the Joshua Schall Audio Experience

By now, you've undoubtedly heard the business news that Keurig Dr Pepper entered into a definitive agreement to acquire JDE Peet's worldwide portfolio of beloved coffee brands. Under the terms of the agreement, KDP will purchase all outstanding ordinary shares of JDE Peet's…valuing the all-cash transaction at approximately $18.3 billion. And you might be thinking, “wow I didn't realize KDP was Mr. Money Bags,” especially after I mentioned in content recently that the almost $2 billion GHOST Lifestyle acquisition last year was its largest deal to date. But to understand what's really going on…it requires a history lesson that begins with Johann Adam Benckiser founding an industrial chemicals business in 1823. Though, the real business history nerds will recognize the initials of Johann Adam Benckiser for another reason. JAB Holding Company was formed in 2012, as a partner-led investment firm, with the consolidation of all business assets. During that early formation process, JAB Holding Company created the Coffee & Beverages Investment Platform via the take private transactions of Peet's Coffee and D.E Masterblenders. Then, a few years later…that investment platform expanded when it merged with the coffee division of Mondelez International (essentially creating the JDE portion of JDE Peet's). But in 2016, JAB Holding Company was involved in another coffee-related “take private transaction,” this time acquiring Keurig Green Mountain for $13.9 billion. Then, in 2018, Keurig Green Mountain acquired Dr Pepper Snapple Group for $18.7 billion…with JAB Holding Company owning (at the time) 73% of the combined Keurig Dr Pepper company. And while ownership percentages have fluctuated greatly over the years (especially on the KDP side), all roads still lead back to JAB Holding Company (even though you will see only a minor mention of it buried within the JDE Peet's transaction details section of the press release). So, what I'm saying is JAB Holding Company basically created both JDE Peet's and KDP…and thus, JAB Holding Company can essentially recreate JDE Peet's and KDP! After the M&A transaction closes, KDP plans to separate into two independent, U.S.-listed publicly traded companies…currently given generic “Global Coffee Co.” and “Beverage Co.” placeholder names. Yet, with a portfolio of iconic and emerging brands (generating more than $11 billion in annual net sales), a differentiated and expanding DSD distribution system, and a proven, capital-efficient “build, buy, partner” growth model, “Beverage Co.” will ACTUALLY not change much (at least initially). Instead, “Beverage Co.” will significantly improve due to sharper focused decision-making, tailored capital allocation strategies, and enhanced optionality overall. Essentially, the previous KDP “Refreshment Beverages” segment gets better through simplification. In just two short years, KDP went from getting its categorical ass whipped to controlling the most intriguing “active nutrition” brand portfolio by (1) acquiring a large stake in the maker of C4 Energy, (2) strategically partnering with Electrolit and Black Rifle Coffee, (3) acquiring GHOST, and (4) getting access to Bloom Nutrition through a proxy investment by Nutrabolt. But then, for the final part of my latest first principles content piece, I'll reconsider an element from my previous KDP “active nutrition” brand portfolio content…and examine possible new contagion effects from this separation announcement.

Olipop. Poppi. Simply Pop. Culture Pop. I imagine consumers confuse these brands…especially when they mostly look the same and talk the same. But instead of providing you with a dissertation on the effects of categorical amalgamation…I really wanted to highlight how me and my fellow Midwesterners (especially from Ohio) have been right all along! It's “POP” not “SODA.” Though, as the beverage category expands around a predetermined set of principles…it becomes increasingly ripe to be challenged. And maybe just maybe that challenger brand will be Bloom Nutrition, which is set release its shelf-stable Bloom Pop at Walmart by the end of summer. After skyrocketing up the rankings list of top-selling energy drinks in its first year, this “heat check type” innovation decision ultimately reflects how Bloom, Nutrabolt, and Keurig Dr Pepper are evolving together.

Decades later…its massive influence on the U.S. food system is still being felt. So, why should we believe the tobacco industry won't be involved somehow again as more consumers move closer towards this four-way intersection of taste, convenience, nutrition, and functionality? Through the direct ownership of U.S. food companies between the 1980s and early-2000s, tobacco companies greatly impacted the American diet (maybe forever). But it one of the 20th century's most influential (yet invisible) characters, Edward Bernays, who's considered the architect of modern mass manipulation, that's responsible for indirectly linking the tobacco industry to societal “health and wellness” standards for the last century. And maybe that also insinuates you shouldn't be super surprised when I tell you that as part of its mission to build “a better tomorrow,” British American Tobacco laid out a strategic vision in 2020 to reduce the scale of its business within combustible tobacco products…and among other initiatives created its BTomorrow Ventures corporate venture capital arm investing in various brands operating within the intersecting CPG categories of functional foods, functional beverages, and nutritional supplements. Also, beyond BTomorrow Ventures, British American Tobacco has a wholly owned subsidiary called The Water Street Collective, which is essentially an agency mashup of product developers and brand creatives. With the first commercialized product launch being small-format RTD functional beverages…it appears British American Tobacco wants to test if today's more-sophisticated consumer market is interested in kicking old “bad habits” by embracing new “wellness” products that target the same benefit area. Because here's the thing…while combustible tobacco products might not be showing any signs of a comeback, that doesn't mean nicotine isn't going through a resurgence. So, is recent product launch from The Water Street Collective signaling that Big Tobacco will soon launch nicotine RTD beverages? And I know by now…many of you have seen the images (or articles about) Nicotina Energy floating around the Internet, which seems to support this notion of nicotine RTD beverages becoming the next functional beverage category, but no way! FDA has been very clear for decades that nicotine cannot be a food additive…plus the ingredient does not meet the standard of being a dietary supplement. Instead, Big Tobacco is still singing off the hymn book that Edward Bernays gave them almost a century earlier. And whether it's deploying the entire “creation of circumstances” strategic playbook or not…the fact remains that Big Tobacco is already benefitting greatly from those self-reported (and clinically supported) functional benefits of nicotine. ZYN (owned by Philip Morris International) and its competitive product equivalents have exploded in popularity over the last few years…largely thanks to users on social media platforms talking about how these nicotine pouches suppress their appetite (sounds familiar doesn't it) and cognitive enhancement (which is tied to a newer appeal of modern masculinity). Also, according to Edward Bernays, “people must be trained to desire, to want new things even before the old have been entirely consumed.” Does that mean Big Tobacco really wants to transition away from the old go-to method of selling consumers functionality? I'd consider it unlikely, but that has seemingly opened a nascent segment of functional CPG products called caffeine pouches.

