform for fulfilling home delivery of online orders…I probably don't need to detail every fundamental change in shopping behavior (over the last decade plus) for you to recognize that “ship-to-home” isn't the leading online grocery fulfillment method. So, even though the online grocery customer group continues to expand, order frequency has steadily grown, and spending remained resilient…thus signaling its shift from just a convenient option to the preferred way to get groceries for many, Kroger's primary focus evolved to emphasize store pickup and delivery for core grocery items, which differed significantly from Vitacost's pure ecommerce model for shelf-stable goods. And those operational differences obviously limited seamless integration into a unified system…eventually leading Kroger to take a $164 million goodwill and fixed-asset impairment charge on Vitacost in fiscal year 2022. But following its failed mega-merger with Albertsons in late-2024, Kroger went through an extensive strategic review, which included a cost optimization plan spanning from closing dozens of stores to impacting hundreds of jobs and broadly overhauling its online operations. And with Kroger determining Vitacost to be a non-core asset during that strategic business review, it ultimately signaled costs associated with separate infrastructure systems (and operations) would no longer be justifiable with expected long-term revenue and profitability reductions. Next, let's transition into examining the buy-side…as Vitacost could become a very important asset based iHerb confidentially filing for an IPO in July 2021. And while no official updated IPO timeline has been disclosed yet, iHerb leadership has publicly noted that it's still an ultimate end goal. Likewise, iHerb recently rang the Nasdaq opening bell in conjunction with the Vitacost acquisition, which seems (at least to me) more than simply a reflection of excitement for the future of the combined business (estimated to generate annual revenue of around $3 billion). Either way, something tells me that iHerb snagged Vitacost for an amazing fire-sale price…and will be successful in unlocking enough untapped potential to better position the combined entity for future growth and global market leadership…serving as a strong foundation for a potential future initial public offering.

Most recognized RFK Jr. had a significantly different vision for the FDA compared to that of Trump's first administration, so why is anyone surprised at the apparent “MAHA vs. MAGA” riffs? There have been ample opportunities for clashes (with potentially significant political ramifications), but the largest surrounds MAHA seeking to curb Americans' consumption of sugary soft drinks and ultra-processed foods. Reportedly led by an obscure research group with deep ties to the national Republican party, conservative bankrollers, and powerful Big CPG trade groups, the influencing campaign (delivered through MAGA social media personalities) attempts to stymie efforts barring SNAP recipients from using those funds to purchase sugary soft drinks. And while I generally hate overreaching regulations that unfairly target consumer choice, I think anyone receiving federal nutrition assistance should reasonably assume it will come with certain health-promoting restrictions.

There were more flavors of QUEST Chips just announced...which undoubtedly means more protein, but what about more revenue? In this latest episode, I'll utilize the Q1 2026 Simply Good Foods Company (NASDAQ: SMPL) financial statements, earnings call, and supplemental presentations for my expanded strategic commentary around convenient nutrition market dynamics and trends. In fiscal Q1 2026, Atkins Nutritionals brand dragged down the overall portfolio performance, but Quest Nutrition (up 12% YoY) and OWYN (up 17.8% YoY) beat categorical competitors in tracked and untracked combined channel retail takeaway. What's at the heart of the Quest Nutrition success? Quest Nutrition is still primarily known for the original Quest Bar, but that's quickly changing with the rise of its protein chips (and "salty snacks" product platform). In fact, QUEST has proven it's one of the few CPG brands that can successfully extend across multiple product forms...and its customer base expects them to come into an indulgent snacking category and flip it into great tasting (high protein, low sugar) offerings. The salty snacks segment of Quest Nutrition, which now accounts for half of all retail sales...had quarterly retail takeaway growth of about 40% YoY. And after representing only 20% of the total Quest Nutrition retail sales three years ago, “salty snacks” is on target to become the largest product platform by the end of fiscal year 2026. Yet, Quest Nutrition is arguably only scratching the surface of this multibillion-dollar (Simply Good Foods redefining) level of opportunity! And while Big CPG jumping further into protein snacking does (obviously) bring a slew of challenges…it also includes numerous second-order effects that (absolutely) increases the overall market opportunity for QUEST. Also, I examine what's causing the weak brand performance at Atkins and explain which actions the company is taking to change it. The most difficult task has been flipping the historical Atkins brand messaging from this negative “restriction diet” emphasis to its nutritional snacking products being viewed as a more positive, proactive convenient foundational nutrition focus. Moreover, Atkins must contend with dramatically changing behavior in the “weight management” consumer cohort (a major cause of this change has been the rise of GLP-1 weight loss pharmaceuticals). And then, OWYN retail takeaway growth came from a balance of distribution gains and velocity growth. Moreover, OWYN has significantly accelerated performance across all major sales channels (including ecommerce) and all key retail customers.