No longer simply known as that chalky powder gym bros take for bigger muscles…creatine is currently undergoing a significant metamorphosis. Though, what happens during this final stage could forever define the creatine market! While creatine was first discovered in muscle tissue in 1832, it took another 160 years before a new era of sports nutrition was created from the pivotal creatine supplementation human study conducted by Dr. Roger Harris. And after Linford Christie, the Barcelona Olympic Games gold medal winning sprinter at 100 meters, mentioned the powerful effects of creatine supplementation in an August 1992 newspaper article...the first commercial creatine supplement hit retail store shelves a year later and quickly gained popularity and widespread adoption among male athletes and fitness enthusiasts. Though, over the next almost quarter-century…it was a relatively boring growth period for the creatine market, with continued research solidifying the ingredient's effectiveness in muscle strength enhancement. Yet, it's this pupation developmental stage, which creatine has been undergoing lately…that very well could be what leads to substantial change across the marketplace, as the scientific flywheel is still spinning quickly! And that's because while many nutraceutical ingredients were popularized within that shadowy niche of sports nutrition, an ever-growing body of research with positive results has broadened use cases and expanded demographics…making them almost must-have staples for everyone. Nevertheless, researchers proving through studies that this nutraceutical ingredient has more than one purpose…isn't all that commercially impactful when you consider that only a microscopic percentage of the consumer market peruses PubMed frequently. Said another way…when a new creatine study gets published on the Internet, does it make a sales register ring? If you picked up on my adaption of the “tree falls in the forest” philosophical thought experiment, then you might guess where I'm going next…as I believe the final “adult” metamorphic stage will be defined by CPG entrepreneurs translating the evolving scientific flywheel of creatine into business ventures. By leveraging a consumer-centric strategic process of questioning, thinking, and subsequently experimenting across various go-to-market roadmaps…entrepreneurs can (and will) successfully reframe creatine, broaden use cases, and discover many new audiences beyond the gym. Though, the final portion of my latest first principles content will explore a few areas that will undoubtedly drive the future of the creatine market…from branding to formats (i.e. creatine gummies) and broadened use cases (and occasions).

When the creator and host of the number one listened to podcast amongst women globally decided to launch a hydration beverage…it sparked tons of both positive and negative commentary from industry pundits. But could Alex Cooper be the sports drinks category version of Alanu Nu creator Katy Hearn…that was a major catalyst for broadening the appeal of energy drinks to female consumers? Well…it's been a half-year since Unwell Hydration launched, and you're probably wondering if Alex Cooper made the beverage industry “Call Her Daddy” yet. In all honestly…not even close, at least not yet, but the beverage brand is now generating around $2 million in tracked channel retail sales monthly. Though, with its Nestle strategy partnership, and intentionally throttled distribution strategy right now, Unwell Hydration could easily see substantial growth soon. But if you're curious how that compares to the market leader Gatorade…let's just say the PepsiCo brand generates basically 10x that retail sales amount every single day.

Will FitLife Brands be able to show the “one man's trash” proverb is an effective growth strategy within the supplement industry? But for anyone new to these quarterly content pieces, FitLife Brands sells more than 250 SKUs across 13 supplement brands…each with a slightly different product portfolio and sales channel strategy. In total, the FitLife Brands portfolio is sold through more than 20K retail locations globally. But throughout this content, you'll hear me categorize the FitLife Brands portfolio into three segments: Legacy FitLife Brands, Mimi's Rock Corporation, and MusclePharm. Though, everything will be changing very soon with the recent acquisition of Irwin Naturals. In the second quarter of 2025, FitLife Brands Inc. (NASDAQ: FTLF) had revenues of $16.1 million...which was down 5% YoY. 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 second quarter of 2025, MusclePharm segment revenue was just under $2.6 million...which decreased 4% YoY. But maybe you're hearing that result…thinking to yourself “that's not too terrible,” and I'd typically agree (if it wasn't due to self-inflicted strategic wounds). After learning that FitLife Brands intended to bid on the bankrupt assets of MusclePharm, I was generally excited because it seemed to “be a good shepherd to the brand in the latter part of its life cycle.” Also, the pattern of conservative decision-making had me thinking FitLife Brands fully understood it's a turnaround marathon (and not a sprint). Moreover, it was super simple to see that the last 7+ years of MusclePharm brand mismanagement had provided a sizable amount of unlocked value that was just waiting to come out. Furthermore, doing the required “hard work” upfront (aka running the turnaround marathon) to rebuild the foundation of MusclePharm for the long haul would inherently unlock enough short-term financial results to appease shareholders around the acquisition ROI. Yet…that isn't what happened thus far! Instead, FitLife Brands has surprised me (and not in a good way), as leadership has been unable to learn from past MusclePharm experiences that in hindsight were major underlying driver of its failure. It started with “becoming a victim of product line extension creep” but quickly progressed to chasing ready-to-drink protein beverage (and ready-to-eat protein bar) mirages. Finally, I'll discuss the recent decision of FitLife Brands to find potentially “easier growth” through more M&A opportunities. During the first half of 2025, Irwin Naturals generated revenue of $33.1 million. And since the first half 2025 revenue of FitLife Brands was basically a million dollars less…the acquisition of Irwin Naturals effectively doubles the top-line revenue of new combined company.

The brand portfolio of Glanbia Performance Nutrition is the definition of a beige flag...not offensive, but not particularly inspiring or exciting either! 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 the first half of 2025, revenue increased by 18% YoY. Also, Glanbia announced the acquisition of Sweetmix, a Brazil-based nutritional premix and ingredients solutions business that will reportedly enable the Health & Nutrition segment to continue its Latin America expansion. “Dairy Nutrition” is the number one producer of American-style cheddar cheese in the U.S. market, but more importantly (for my audience) the number one producer of whey protein isolate…and provides a wide range of dairy and functional protein solutions. In the first half of 2025, revenue increased by 14.1%. The brands in the Glanbia Performance Nutrition portfolio include; Optimum Nutrition, BSN, think!, Isopure, Amazing Grass, and SlimFast. Glanbia Performance Nutrition had first half 2025 revenue that declined by 3.8% YoY, driven by a volume decrease of 3.5% and a price decrease of 0.3%. 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 had begun the sale process on the weight management brand SlimFast (that was acquired for $350 million in 2018) and announced it signed an agreement for the sale of Body & Fit (that was acquired in 2017). So, if negative impact from non-core brands were excluded from the first half performance, GPN revenue would have only declined 1.5% YoY. Optimum Nutrition, which was the initial M&A transaction in 2008 that created the GPN division, now represents 67% of the total revenue. In the last year, Optimum Nutrition generated revenue of approximately $1.2 billion. The other largest share of GPN revenue is the healthy lifestyle brand portfolio makes up 19% and includes ISOPURE, think!, and Amazing Grass. While these healthy lifestyle portfolio brands have collectively performed relatively strong over the last several years, revenue was only up 0.6% YoY in the first half of 2025. And for the final portion of my latest first principles thinking content, I'll focus my “beige flag” assessment by examining GPN revenue by product format...and discuss the new ISOPURE protein water, think! crispy squares, and several new powdered supplement innovations like Optimum Nutrition creatine plus. I'll end with a discussion around what should be the strategic "north star" for Glanbia Performance Nutrition.

Talk to enough beverage industry oldheads…and eventually a few will share their “rise and fall” thoughts on The Coca-Cola Company's Venturing and Emerging Brands (VEB) unit. Launched in 2007, the VEB business unit was tasked with identifying and supporting the growth of beverage brands with billion-dollar potential through investment or acquisition. Essentially, VEB was a way for the beverage giant to better manage smaller brands…allowing them to move quicker (and fail faster). But judging VEB can drastically change based on snapshots over time and if you're holding The Coca-Cola Company to this absurd standard that success only means billion-dollar generational brands. So, maybe you could point to relative miscalculations with cold-pressed juice brand Suja or the more recent shuttering of Honest Tea or ZICO coconut water…but when talking about corporate venture capital, it only takes a massive success to balance everything out! And when we mention The Coca-Cola Company's VEB business unit…you can't overlook fairlife, which is now the fast-growing billion-dollar portfolio brand and has become absolutely crucial to the future of Coca-Cola.

Alani Nu is experiencing “scary-level growth,” but that shouldn't be concerning…as Celsius Holdings leadership doesn't get spooked easily! Celsius Holdings (NASDAQ: CELH) had quarterly revenue of $739.3 million, which was up 84% YoY. Excluding the Alani Nu acquisition-related financial impact, CELSIUS brand revenue grew 9% YoY. And if you were wondering about Alani Nu, it's second quarter revenue was $301.5 million…which equates to around 106% YoY growth! According to Circana last 13-week retail sales data, CELSIUS increased by 3% YoY...remaining the third-largest energy drink brand in the category with a dollar share of 11%. Alani Nu increased retail sales 129% YoY and is now the dominant fourth player in the U.S. energy drinks market with dollar share of 6.3%. If we look at Celsius Holdings combined brand portfolio, it reached 17.3% of dollar share for the last 13-week period ending June 29, 2025...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 July 20, 2025…Celsius Holdings retail sales were over $4 billion, surpassing the combined sales of the next eight energy drink brands. Celsius Holdings has experienced massive growth in convenience stores, foodservice (e.g. fast food restaurants), mass retailers like Walmart, the club channel in retailers like Costco, and the Amazon marketplace. And international expansion presents significant opportunity for incremental growth over the next three to five years. With the Celsius brand basically at full distribution now…growth will be unlocked through a strategic growth framework that John Fieldly recently branded as “more people,” “more places,” and “more often.” And while Alani Nu will obviously be integrated into many aspects of that strategic growth framework...it will currently be done outside of the PepsiCo distribution network. If you remember (in my initial content) after the M&A deal was officially announced, I made the strategic recommendation regarding Alani Nu independent DSD distribution network continuity…as I believed it provided Celsius Holdings the best near-term strategic plan to (1) minimize platform “key customer risk,” (2) strengthen focus on other business integration elements, but (3) lower near-term cannibalization risk significantly. But beyond the distribution strategy difference, Alani Nu is also “leaps and bounds” ahead of the CELSIUS brand in leveraging LTO product innovation. Alani Nu showed extraordinary strength, led by Sherbet Swirl and Cotton Candy. But believe it or not…expectations are even higher heading into the next quarterly reporting period, as Alani Nu customers are going wild across social media about the fan favorite Witch's Brew flavor recently returning to stores (along with a funky new LTO flavor Pumpkin Cream). But or the Celsius Holdings portfolio to meaningfully expand its household penetration beyond the current 43%, it must stay culturally relevant with the next generation of modern energy drinkers by continuing to invest in brand awareness activities that focus on driving trial and loyalty.