What does surging demand for creatine and increases in European defense spending have in common? Well, that would be the global specialty chemicals company, AlzChem Group, which is a critical Western supplier in two sought-after (albeit drastically different) sectors. Obviously, my deep domain expertise is far outside Europe's rising share of NATO defense spending and/or critical raw materials used in propellants for artillery ammunition. But I'll quickly mention that since AlzChem is the only Western producer of nitroguanidine…it has become a key player in Europe's rearmament efforts. However, why I'm making this particular content piece is to help you better make sense of why suddenly (one day) creatine seemed to be everywhere…being hyped up by every fitness influencer, cognitive health guru, and social commerce affiliate. Hopefully, by gaining knowledge about AlzChem, which is also the sole Western producer of high-purity creatine…marketed mostly under the branded ingredient name Creapure, it provides a distinct layer of insights that I believe will be helpful if you're interested in trying to understand this “explosive” health trend. Although it is difficult to know exact figures, AlzChem reportedly leads the market by more than a handful of percentage points…supplying slightly over one-quarter of the total global creatine production capacity. Being the only Western producer of creatine, AlzChem holds a unique geopolitical and quality-based "moat" that has proven tremendously powerful in a global supplement market often plagued by opaque ingredient sourcing. While competitors from Asia often compete on price, AlzChem dominates the premium segment niches (like sports or clinical nutrition) where verified batch consistency, absence of harmful contamination, and rigorous traceability are relied on. Furthermore, AlzChem's long history of consistently supplying pharmaceutical-grade creatine monohydrate basically helps brands explicitly featuring the “Creapure” logo on packaging like MyProtein to justify premium pricing strategies. Additionally, to sustain its market leadership against rising global creatine demand…AlzChem just announced a $140 million investment to build a new, increasingly automated production plant for creatine (and its essential precursors) a few weeks ago. So, even with incremental creatine capacity coming online late last year…AlzChem must invest ahead of the projected double-digit compounded annual growth over the next five years to ensure it can continually meet expected future market expansion. But for those unfamiliar with the recent (and current) market dynamics…no longer constrained to gym bros, creatine is currently undergoing a significant metamorphosis. While the traditional sports nutrition customers (which by the way is harder and harder to label cleanly every day) still account for more than half of global creatine supplement purchases, demand is surging with aging populations seeking muscle preservation, women's health segment (focusing on areas like perimenopause), and even cognitive health applications. Although AlzChem played a vital role in popularizing creatine within that shadowy niche of sports nutrition, it's remained an industry leader by funding extensive clinical research that competitors rarely match. Therefore, Alzchem is obviously supportive of (and will principally benefit from) an ever-growing body of research with positive results, which has broadened use cases and expanded demographics…making creatine an almost must-have staple for everyone.

Business history repeats itself…first as tragedy, second as farce. But for the sake of Cizzle Brands' future, let's hope lessons were learned the first time! While the company is managed as a single operating segment, Cizzle Brands started with a flagship brand CWENCH Hydration. Then, in January 2025…Cizzle Brands launched SPOKEN Nutrition, an NSF Certified for Sport line of athlete-grade sports nutrition products. Next, the company entered the functional foods segment this past September…launching a high-protein product called Sport Pasta under the HappiEats brand. And over the trailing twelve months, Cizzle Brands reported generating revenue of slightly above $10 million. And while most will likely recognize that Cizzle Brands is (at least currently) a much smaller active nutrition company compared to typical categorical competitors highlighted within my content pieces...purely judging the edutainment value of this business story based on the current level of Cizzle Brands revenue generation would undoubtedly show your ignorance surrounding last year's “reverse takeover transaction” examination. Though, beyond the seemingly intentional (yet) eerily similar growth strategies of BioSteel and CWENCH…it's a recent M&A transaction that really has me questioning if we're in some kind of business wash cycle right now! And that's because on Christmas Eve, Cizzle Brands announced that it had completed the acquisition of Flow Beverage for an aggregate purchase price of approximately $61 million. But while John Celenza isn't (technically) purchasing that same company (or even facility) twice, the M&A strategic rationale is quite similar. According to Cizzle Brands, the acquisition secures in-house manufacturing capacity for CWENCH, materially reducing cost of goods sold as volumes scale while improving production control and reliability. Additionally, it's said to strengthen the long-term operating platform…and create meaningful synergies that should materially accelerate its path to profitability. In just about 1.5 years' time, Cizzle Brands' products are available already in close to 6000 multichannel distribution points globally. Additionally, Cizzle Brands recently entered into a distribution agreement with a Canadian subsidiary of Keurig Dr Pepper. Though, for the foreseeable future, demand levels of CWENCH Hydration wouldn't even warrant turning on the lights daily at this approximately 150,000 square foot Tetra Pak manufacturing facility. So, Cizzle Brands NEEDS to ensure its laser focused on how it can better serve current contract manufacturing customers that includes BioSteel or Joyburst. And speaking of the largest co-packing customer of Flow Beverage (aka Cizzle Brands Manufacturing), you probably saw the news by now…but it just sold to Anheuser-Busch in a deal worth more than half a billion dollars! So, if Beatbox Beverages wasn't already large enough (and assumably smart enough) to possess levels of operational buffering…it certainly is now! Consequently, we don't know fully what that could mean for Cizzle Brands Manufacturing yet…but I'd assume M&A due diligence triggered conversations with Beatbox Beverages (and AB InBev) cementing confidence that previous manufacturing agreements would be honored into (I believe) the end of the decade.

Did you know there's a paradox of distinctive brand assets…where the most effective asset types are used least? Every founder is consumed by recognizable visual elements like logos or brand colors. But what about the strategic use of sound across touchpoints to create memorable emotional connections, improve recognition, and differentiate a brand? In today's short form content era, strong sonic cues or fun jingles are grossly underutilized! Either way, visuals shouldn't be the only part of your brand experience…especially within ingestible CPG categories where the other senses are even more influential.

More than four years after Better Being Company withdrew its IPO plans, one of the most historically significant dietary supplement brand portfolios finally got a (technically) new owner. Since that “Great Shutdown” period can be blurry for everybody, I'd guess most aren't aware Better Being Company filed Form S-1 with the SEC (in July 2021) for a proposed initial public offering…let alone that it postponed and eventually withdrew plans (due to market conditions) only a few months later. Obviously, hindsight granted us clarity to understand that despite the number of U.S. traditional IPOs in 2021 climbing to the highest levels since the late 1990s (and deal value hitting record levels), amid expectations for higher interest rates and a return of volatility…the market swiftly rotated away from risky, growth-oriented companies, which especially hurt small-cap IPOs. However, some might still argue it could've followed another dietary supplement company, Thorne Healthtech, that filed Form S-1 with the SEC something like a week after Better Being Company…and began trading a “downsized” IPO in September 2021. But even with continued strong sales growth, Thorne Healthtech struggled to maintain its IPO value until a 2023 acquisition by the private equity firm L Catterton offered stockholders a significant premium. Moreover, while most industry pundits would classify Better Being Company and Thorne Healthtech as direct competitors (due to offering similar categorical products), I see dramatically different strategic aspirations. Therefore, it's highly probable investors wouldn't have given Better Being Company a similar “spot landing” after eventually noticing it lacked the same prominence of Thorne Healthtech in this new “preventive health and wellness era” where consumers want a distinctively proactive, personalized, and integrative data-led approach. However, for the most part…private equity (and public markets) has adapted to lessons learned from this period, and positive momentum has been rebuilding throughout 2025. And that allows the recent Better Being Company announcement that it had been acquired by a syndicate of global investors led by Snapdragon Capital Partners (which has been a minority stake holder since July 2019). And assumably, Snapdragon Capital Partners would've built further conviction in the vertically integrated manufacturer, marketer, and distributor of branded dietary supplements and personal care products…because it had to buyout HGGC, the private equity firm that was responsible for taking Better Being Company (then known as Nutraceutical International) private in August 2017 for just shy of $450 million. But Snapdragon Capital stated in the recent press release that “Better Being Company has seen two years of explosive growth led by its flagship Solaray brand.” Additionally, within a trade publication article from earlier this year, President and Chief Commercial Officer (Kyle Garner), which joined in 2023, confirmed the strong recent performance of Better Being Company…stating 20% YoY growth and approaching $400 million in net sales (which would be about an additional $80 million in net sales compared to fiscal year 2020 financials). But then, beyond obviously looking for that successful future liquidity event...I'll explore where Snapdragon Capital Partners presumably envision Better Being Company going next?