Last summer, it was a protein Ice Cream experiential marketing event. And now it's a collaboration with my fellow dessert loving Ohioan Christina Tosi (Founder of Milk Bar). Come on Premier Protein…I'm feeling super left out! 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 Q3 net sales of $547.5 million, which was up 6.2% YoY. Premier Protein (~90% of BellRing Brands total revenue) grew 6% YoY, which came from an nearly equal amount of volume growth and price increases. Dymatize Nutrition was up 5.4% YoY, stemming from volume increases within international markets and new product introductions. In response to these elevated sports nutrition competitive threats, BellRing Brands has attempted to invest further into Dymatize brand marketing and restarting product innovation. Though, I'd say neither effort has resulted in meaningful success yet. Moreover, I provide three deep dives into the functional CPG portfolio's "hero SKU families" of Premier Protein RTD protein shakes and Premier Protein and Dymatize protein powders. But my latest first principles thinking content will examine the recent Premier Protein packaging refresh and how the leading protein shake brand (understanding the power of an afternoon sweet treat) has consistently found ways to highlight the versatility of their product that doesn't sacrifice flavor for nutrition. The Premier Protein and Milk Bar menu includes a Blueberry Pancake Super Cookie, Mega Milkshake Caramel Cake, and Power-Packed Tiramisu Truffle. But here's the sad part for me (and many of you too), these decadent protein treats are only available at Milk Bar flagship locations and for delivery in the select markets. And since I currently don't have any business travel planned over the next several weeks to those cities…I'll have to hope they extend this collaboration into packaged goods one day in the future!

Whether it's the Gold Rush of yesteryear or today's Wellness Rush…it's hard to argue against the infallible nature of that famous “picks and shovels” proverb! This current “health optimization” period will undoubtedly be dramatized and romanticized…because the growing insanity of the Wellness Rush is no exaggeration. So, how do you get rich in today's Wellness Rush then? Yes, there's obviously outlier brands that will reach significant enterprise value…but most who thrive during the Wellness Rush will ignore acquiring health optimization end customers altogether. Instead, many successful companies will focus on another resource…the seemingly endless flow of new brand founders who transformed a shadowy niche into a thriving mainstream consumer market in a relatively short period of time. But while the “California Gold Rush” lasted only about a decade, the Wellness Rush is powered by a deeper multi-decade secular trend towards health-conscious consumption. Moreover, consumers are moving closer everyday towards this four-way intersection of taste, convenience, nutrition, and functionality. And consequently…every multibillion-dollar ingestible CPG category is in the early innings of a remarkable transformation, as thousands of brands are competing for consumer attention with wellness-focused marketing and functionality of ingredients. Yet, all that intense market expansion has caused a frenzy…and opportunity for those “picks and shovels” companies. About two weeks ago, TSI Group (a global leader in consumer-focused health and wellness innovation) successfully went through the process of becoming publicly traded on one of the world's most selective capital markets. But TSI Group listing its shares on the Shanghai Stock Exchange isn't just a financial milestone. Instead, it validates a strategic approach that has transformed real health needs into consumer-relevant, science-backed solutions for nearly three decades. And TSI Group builds these consumer-centric health solutions through an integrative approach spanning proprietary ingredients, advanced raw material optimization, innovative delivery systems, and personalized nutrition platforms. Based on its trailing twelve months of performance (for the period ending March 31, 2025), TSI Group reported generating around $145 million in revenue. So then, what's driving the business? TSI Group might be best known for HMB, a metabolite of the essential amino acid leucine (that plays an anticatabolic role in muscle tissue). In 2024, TSI Group generated around 29% of its total revenue from HMB…and holds more than 50% market share globally. As for the remaining TSI Group proprietary ingredients, the biggest proportion of its total revenue reportedly comes from ammonia sugar (which most commonly refers to glucosamine). TSI Group has about a 13% global market share…and GlucosaGreen has gradually grown into a world-renowned branded ingredient with high market recognition. Additionally, TSI Group has also developed and launched some of the most researched and effective nutraceutical ingredients, such as Peak ATP for athletic performance, Hobamine for cellular health, and Enfinity (paraxanthine) is becoming red hot within the functional beverages space. But beyond constructing several new facilities, a portion of the IPO proceeds will undoubtedly be allocated towards enhancing R&D capabilities to better understand downstream customer needs and industry pain points more deeply…as it's that root-cause approach, which has defined the 29-year legacy of TSI Group.

Molson Coors is the pettiest beverage company on earth…and it's hilarious. Several years ago, class action lawsuits alleged that Molson Coors “pixie dusted nutrients” into Vizzy Hard Seltzer and utilized various marketing strategies (with the intent) of profiting consumers' increasing desire to consume healthier food and drink. But who says an alcoholic beverage, that includes a potent antioxidant like Vitamin C…can't be a “wellness” product anyways? But more importantly, what did Molson Coors recently do that was so petty? Molson Coors decided to make its most popular product the centerpiece of a new wellness invention called the "Coors Light Chill Face Roller." And what Molson Coors determined was…that as long as you didn't also “drink the product” within your skincare routine utilizing the "Coors Light Chill Face Roller,” the beverage company could make multiple health claims about the product.

Maybe you can relate to this…but as an introvert, I only have a limited amount of social energy, and my preference is to spend it in ways that really count. In fact, avoiding “small talk” at business events has become one of my superpowers…and not because I dislike socializing (or people), but due to instead enjoying deep dives into topics and exploring ideas on a meaningful level. And while some might misclassify this desire to talk about things that feel personally important and relevant as some form of selfishness…I'd push back and say that “small talk” is often what can create barriers that prevents strong genuine business connections. But maybe the “next level” of those strong genuine business connections is unlocked when conversation depth is mixed with randomness…like can we stick together from random interesting topic to random interesting topic. And you'll quickly notice this was the type of conversation we had with the Co-Owner and President of PricePlow, Benjamin Kane. So yes, we obviously covered subject matter within the emerging and intersecting CPG categories of functional beverages and dietary supplements…but also covered general topics I've definitely never even remotely got close to mentioning publicly. Follow - Pour Decisions PodcastAlso, an extra special thanks to Cognizin, for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

Let's talk about how the most intriguing “active nutrition” brand portfolio isn't controlled by some legacy supplement company. Instead, in just two short years, Keurig Dr Pepper (NASDAQ: KDP) went from getting its categorical butt kicked in the “three-headed monster” of active nutrition beverages (aka energy drinks, sports drinks, and protein shakes) to now controlling the most intriguing “active nutrition” brand portfolio by (1) acquiring a large stake in the maker of C4 Energy, (2) strategically partnering with Electrolit and Black Rifle Coffee, (3) acquiring GHOST, and (4) getting access to Bloom Nutrition through a proxy investment by Nutrabolt. And this positive momentum is most evident within the energy drinks market, as the four brands controlled by KDP (e.g. C4 Energy, GHOST Energy, Bloom Sparkling Energy, and Black Rifle energy drinks) now combine to represent over $1 billion in annual run rate net sales…and are scaling rapidly. And in in aggregate…the KDP energy drink portfolio grew about one percentage point of share in 2025 thus far. And after experiencing more than 30% YoY retail sales growth in Q2, KDP holds a 7% share in the U.S. energy drinks market…which only trails the brand portfolio of Monster Beverage, Red Bull, and expanded Celsius Holdings brand portfolio. But having near-term aspirations of hitting a double-digit share position within the fast-growing $26 billion U.S. energy drinks market, KDP must surgically allocate meaningful resources to ensure (1) brand distinction between GHOST and C4 remains mission-critical and (2) Bloom Sparkling Energy gets ample support throughout its scaling phase. Then, in terms of hydration…Electrolit is currently the fastest-growing scaled brand and fourth-largest brand overall in the sports drink category. Benefitting from strong velocities, DSD enabled distribution expansion, and product innovation…Electrolit experienced retail sales growth over 30% YoY and gained more than 1.5 points of market share in Q2. And though I'd argue Electrolit is only scratching the surface of its long-term potential in the U.S. market, the KDP hydration portfolio also contains GHOST. Also, while these “enhanced waters” aren't technically included within this analysis…I'd be silly to not mention the huge rebound of the Bai brand, which has been powered recently in part by the “Sydney Sweeney effect.” KDP also recently acquired Dyla Brands, a manufacturer of powdered drink mixes and liquid water enhancers that should help those active nutrition brands build individual serving stick pack format presence in additional functional beverage categories. And then finally, I'll breakdown the KDP protein beverages platform…which is undoubtedly their laggard within the “three-headed categorical monster” of active nutrition beverages. Yet, in saying that…it might also be the category that sees the most upcoming “build, acquire, and/or partner” business activity. GHOST could (and should) look at relaunching its RTD protein beverages, C4 was rumored to be working on RTD protein beverages leveraging its Hershey's licensing partnership, and Bloom Nutrition could easily extend into RTD protein beverages (giving its female customers a fun mainstream clear whey innovation). But by controlling an intriguing brand portfolio and actively growing its go-to-market prowess and commercial playbook, I believe KDP is well-positioned to continue winning in this important “active nutrition” beverages space.

If I were to mention “branding,” what would be one of the first things that pops into your head? Since many of you are likely CPG industry stakeholders…I'd assume packaging design topped the list. And that makes sense because the right packaging is crucial for CPG products…as you can't sell what the consumer doesn't notice from a distance (especially within today's age of the endless aisle). But while packaging design is certainly an important way to create a positive first impression by visually indicating what your CPG brand represents inside-and-out…it's only one of many cascading strategic choices needed to create something truly distinct and special within the ultra-competitive CPG industry. And it was refreshing to hear that framework show up at different moments throughout this diverse conversation with the Vice President of Strategic Marketing at Resource Label Group, Melanie Edwards Virreira. Beyond discussing a few packaging design tips and tricks to enhance connection with today's consumers, we examined how to best retain your brand identity system when shifting into different formats…and why packaging should really be considered a “below the line” marketing expense instead of included within cost of goods sold. Additionally, we examined the unlocked value that gets created when you stop being primarily transactional with your supplier relationships. Follow - Pour Decisions Podcast Also, an extra special thanks to Cognizin, for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

Move over custom hand-crafted gold plated thousand dollar 5-Hour Energy cufflinks from last year…because we have a new “chompion” within the absurd world of CPG branded luxury fashion accessories. So, on the most-watched red carpet event of the season…a night when million-dollar jewels adorn celebrities and fashion makes its boldest statements, 1800 Tequila claimed its place as the Met Gala's most unexpected luxury. Inspired by the iconic 1800 Cristalino bottle (and the blue Weber agave plant), a one-of-a-kind diamond…presented in a brooch, was worn by Grammy-nominated musician and actress Janelle Monáe. According to the jewelry designer, “every detail of the 1800 Tequila diamond brooch was crafted to embody the spirit of liquid in solid form.” So, while we likely won't see many CPG brands trying their hand at designing diamonds…I think it's super inspiring that 1800 Tequila maintained brand consistency across different artistic mediums.

So, I'm not sure if this is a slightly “hot take” or not, but regardless…I'm totally fine stating on the record that I believe the Flintstones and Hulk Hogan provided (historically) two of the most impactful positive inflection points involving the children's health supplements market. Initially, children's chewable vitamin tablets were generic in shape…but the game changed forever in 1968 when Miles Laboratories launched Flintstones Chewable Vitamins. By transforming essential nutrients into the beloved characters of the Hanna-Barbera animated sitcom, the product cleverly capitalized on the cartoon's popularity to make vitamin consumption an enjoyable and appealing experience for children. This innovative approach helped demystify vitamins, making them more accessible and less like medicine. And while these revolutionary Flintstones Chewable Vitamins marked the first successful foray into marketing health products to children…Miles Laboratories was hardly an unknown small pharmaceutical company, as it also was responsible for inventing products like Alka-Selzer and One-A-Day vitamins. In fact, Miles Laboratories was generating more than $2 billion in inflation adjusted revenue a half-century ago. And in 1979, when Bayer acquired Miles Laboratories…it became (at the time) the most expensive U.S. acquisition by a foreign pharmaceutical company, ever. Today, while the dominate delivery format of Flintstones Vitamins has evolved with the market preference of gummies…you can still find the standard chewable tablets basically anywhere vitamins are sold in the U.S. market. Also, Flintstones Vitamins are supposedly still the number one pediatrician brand choice for children's chewable vitamins…and reportedly sustains nine-figures of retail sales dollars annually. But then, deploying a vastly different (yet equally) powerful strategy to impact children's dietary habits and perceptions of health and wellness, Hulk Hogan famously said, "say your prayers, eat your vitamins, and be true to yourself." Back in the 1980s and 1990s, Hulk Hogan wasn't just a titan of that specific entertainment genre…he became a cultural icon. Portrayed as a heroic figure who embodied strength, perseverance, a positive attitude…and championed doing the right thing, the larger-than-life persona of Hulk Hogan created a powerful connection with countless "Hulkamaniacs” young (and old). And while not directly associated with a specific vitamin brand at the time when he began incorporating and constantly repeating "eat your vitamins" into his mantra, Hulk Hogan elevated the potentially mundane chore to a vital step in achieving strength and becoming a real-life hero like himself. Though, in the early 1990s…Hulk Hogan finally connected “catchphrase to commerce” by advertising his own line of chewable children's vitamins. And while his chewable vitamins didn't prove successful long-term (especially compared to the Flintstones), the direct endorsement further solidified the link between Hulk Hogan and healthy habits in the minds of children. The exact commercial impact the Flintstones and Hulk Hogan had on the children's health supplements market would be quantifiably impossible for me to obviously figure out. And despite the early childhood and preadolescence stages declining usage rate…multivitamins still account for around 70% of the total children's health supplements market, thus making it the primary underlying driver behind the booming (basically) billion-dollar retail sales category within the U.S. market right now!