For those that weren't lucky enough to experience it firsthand, I'm sorry but you'll never truly understand what it felt like being a suburban kid growing up in the mid-90s, with this unwavering need to dial 1-800-FUN-COLOR…convinced that your persistence toward a winning vote could change the candy landscape forever. In fact, if you were to ask the 10-year-old version of me about his crowning achievement, I'd proudly answer helping “blue” become the next M&M's color. And while the MAHA movement will soon throw away that (three decades of dust-collecting) participation trophy, there's actually a bigger threat to the candy brand. Most CPG companies are largely unready to handle the ingredient shortages, input cost inflation, and supply issues caused by climate change over the next decade. From staples to cash crops, disruption from these factors won't happen everywhere at once…but the impact severity will only increase over time. So, that's why Mars Incorporated is seeking supply chain security by working to cultivate drought- and disease-resistant peanut varieties. But here's a suggestion for the candy giant…maybe everything can be solved with another contest, but this time to find the next George Washington Carver.

It's hardly a secret that American food companies rely heavily on undocumented immigrants for physical labor. Whether it's the laborers who tend livestock and cultivate crops or workers behind the scenes in meatpacking and other agricultural production plants, our food system is powered by a cheap, willing and, often, undocumented workforce. Yet, intensified immigration enforcement, such as ICE raids, has triggered labor shortages across the food system. And before you think something silly to yourself like “great more opportunity available for native-born workers now,” really consider how many unemployed U.S. citizens (living in a city) would move to a rural area, perform backbreaking work daily, and take an almost 40% percent pay cut (compared to the average nonfarm wage)? Most Americans understand that farm laborers aren't easy to replace. In fact, during the 2024 election cycle, 75% of registered voters believed undocumented immigrants mostly fill jobs US citizens don't want to do. Nevertheless, this isn't about offering amnesty to all undocumented immigrants, but I think our country needs commonsense immigration solutions…especially those focused on safeguarding critical industries that rely on migrant labor. And maybe it should begin with a clearer pathway for migrant farm workers to earn legal status…along with expanding access to the H-2A visa program for non-seasonal agricultural industries.

Reports suggest around one-third of U.S. adults use continuous monitoring technology and health wearables…with trends showing persistent growth, especially among younger, educated, and higher-income individuals. And by providing 24/7/365, real-time data on physiological metrics like vital signs, glucose levels, and sleep patterns…continuous monitoring technology and health wearables are becoming increasingly powerful drivers of consumer behavior. And I believe this is super important, especially if you consider how more individuals began viewing themselves as consumers in the healthcare market compared to solely being patients. Also, with the help of continuous monitoring technology and health wearables…consumer healthcare has been evolving from a reactive, one-size-fits-all treatment approach to a distinctively proactive, personalized, and integrative data-led approach. Moreover, empowered by this "proactive health" mindset, consumers increasingly moving closer towards this four-way intersection of taste, convenience, nutrition, and functionality. Therefore, the most direct impact of continuous monitoring technology and health wearables is arguably the mainstreaming of the "food as medicine" philosophy. When consumers receive moment-by-moment feedback on how specific foods, beverages, and dietary supplements affect their bodies…they start demanding products tailored to their unique biological needs. But maybe the most significant example would be glycemic responses detected by continuous glucose monitors. In fact, whether boosted further by the recent FDA clearance for over-the-counter continuous glucose monitors and/or the rising usage of GLP-1 drugs for weight management…heightened interest in blood sugar management has also expanded beyond the diabetic community. Obviously, “war” had been waged on sugar a long time ago…but a “MAHA-influenced marketplace” has slightly shifted, with consumers being more comfortable with sweetness that has natural connotations. Either way, this signals a potentially powerful opportunity for packaged food and beverage companies to embrace diabetic-friendly products (for general wellness), as it's reasonable to imagine a similar adoption trajectory of gluten-free beyond those with celiac disease. Nonetheless, nearly 43% of consumers (today) associate healthy food with boosting performance, which means real-time data has increased demand for ingredients with measurable impacts, such as adaptogens for stress relief and nootropics for cognitive performance. Also, this influx of high-frequency biometric data can help shorten the product development cycle by providing functional CPG companies with "real-world evidence" that was previously unattainable. Next, these health technology wearables have opened a new engagement approach like how seeking to better reach the increasingly influential variations of the “wellness maxxing” internet community, marketers of functional CPG brands have begun showcasing wearable data in social storytelling to help prove product efficacy. While I totally understand the primary business cases involve premium positioning strategies…I'd bet that begins to change, as industry forward-thinkers recognize synthesizing this data into actionable low-cost, high-impact functional product solutions for broader populations is the REAL prize. Lastly, while continuous glucose monitoring revolutionized diabetes care…the same approach applied to inflammatory proteins could transform care for autoimmune diseases or other chronic diseases (i.e. cardiovascular health).