It's the middle of another week…and as Chris Williamson just discussed recently, I'm feeling that “productivity debt” weighing on me. Yet, I'm still sitting here quite certain that I can predict what's next for Neutonic...the productivity CPG brand that he's building with James Smith (and Shan Hanif). But that “vague sense of falling behind” can come in many shapes and sizes. In fact, I'm feeling that productivity debt right now…after taking forever (especially for internet standards) to meaningfully comment on a specific piece of business news involving a brand operating within my deep domain expertise, which is (as many of you know already) the intersecting categories of functional foods, functional beverages, and nutritional supplements. So, while I certainly read a few of those articles that began circulating the interwebs earlier this month about Neutonic raising just over $3 million…all that initial dynamic fascination and pattern deconstruction (in an attempt to) “see around the corner” didn't materialize into a formal output until now. But don't fret, this extra “think time” invariably led to the type of compelling insights you won't find anyone else. In November 2023, Neutonic initially launching one flavor of what it dubbed “the world's first productivity drink,” quickly selling out all inventory online. And this positive commercial result was largely the result of Neutonic possessing two powerful “creators turned CPG founders” with Modern Wisdom podcast host Chris Williamson and fitness YouTuber James Smith. And not to sound like a broken record at this point…but I'm a longtime believer that the most popular creators of today can become the biggest CPG brands of tomorrow. But speaking of all that…since the initial launch, Neutonic has sold over 3 million cans of its productivity drink thus far. And within the U.S. and UK markets combined, deploying a sales channel strategy prioritizing DTC, Amazon, and TikTok shop…Neutonic reported generating more than $10 million in revenue. But while sales activity is still concentrated on RTD productivity beverages…the product line has expanded to include non-caffeinated “focus” powder sticks and non-caffeinated “brain” capsules, with all science-backed formulations sharing the same nucleus of utilizing the optimal clinical dose of Cognizin citicoline. But it's pretty obvious that Neutonic has outsized ambitions, but a few million dollars of outside capital isn't going to get a relatively unknown beverage brand, positioned within a nascent energy drink subcategory…considerable traction within certain U.S. sales channels (like convenience). So, my latest first principles thinking content piece will explore what Neutonic needs to achieve if it wants to attract strategic buyers like Nutrabolt (C4 Energy).

I've been seeing a ton of passionate GHOST energy drink fans making videos about the switch from textured sleeves to printed cans. And that level of feedback must've gotten really loud when both founders posted the same day (but separately) on social media providing customers with an explanation regarding the packaging change. Though, as an industry strategist, with deep domain expertise in functional beverages (like energy drinks), I feel compelled to provide you with the actual motive beyond the enhanced recyclability aspect (which is technically true). GHOST just wants to make cool shit…but big corporations have their own priorities. Let me explain. From an input cost perspective, GHOST should've switched to printed cans more than a half-billion units earlier…but the brand severely delayed the strategic decision because textured sleeves are a superior brand creative vehicle. Yet now that GHOST is owned by KDP, the beverage giant rightfully wants a less complicated supply chain and more cost-efficient scalable manufacturing process. Though, don't trash GHOST for what you perceive as selling out to Big CPG priorities just yet, as something tells me a large portion of the total cost savings will be reallocated into making even cooler shit happen.

Have you ever heard the saying that goes something like “when you get older…don't meet the people you looked up to when younger because they'll surely disappoint”? Well…way back (about two decades ago at this point) when I was working towards my undergraduate and MBA degrees, professors would obviously cite contemporary business events to clearly connect academic lessons with real world applications. But specifically, I vividly remember marketing professors discussing aspects of the Super Bowl beer ads and my corporate finance and strategy professors extracting insights from the mega merger between (and subsequent integration of) Anheuser-Busch and InBev. And there's a common thread between those two core memories. Until the recording of this podcast episode, I had not met Dave Peacock…but analyzed many of his decisions in the late-2000s and early-2010s when he led marketing and then became President of Anheuser-Busch, which likely subconsciously helped construct the foundation of my unique strategic perspective surrounding the CPG industry. And since the meeting happened spontaneously…you'll notice I was in “listen mode” more than I'm normally within these conversational content pieces. And it's probably because, unlike that saying…the stories and insights shared by Dave Peacock, from his time at Anheuser-Busch and the grocery store Schnuck Markets to currently at Advantage Solutions, did not disappoint at all. Follow - Pour Decisions PodcastAlso, an extra special thanks to Cognizin, for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