Back in April 2023, you might remember that I uploaded a piece of content titled something like “The Clorox Company should divest its dietary supplement brand portfolio.” It aimed to increase recognition that a collection of supplement brands was buried within The Clorox Company, to clarify the holistic strategic reasoning behind why Clorox spent nearly $1 billion acquiring these dietary supplement brands last decade, and to describe (maybe not so surprisingly) how these dietary supplement brands mostly struggled under Clorox's ownership. And despite all that previous silly M&A justification rhetoric around how The Clorox Company had been a “health and wellness company” for over 100 years, the primary driver behind divestment was an integrated strategic plan that sought to achieve profitable growth acceleration through sharpening its focus on core household care brands. So, in the end…Clorox determined that the dietary supplement business was not aligned with its long-term vision. Accordingly, it took about 18 months after my original content, but that “pure rumor and speculation” turned into The Clorox Company selling its dietary supplements business (in its entirety) including the Natural Vitality, NeoCell, Rainbow Light, and RenewLife brands, relevant intellectual property, and the company's manufacturing and distribution facilities, to Piping Rock Health Products. But let me introduce you to the pure-play business that acquired these assets from The Clorox Company…because (I'd guess) despite its heritage rooted in over a half-century of experience in the supplement industry, many don't recognize the name Piping Rock Health Products. In 1971, the family's journey began with Arthur Rudolph, a pioneering figure in manufacturing vitamins. Following in his father's footsteps, Scott teamed up with him to form Nature's Bounty…which eventually became the world's largest vitamin manufacturer (marked by private equity firm The Carlyle Group acquiring the company for approximately $4 billion in 2010). A year later, joined by Scott's son Michael, the Rudolph family took that achievement to the next level by forming Piping Rock Health Products…a vertically integrated multi-format dietary supplement brand manufacturer, distributor, marketer, and retailer. Before acquiring RenewLife, Natural Vitality, NeoCell, and Rainbow Light from The Clorox Company, it internally developed Nature's Truth…a flagship brand modeled after Nature's Bounty that now generates around $300 million annually. Also, beyond offering a few other smaller brands…Piping Rock does a lot of private label contract manufacturing for leading retailers. So, irrespective of knowing every Clorox M&A financial detail…the acquisition still signals an upsized level of ambition for Piping Rock, right? But this story doesn't stop there…as Piping Rock continues to expand its presence in dietary supplements by “remixing” last year's M&A activity with The Clorox Company. Similarly, targeting a multibillion-dollar CPG conglomerate (with an identity crisis), it was recently announced that Church & Dwight (after concluding its strategic review) signed a definitive agreement to sell the VitaFusion and L'il Critters dietary supplement brands to Piping Rock. In closing, I'd expect Piping Rock to continue taking advantage of a growing trend of Big CPG divesting their dietary supplement brands, as this market momentum creates new opportunities for pure-play businesses to scale through buying established, reputable brands.

While beloved by children…did you know that the entire National Football League combined is estimated to consume about 100K Smucker's Uncrustables annually? If you aren't familiar with Uncrustables, it's essentially a frozen peanut butter and jelly sandwich, minus the crust…and intended to be eaten after they have thawed. The J.M. Smucker Company launched Uncrustables in 1998, and annual net sales of the frozen sandwiches grew 15 percent YoY in fiscal year 2025…with the goal of reaching $1 billion in annual net sales by the end of fiscal year 2026. And largely due to those financial metrics, competition within the frozen sandwich category has increased substantially…as both branded and private label players battle for limited shelf space in the merchandising set. But newcomer Jams is packing the frozen peanut butter and jelly sandwich with more protein, along with deploying a growing roster of influencers and athletes as equity partners…including NFL stars Micah Parsons and CJ Stroud. And that sounds all good…but let's just hope Jams learned the valuable lesson from Chubby Snacks to “not attack or mock Uncrustables” or the king of the category will gladly put you out business one way or another!

What's developing isn't a “high-protein convenient nutrition” categorical battle between wholesale club private label and branded products…but an evolving model of coexistence! The two largest warehouse clubs in the United States each offer shoppers unique features and their own style of bulk discounting…but more recently, the biggest commonality is the effort by Costco and Sam's Club to expand private label product assortments. In a retail landscape shaped by economic headwinds, generational turnover, and changing definitions of value, private label has become a powerhouse…not only as budget-friendly alternatives but a strategic lever for growth, shopper loyalty, and brand identity. Similarly, in an inflation-conscious landscape, shoppers are choosing private label not just because it's cheaper…but increasingly because it also meets their evolving expectations for quality, innovation, and experience. But with private label shifting from “stigma” into a reflection of consumer values, thus moving beyond simply being placeholders for branded products…Costco and Sam's Club are leaning into this momentum by positioning expansive store-brand expansion as a destination. But if you aren't a Costco member, you might've missed that Kirkland Signature launched a whey protein powder last summer. And if you aren't a Sam's Club member, you likely overlooked that Member's Mark launched an ultra-filtered milk protein shake last month. Though, recognizing that both wholesale clubs had launched high-protein bars several years earlier…you might be questioning the significance of these other convenient nutrition private label products, right? For years, Quest Nutrition defined the “high-protein bar” category…essentially building the modern protein bar. Then, both Kirkland Signature and Member's Mark entered the space…matching Quest Nutrition on just about every product variable. The biggest difference…price! But it was a clear signal that the high-protein bar category had officially gone mainstream. Similarly, Optimum Nutrition and Fairlife are defining the “protein powder” and “protein shake” categories respectively…essentially building those modern convenient nutrition subcategories. But now, wholesale club retailers have entered the space…matching Optimum Nutrition and Fairlife on just about every product variable. Again, the biggest difference…price! But it's another clear signal that these high-protein convenient nutrition subcategories have officially gone mainstream. But for branded CPG products…private label activity from Costco and/or Sam's Club can feel like an attack. However, those leading wholesale club retailers are simply upholding a promise to their members. Unfortunately, whether it's macro-related or more categorically specific factors (like persistent dairy proteins input cost inflation), consumers have increasingly searched for better value without sacrificing quality…and wholesale club private label brands will steadily take fuller advantage of this market opportunity. Finally, despite this rise in categorical private label activity…I'll end my latest first principles content piece by highlighting how branded products can continue holding a powerful place in consumers' hearts (and shopping carts).

Are we approaching a paradigm shift…where the conversation elevates from “quantity” to “quality” of weight loss? And if true…what could that mean for “muscle health” CPG products, which have benefitted greatly from the current GLP-1 market dynamics? The first wave of GLP-1 receptor agonists, which I'm dubbing the “quantity” paradigm, has been nothing short of revolutionary…with Wegovy Ozempic and Zepbound Mounjaro demonstrating significant weight loss, often exceeding reported data from Novo Nordisk and Eli Lilly clinical trials respectively. This unprecedented efficacy fueled a massive surge in demand and Morgan Stanley projects annual GLP-1 sales will soon become the biggest drug class in history. However, the initial conversation was dominated by how much weight could be (and how quickly it was) lost. Therefore, as these medications became more widely used…critical concern emerged surrounding how a significant portion of the lost weight was not just fat but also valuable lean body mass. But this concern has catalyzed the move toward a next wave in the GLP-1 market, which I'm dubbing the “quality” paradigm…where the focus is on what kind of weight is being lost. Recognizing that health is about more than just a number on a scale, the shifted goal would now be (still) maximizing fat mass reduction but while simultaneously preserving, or even enhancing, lean mass. Also, the “quality” paradigm emphasizes an integrated approach to weight management…as patients seek outcomes that support an active, healthy lifestyle. Accordingly, many CPG companies (explicitly those positioned across the intersecting categories of food, beverage, and dietary supplements) have progressively adapted to support the specific nutritional needs of individuals prescribed GLP-1 medications. In fact, my introductory statement referred to how these GLP-1 market dynamics have been beneficial to certain CPG products (particularly ones aiding in “muscle health”). Also, just to clarify my definition of “muscle health” CPG products that are benefitting greatly from current GLP-1 market dynamics…I'm mainly talking about protein (the tried-and-true nutritional cornerstone of building muscle), but also creatine (a natural fuel source for muscles) and HMB (that helps protect muscle mass). Though, if we want to fully understand any potential “muscle health” CPG categorical impacts stemming from next-gen pharmaceutical innovation aimed at improving long-term metabolic health and functional outcomes. According to analysts at TD Cowen, combination treatments designed to help individuals preserve muscle while losing weight with popular GLP-1 drugs by Novo Nordisk and Eli Lilly could generate more than $30 billion in sales by 2035. And maybe the most closely watched mid-stage drug trials have revolved around bimagrumab, which is a muscle-preserving drug that was part of an almost $2 billion Eli Lilly acquisition from mid-2023. Regardless of possible regulatory challenges still remaining, my strong conviction centers around eating less (with the help of current GLP-1 medications) can only do so much to better your health…thus “weight loss while maintaining muscle mass” is far too important for long-term health outcomes. Accordingly, these will become the next holy grail of obesity treatment (as we move closer to the 2030s). And if that prediction is directionally correct (which I believe is highly probable), it means eating/drinking culture will be reshaped further, accelerating a pivot toward nutrient density and functional benefits!

Amidst booming demand for functional beverages…niche ingredients have found a catalyst to mainstream awareness and mass acceptance. Though, there's a big difference when comparing (say) lion's mane mushrooms, which meets the FDA definition of a dietary supplement…and kratom, even if plant-derived sources of the niche ingredient could align with natural wellness trends. And I get it…there's obviously growing market demand for kratom, that (depending on dosage) supposedly delivers a boost of euphoric energy or sedative relaxation. But poor regulatory enforcement doesn't somehow make it allowable by default. And maybe this is a spicy take, especially coming from someone (personally) holding strong libertarian views when it comes to adults consuming whatever they want, but I believe professionally that beer-affiliated DSD distributors selling high-margin products with kratom (or even hemp-derived THC beverages in certain states) are no different than all these independent specialty supplement retailers selling unauthorized peptides or prohormones.

I'm having a tough time understanding the latest Liquid Death joke…does that mean I don't have a sense of humor? For those unfamiliar, the original inspiration (that eventually became Liquid Death) occurred in 2009…when Founder (CEO) Mike Cessario went to watch some friends perform with their band at the Warped Tour. And because the festival was sponsored by Monster Beverage…musicians would be on stage drinking out of branded cans. But instead of them being filled with the actual Monster Energy liquid, they'd been replaced with water to keep musicians hydrated during their sets. And that sparked Mike Cessario (an advertising agency creative at the time) to question “why aren't there more healthy products that still have funny, cool, irreverent branding?” Then, working on a public service ad campaign about the health risks of sugary energy drinks in 2014…he pitched the client on “doing a canned water stunt to poke fun at energy drinks.” While the client hated the idea, Mike Cessario spent the next roughly two years tinkering with the concept in his free time…eventually settling on what he called the “dumbest possible name for a super healthy, safest beverage possible.” But after potential investors passed on canned water concept, Mike Cessario (hoping to prove it was a viable brand), spent a few thousand dollars creating (and promoting) a short commercial that reframed water as the “deadliest stuff on earth” and responsible for way more deaths than energy drinks. So, if the constant impetus for Liquid Death came from “poking fun at energy drinks,” what could it mean when the brand just launched its own energy drink? With the tagline “feels like a cup of coffee, not an electric chair,” what you'll initially notice is these Liquid Death Sparkling Energy drinks are less loaded with caffeine than most new entrants and challenger brands. And I'd hate if my previous statement was misinterpreted though…because product details can matter! But we cannot overlook that most CPG marketers will proclaim, “our brand this or that,” but few companies ever get past simply attempting to sell undifferentiated products. Though, when you can sell a product that (oh by the way) also brings someone an extremely desirable emotion…you've done something truly special. So, particularly when a CPG brand (like Liquid Death) rightfully carries forward its product philosophy (and standards) that helped it become a breakout…details can (in fact) matter. However, while some CPG industry pundits proclaim, “the move appears to be a natural extension of its brand identity, as Liquid Death has long seemed well-suited for the energy drink category,” I've got some doubts…especially when reapplying some comments I made last April surrounding the launch of its “Death Dust” hydration supplement stick packs! So, if Mike Cessario is simply taking a snapshot of the U.S. energy drinks market from 2009, 2014, 2018, or right now…it would certainly show the same duopolistic market structure. However, just analyzing Red Bull and Monster Beverage would hardly explain much about which underlying drivers “recently have, currently are, and will undoubtedly continue” powering the remarkable categorical growth. So, this is where I continue to struggle…will the Liquid Death “irreverent marketing” approach resonate with more diverse energy drink consumers looking for authenticity and relatability in brand messaging?