There's a double-edged sword aspect that doesn't get talked about enough in today's low barriers-to-entry CPG business landscape. A piece of information (about your CPG product or brand) can rapidly spread across the Internet, reaching wide audiences, and becoming popular in an instant. But “going viral” isn't a strategy. In fact, it's oftentimes second- and third-order effects from virality that cause so many failures across the CPG industry. Does that mean “chasing that next big viral moment” is worthless? No, but like Jason Adelman (SVP - Strategy & Partnership Development at Brand Innovators) said in this podcast episode, “most brands fail when they don't plan for what's next.” What happens when your celebrity co-founder's newest movie is a massive hit? Does your CPG brand possess the multi-disciplined acumen across brand marketing to effectively and efficiently maximize this halo effect? If not, do you have a trusted, strategically agnostic voice that can help you find the right agency partners and innovative marketing technology? So, while you've likely extracted various lessons from the Del Monte Foods bankruptcy and other “famous” business failures recently…don't overlook learning about how to navigate the complexities of today's CPG marketing landscape, as it's becoming the industry's silent assassin. Follow - Pour Decisions Podcast Also, an extra special thanks to Cognizin, for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

What's the biggest flop in the U.S. energy drinks market over the last 5-7 years? I'm sure many will yell out “Coca-Cola Energy,” which could very well be the correct answer…mostly because The Coca-Cola Company bastardized its single most important brand asset. But what about Mountain Dew Rise Energy? For me, it's hard not imagining what “could have been” if the startup RTD coffee brand RISE Brewing didn't file a trademark infringement lawsuit against PepsiCo a few months after the product launch. If you remember in early 2021, Lebron James had just left Coca-Cola for PepsiCo…and quickly became the face of Mountain Dew Rise Energy. But after a judge issued a preliminary injunction barring PepsiCo from using the word “Rise,” prompting a name change to Mountain Dew Energy…Lebron James got shifted into repping the LifeWTR brand.

It's very likely that you've noticed “high protein claims” penetrating more diverse food and beverage categories. But what about an adjacent product strategy that's sneaking caffeine into anything and everything that's quick, easy, and accessible? So, beyond the ubiquitous availability of coffee, energy drinks, caffeinated carbonated soft drinks, and tea…you can now purchase items such as caffeinated nutritional bars, jellybeans with caffeine, coffee paste, caffeinated chocolate, caffeinated gum, mouth pouches with caffeine, coffee-flavored ice cream with caffeine, caffeinated mouth spray, and even coffee-flavored cereals with caffeine. But while there are several underlying drivers fueling the caffeinated grocery trend…examining each of them is likely unnecessary when you realize that caffeine is by far the most widely used psychoactive drug, with slightly more than 90% of U.S. adults consuming it regularly. Though, like pretty much anything seen across today's CPG industry…everything is a remix of the past. So, while startup CPG founders and Big CPG innovation teams might believe they can disrupt (or complement) the various traditional caffeinated beverage formats…this is hardly the origin point for the caffeinated grocery trend. But please don't misconstrue these statements…I'm a strong believer that if you want to create something with lasting impact within today's CPG space, it needs to be some combination of “new” yet “familiar.” Do something too closely related to the market leader and consumers won't take notice…but do something too novel and they're confused. So, as I stated earlier…successful CPG products oftentimes don't arrive out of nowhere; they're remixes that recycle and reimagine existing (or past) strategic elements. But while there will seemingly always be a new batch of innovative thinkers launching unconventional caffeine products…long-term successful adoption will only occur when novelty evolves into a perceived necessity. Yet, sometimes to create buzz, evoke curiosity, and/or resonate emotionally with consumers…novelty can offer a fresh way to stand out in a crowded marketplace. Obviously, there's an increasingly popular design theory (called chaos packaging) that takes familiar products and reimagines their containers in unconventional ways. And I want to fully acknowledge how valuable chaos packaging can be when done right…but expanding a bit, I believe that “form must follow function” when rethinking category norms strategically. Moreover, it's artistically beautiful when a format is chosen that doesn't quite meet the normal expectations but can bring in a different consumer through its ability to serve a specific need. But have you ever read something and thought, “how did society get to this insane moment?” Well…that's exactly what happened last week when I saw that Monster Energy acquired an ice cream brand. I guess energy drink brands had become jealous of their “caffeinated big brother” coffee being a beloved ice cream flavor and shifted their focus to disrupting the frozen grocery section. And before you try roasting me in the comments…I'm fully aware that the limited partnership Hilrod Holdings, not Monster Beverage Corporation, acquired Thrifty Ice Cream. But the “Hilrod” in Hilrod Holdings is formed by combining the first three letters of the first names of Monster Energy co-founders Hilton Schlosberg and Rodney Sacks. So, when (or if) can we ever expect to see a monster energy ice cream in grocery stores?

To eat…or to be eaten, that is again the question for the Simply Good Foods Company! In this latest episode, I'll utilize the Q3 2025 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 Q3 2025, Atkins Nutritionals brand dragged down the overall portfolio performance, but Quest Nutrition (up 11% YoY) and OWYN (up 24% 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 known for the original Quest Bar. And that means the company needs the bar business to be healthy for any of this innovation risk to make sense. But Quest Nutrition has proven it's one of the few 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 snacks segment of Quest Nutrition, which now accounts for half of all retail sales...and if we analyze one layer deeper, the salty side of the Quest snacks segment had quarterly retail takeaway growth of about 31%. And while that's super impressive…I believe there's a realistic path to doubling retail sales over the near-term. How? The single most important piece of this strategic growth playbook will revolve around expanding physical availability of the Quest salty snacks platform. So, utilizing its “categorical leadership” for leverage, Quest Nutrition has made “increasing the physical availability” of products a significant initiative within the organization…and recently landed a Quest chips mainline snacking aisle test within a large mass retailer. And if proven successful, I believe it would create a massive “snowball effect” that leads to increased display support, merchandising everywhere, and even new sales channel penetration. Also, I run through what's causing the weak brand performance at Atkins and explain actions the company is taking to change it…especially against the backdrop of GLP-1 weight loss solutions. In my opinion, you're going to see weight management brands like Atkins (and others) get repositioned on the right side of GLP-1 second-order effects through both product innovation (e.g. Atkins strong)...but most of the “innovation” will come in the targeted communication marketing strategies. And then, OWYN had quarterly retail takeaway growth of 24% YoY...coming 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. Finally, I'll explore again this “eat or be eaten” fork in the road for Simply Good Foods. While the more probable scenario in the next year is that SMPL acquires another middle market convenient nutrition brand that fits into their strategic focus…wouldn't it be interesting if a Big CPG name like PepsiCo acquired the portfolio?