While most Big CPG brand portfolios restructure, realign, and refocus…GHOST is making those strategic efforts by its parent company Keurig Dr Pepper a bit more complicated! After its recent M&A transition (involving JDE Peet's) closes, KDP plans to separate into two independent public companies…currently given generic “Global Coffee Co.” and “Beverage Co.” placeholder names. And this corporate restructuring move will significantly improve the previous KDP “refreshment beverages” segment by sharpening focus of decision-making, tailoring capital allocation strategies, and (overall) enhancing strategic optionality. But why did GHOST see that last point around “enhancing strategic optionality” and jump straight into launching a new product format…essentially complicating that KDP portfolio simplification process? Well…if you haven't seen the leaked images yet, GHOST is launching a Protein Bar this month at that's reminiscent of a Twix bar. And for those ignorant enough to think GHOST really is that impulsive, I can remember having strategic conversations surrounding “protein bars” with their co-founders dating back to 2018. And while all product innovation roads were destined to eventually lead back towards the protein bar category, GHOST proved (once again) it won't settle for swimming in the “Sea of Sameness” when distinctiveness is a powerful tool to gain a competitive edge.

Let's face it…there's A LOT of terminology associated with ultra-processed foods. You have industrialized ingredients like certain seed oils or sugars like high fructose corn syrup. Then, there are the lab synthesized ingredients like artificial colors, flavors, and sweeteners. So, in an effort to improve public health and nutrition policies, the FDA is collaborating with the USDA to develop the first federal definition of ultra-processed foods. How long will this procedure take? Well…let's just all hope it's less time than the eight years the FDA recently took to update the definition of “healthy.” But interestingly enough, Americans don't technically need further definition clarification, as surveys show most don't even pay much attention to ensuring they avoid these controversial food components. Instead, affordability and enjoyment continue to be the strongest drivers of food and beverage consumption.

Wait, you're telling me that a $100 million plus acquisition just occurred in the North American protein bar market…and I've never once mentioned the brand name throughout its almost decadelong existence? That simply cannot be TRU! Though, before anyone tries to ignorantly throw dirt on my name…I'll finally reveal why I've been publicly ignoring TRUBAR! However, it was just announced that TRUBAR would be acquired by Eti Gida, a Turkish CPG company, for approximately $142.5 million. And if you were trying to understand the valuation…as of the 2025 third quarter closing (dated September 30, 2025), trailing twelve months revenue from the TRUBAR segment would be just shy of $61 million. So, this would imply a 2.3x trailing twelve-month revenue multiple. And this is why I suspect TRUBAR “retail investors” are unhappy with the M&A transaction, as it would mark what I believe to be one of the lowest revenue multiples in the last decade of the protein bars market. Yet, for several varied reasons…TRUBAR isn't ONE Brands, Quest Nutrition, FITCRUNCH, Barebells, Power Crunch, or a few other protein bar companies involved in recent M&A activity. Firstly, unlike the negative EBITDA (on a trailing twelve-month basis) at TRUBAR, these other protein bar companies actually made money. Next, while customers might enjoy the taste (and consumption experience) of TRUBAR products, there isn't anything differentiated about them. If you weren't familiar, protein bars are mostly a contract manufacturing “follow the leader” dominated category with a “sea of sameness” market composition. But even if TRUBAR differentiation could've been gained by form factor uniqueness (complexity), it still requires creating (or owning) the manufacturing process if a protein snacking company really hopes to secure longer-term defensibility (and competitive advantage). Then, with Big CPG jumping heavily into “protein-ified variants” of their leading snacking brands, it will further deepen the competitive landscape and transform “protein” into a battleground category as it proliferates across the entire grocery store. And you can argue that most of the beforementioned protein bars are dealing (at some level) with this same challenge (as the market evolves, expands, and segments further), but mainstream buyers don't know about TRUBAR. Yes, retail availability has grown substantially in recent years…and revenue growth has largely accompanied it, but TRUBAR still has an extremely low U.S. protein bars market share and brand household penetration percentage overall. But to understand if new ownership can materially improve the likelihood that TRUBAR will become culturally relevant with the next generation of modern protein snacking customers, I'll more closely examine Eit Gida...which is among the top CPG manufacturers based in Turkey (becoming well-known in multiple geographies across various bakery and snacking categories). Though, you might be wondering…why is a Turkish Big CPG strategic acquiring a relatively small Canadian public company selling plant-based protein bars mainly in the U.S. market? But more importantly if Eti Gida can really help TRUBAR carve out a distinct niche in the crowded North American protein bar market.

Did you know that PepsiCo has approximately 70% more packaged beverage SKUs than The Coca-Cola Company…but is generating roughly 15% less retail sales? That was just one of numerous fascinating insights included within the 75-page presentation Elliott Investment Management recently sent to PepsiCo board of directors. After building a $4 billion stake in PepsiCo, the well-known activist investor is urging the CPG giant to evaluate the potential refranchising of its bottling network…while streamlining its portfolio by divesting non-core and underperforming assets. Additionally, Elliott criticized the PepsiCo packaged beverages division for lagging behind principal competitors…despite a consistent flow of flashy (large) M&A deals. And if you're wondering what that means for the recent “trade” between PepsiCo and Celsius Holdings, Elliott “thinks that the sale of the Rockstar Energy brand is a step in the right direction to simplify the portfolio.”

Has anyone else noticed that compared to a few of its peers…the Premier Protein growth story gets overlooked by pundits far too often? BellRing Brands (NYSE: BRBR) is a portfolio that owns a collection of convenient nutrition brands like Premier Protein and Dymatize Nutrition, which was previously wholly-owned by Post Holdings. A fast-paced and busy lifestyle is pushing consumers to switch to quick and healthy meal options. This has resulted in above average categorical growth rates and increased household penetration of RTD protein shakes that promote active lifestyles. Additionally, powders are becoming more mainstream, and category proliferation has created an environment where more consumers are purchasing both every day and performance nutrition positioned protein products at grocery stores and mass retailers. Bellring Brands reported 2025 Q4 net sales of $648.2 million, which was up 16.6% YoY. Premier Protein (~86% of BellRing Brands total revenue) grew 14.9% YoY, driven by strong volume growth. Dymatize Nutrition was up 32.9% YoY, stemming from strong volume growth and pulled forward international revenue ahead of planned pricing actions in fiscal year 2026. But since this was the company's fiscal fourth quarter, BellRing Brands annual results included generating net sales of $2.32 billion, an increase of 16.1% YoY…which comprised of a 14.7% volume increase and 2.2% increase in price/product mix. Moreover, I provide deep dives into Premier Protein RTD protein shakes business activity, along with examining similar metrics surrounding the protein powders from Premier Protein and Dymatize Nutrition. But my latest first principles content piece will end with briefly analyzing the product development variable defining this next phase of RTD protein beverages market. Premier Protein owns just over a quarter of the market…and the other quarter market share is held by the two RTD protein beverages under Fairlife (owned by The Coca-Cola Company). And from a product development standpoint, (in many ways) these are different products. Premier Protein is essentially an emulsified protein powder beverage…which has a comparatively thicker (higher viscosity) fluid and generally the consumption experience reminds you of drinking a healthy milkshake. Then, Fairlife (Core Power) is primarily ultra-filtered milk…which is thinner and generally the consumption experience reminds you of drinking a typical beverage. So, who (or I guess technically which product approach) wins? I don't think there's a definitive answer to this question just yet…despite Fairlife (Core Power) retail sales growth outpacing Premier Protein, and the gap closing quickly across a collection of other commercial metrics. While the competitive landscape is filled with declining legacy, newer insurgent, and crossover brands…it will continue as mainly a marketplace duopoly for some time, as it will take many years to replicate the manufacturing capacity, supply chain, product expertise, brand equity, and retailer relationships of these market leaders.

Even when everyone (including myself) thought it might be finished…could MusclePharm actually be showing signs of life again? But for those unfamiliar with the up-to-date FitLife Brands Inc. (NASDAQ: FTLF) portfolio configuration…due to the acquisition of Irwin Naturals, which officially closed on August 8, 2025, it now sells more than 500 SKUs across 16 supplement brands, each with a slightly different product portfolio and sales channel strategy. But throughout this content, you'll hear me categorize the FitLife Brands portfolio into three segments: Legacy FitLife Brands, MusclePharm, and Irwin Naturals. In the third quarter of 2025, the consolidated FitLife Brands portfolio generated revenue of $23.5 million...which was up 47% YoY. But while the consolidated FitLife Brands portfolio comparative growth rates appear extremely strong, it's important to remember that those reported results were greatly impacted by the Irwin Naturals deal. But in my latest first principles content piece, I'll share a detailed collection of segment-level updates that I believe are important when trying to understand the FitLife Brands story. These include revenue diversification strategies within the legacy FitLife Brands that has dramatically lowered "key customer risk" with the specialty retailer GNC and how even the “oldest” supplement brands can still generate revenue growth along with being the strongest contributor to companywide net profitability. But while there's strategic initiatives going on that involve the legacy FitLife Brands and Mimi's Rock segments, the most intriguing activity within FitLife Brands is also currently its smallest segment (i.e. MusclePharm). In the third quarter of 2025, MusclePharm segment revenue was just under $3.8 million...which increased 55% YoY. But you're probably hearing that…thinking to yourself “incredible results,” right? And trust me…I want nothing more than to give Dayton Judd (and the FitLife Brands leadership team) a huge virtual “pat on the back,” but there's A LOT of devilish things happening in the details! You probably think I'm being overly dramatic, especially when (in the third quarter of 2025) MusclePharm wholesale revenue more than doubled YoY…and I've stated previously “the biggest opportunities will come from B2B activity,” right? However, FitLife Brands wrongfully assuming MusclePharm still had enough distinctiveness in the marketplace to justify its current strategic gameplan (that quickly expanded product formats within the protein category) was a huge miscalculation…and undoubtedly exposed its “above- and below-the-line” weaknesses even more prominently. Though, maybe the newest FitLife Brands acquisition can indirectly help alleviate these MusclePharm challenges? FitLife Brands got a boost in human capital from Irwin Naturals possessing strength in routes-to-market that are beneficial to selling MusclePharm protein bars and RTD protein beverages. And while all of this seems ideal…don't get trapped into a state of exuberance thinking 1+1=3.

Did you happen to notice that Tylenol recently launched a dietary supplement product range designed to promote joint comfort and mobility? When the best-selling pain relief brand in the U.S. market launches a drug-free product range…it not only speaks volumes about shifting consumer attitudes from treatment to prevention, but also about the increasing importance of supplements for the pharmaceutical industry. And maybe unsurprisingly to my fellow industry nerds, but this new product launch further strengthens the pharma-nutra convergence trend. In fact, pharmaceutical companies have been increasingly tapping into the preventive segment…seeking new revenue opportunities to mitigate against numerous factors hampering industry profits. Therefore, even during periods of relatively strong demand for OTC drugs, supplements still present an important opportunity to expand the product offering…thus we expect this trend to continue and likely permanently reshape the nutraceutical industry.

Monster Beverage Corporation (NASDAQ: MNST) is without a doubt one of best two-way players in the beverage game, but it's hard to argue another “best defender in the industry” award isn't warranted after it recently announcing a new female-focused energy drink called FLRT will launch in early 2026. Offense and defense are terms that we're mostly familiar with when talking about sports, but these words are also applicable in business strategy. When a company is playing offense, its making investments that move the business forward. Alternatively, when a company is playing defense, its making investments to prevent potential downside. Offensive and defensive business strategies are equally important, but when you utilize them depends on numerous internal and external considerations...and accounting for these various marketplace dynamics could mean an offensive-heavy or defensive-heavy strategic gameplan would yield more short- and long-term value generation. So, who's the “King of Defense” in the beverage industry? If I was voting for this totally made-up award (again), I would give it to Monster Beverage Corporation just like when I examined the Reign Total Body Fuel and Reign Storm product innovations in February 2023. But instead of launching copycat energy drinks to defend against Bang Energy and CELSIUS, another highflying energy drink brand (or I guess brands) are currently on the Monster Beverage hit list. And while recent business performance has been relatively great at Monster Beverage, but that doesn't mean it's benefitted from every underlying growth driver powering the energy drinks market. Amid a slew of distribution partnerships, investments and acquisitions, the biggest success stories of the past several years have come to energy drink brands reaching toward female consumers. And the massive, continued achievements by Alani Nu and record-breaking early categorical results from Bloom Nutrition must've finally signaled “the future is female” to Monster Beverage because they just announced the upcoming launch of FLRT. Initially debuting in four flavors, FLRT will be positioned as a zero-sugar, female-focused energy drink brand. And while totally understanding (and respecting) the strategic defensive move from Monster Beverage, I didn't need to read the overwhelmingly negative comments from pundits to know FLRT wasn't going to be received well online. But since energy drinks are marketed as lifestyle brands that offer beverages with a functional benefit of caffeine, authenticity matters A LOT. So, while Alani Nu and Bloom Nutrition were each co-founded by female fitness influencers, Monster Energy is the epitome of such longtime mainstays of energy drink marketing like extreme sports and bikini models…that for some time suggested the only valuable categorical consumer were young males. And even if Monster Beverage attempted to develop female-focused energy drinks more than a decade ago, that overwhelmingly negative sentiment online obviously shows the brand identity of Monster Energy is so entrenched that consumers feel it seems grossly inauthentic to suddenly pivot now. Instead, if Monster Beverage wants to become liked by female consumers…it probably needs a more dramatic strategic plan. Thus, how about I leave you with this idea…Monster Beverage should acquire Olipop.

Did Applied Nutrition report the type of annual performance that deserves a shot at the championship belt? Applied Nutrition Plc (LSE: APN) is a leading sports nutrition brand sold in over 80 countries worldwide. There are several product ranges, including the namesake Applied Nutrition, All Black Everything (ABE), Body Fuel, and Endurance. Additionally, because of a trademark issue, the U.S. division sells its products under the AN Performance name. In fiscal year 2025, Applied Nutrition reported generating revenue of about $141 million, which increased 24.2% YoY. Given that its annual results were stellar, and Applied Nutrition has relatively low awareness in the U.S. market…my latest first principles content piece will examine a collection of recent strategic decisions that will help you better understand the business growth story. Applied Nutrition has historically reinvested profits back into the manufacturing capabilities and that existing pattern of capital allocation was reinforced in the latest financial statements. And that vertical integration (manufacturing around 80% of all products in house) allows Applied Nutrition to quickly evolve its product strategy to access emerging trends and fill opportunity gaps across the marketplace (positively impacting growth of distribution points and shelf space with existing and new customers). Also, Applied Nutrition's product strategy (aided by vertical integration) can be leveraged for geographical expansion. Currently, about 45% of Applied Nutrition total revenue is being captured from commercial activities in its home market of the UK. But arguably the most important geographical expansion progress has been happening within the United States. Though, despite describing the geographic activity as “remaining in its infancy,” Applied Nutrition originally entered the U.S. market three years ago and became (from what I understand) the first sports nutrition brand headquartered outside of North America to land on all Walmart shelves nationwide. Moreover, Applied Nutrition has launched products catering towards U.S. consumers like licensed flavor collaborations with the global fruit brand Chiquita and nostalgic orange drink Tang. While I've tried a few of these products (and generally rate them high in terms of flavor matching, flavor likeability, and formulation approach), those great (glocalized) Applied Nutrition products are only a foundational element to unlocking any chance of success within the U.S. market. And I'm not recommending that Applied Nutrition completely transform its brand strategy globally, but if it hopes to have a meaningful chance at outsized commercial success in the fastest moving, quickest evolving, and most competitive marketplace for the sports/active nutrition niche of the supplement industry…it will need to better define its brand distinctiveness, increase its global marketing investments, and overall turn up the strategic aggressiveness. However, there remains a massive obstacle for Applied Nutrition, as it cannot sell under Applied Nutrition in the U.S. market because Irwin Naturals (owned by FitLife Brands) holds the trademark rights.

About a quarter of the 152K+ convenience stores have spoken, and they shared some interesting opinions about the growing energy drinks category. And even if you aren't familiar with every insight regarding this beverage category, I'm sure you intuitively recognize that convenience is the most important sales channel (by sales dollars) for energy drinks in the U.S. market. But here are my top “categorical” takeaways from the most recent Goldman Sachs Beverage Bytes survey. Firstly, 60% of retailers are expecting energy drink brands to increase prices before the end of the year. And I started off in that direction because I don't want any avid consumers of energy drinks to be caught off guard when your preferred daily caffeine fix gets more expensive by a few percentage points later this year. Next, while I wasn't particularly a fan of this new flavor…most convenience store owners characterized the launch performance of Monster Ultra Vice Guava as “very strong.” Finally, convenience store owners are projecting that every energy drink brand in the top seven will experience full-year growth of at least mid-single-digits from 2024.