With protein becoming a kind of "holy water" that instantly anoints any food or beverage with a health halo…it was only a matter of time before it converged with carbonated soft drinks, right? But what if I told you that I've been trying to make protein soda a “billion-dollar idea” since 2016? Originally approached by the patent holder almost a decade ago, my attempts at influencing large beverage portfolios went nowhere fast. And it makes sense in hindsight…as within a low household penetration beverage category (like protein drinks), market participants (back then) obviously wanted to bring in new buyers, but the more meaningful solved challenge involved expanding distribution. Even a few years later, within content basically no one watched…I started mentioning how PepsiCo should make “protein dirty sodas” but letting Muscle Milk leverage its carbonated soft drinks flavor IP. But fast forward another few years…protein is winning in most places across the grocery store, accessibility of protein RTD beverages has become almost ubiquitous within the market, and maybe most importantly the “dirty soda” movement exploded thanks to TikTok. And before you think I'm humbly bragging about my place within the protein soda category creation, one that will likely never make the future Wikipedia page…just know that I wholeheartedly believe being right too early is indistinguishable from being wrong! Instead, I provided that quick introductory story to set the stage for our conversation with the CEO of Don't Quit, Mark French, who's new protein soda is launching nationwide in Walmart, Albertsons, CVS, and others this month. And alongside this refreshed strategic focus of delivering healthier, clean, great tasting protein in a variety of different formats…we got an insightfully diverse POV on the functional beverage marketplace from Chris Van Dusen, a private equity group Senior Partner involved in delivering capital solutions for late-stage startup and growth companies like Don't Quit. Follow the Pour Decisions Podcast!Also, an extra special thanks to Cognizin, for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

Consumers are no longer quietly adapting to market conditions…they're actively reshaping the grocery industry. By rewriting the rules of how, where, and why they shop…it has created a grocery reality that demands a smarter, faster, and more flexible strategic approach. But the message to grocery retailers is clear…keep up or get left behind. And the need for customer-centric strategies is arguably most evident in merchandising…and more specifically within the beverage landscape (where innovation has been abundant). In fact, the beverage aisles (and coolers) are overflowing with boundary pushing opportunity…spanning flavor innovation to new category creation and even categorical mashups. Furthermore, there's a powerful movement happening…one that's packing beverages with functional ingredients previously only seen across the supplement aisle. No longer confined to niche brands targeting gym rats and granola heads…functional beverages have become household staples. But blindly pushing this exciting beverage industry era forward can sometimes cause potential challenges…which was the central topic of our dynamic conversation with the VP of National Merchandising at Albertsons Companies, Buster Houston. Yet, as you'll quickly notice…it's grocery industry leaders like Buster that really lean into these challenges, ensuring customers are wowed while also acting as helpful consultants to beverage brands vying for market share. Follow the Pour Decisions Podcast!Also, an extra special thanks to Cognizin for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

Is it healthy to dwell in the past? Before the turn of the last century, nostalgia was still considered by some mental health professionals as a psychological disorder. So then…why have numerous storied food and beverage CPG brands more recently leaned on their decades of history to redesign packaging with elements of their past? Obviously, the understanding of nostalgia evolved over time…now being viewed less as a disorder and more as a natural human emotion. But with nostalgia being perhaps the most active and useful during uncomfortable (or transitionary) states, it's no wonder why many legacy CPG brands have recently leveraged it when seeking to elevate connectedness towards a simpler era of life. Yet, deploying a “blast from the past” strategy isn't universally impactful, and I believe today's consumers are typically more engaged by the future that brand is creating compared to what happened in the past.

Is society really shifting away from the “original functional drink?” And if so, which alternative is best suited to emerge as the next beverage industry winner? About two months ago, there was a Bloomberg article that noted “alcohol consumption has gone into possibly permanent decline.” And let me tell you…within the world of beverage industry pundits, that excerpt caused quite the tizzy. Yet, I'd argue this story of gradual, long-term moderation isn't (for the most part) what's being passionately contested. Instead, the Bev-Alc community seems more argumentative regarding the key factors causing these declines and whether the pendulum of consumer behavior will eventually swing back. And to be completely honest…when analyzing this dynamic subject matter, you can easily get yourself more twisted than chugging a few of those tea-flavored FMB tallboys. So, I'm going to streamline this content piece by acknowledging that “generational transition” and “economic growth challenges” are relevant…but largely focusing on interconnected underlying drivers that strengthened a few relevant consumer behaviors during the “Great Shutdown” era. But maybe the most obvious impact from “consumers re-evaluating what's good for them and growing more focused on living healthier” becomes apparent when you consider the strategic lens that “demand growth breeds commercialization activity.” And since we also live in the “Age of the Endless Aisle,” strengthened by the “Great Shutdown” era normalizing online grocery shopping, it resulted in expanded availability for more great-tasting options across every nonalcoholic beverage category compared to any other point in our history. As a result, this wider range of alcohol-free drinks, alongside broader access…made abstaining more viable. Though, let's dig deeper into popular alcohol-free beverage options…and attempt to answer my introductory question of “which alternative is best suited to emerge as the next beverage industry winner.” And maybe it's best if we initially align ourselves around my belief that beverages offering more than enjoyment aren't just a passing fad…instead a reflection of a deeper secular trend towards health-conscious consumption. Moreover, consumers are moving closer everyday towards this four-way intersection of taste, convenience, nutrition, and functionality. And consequently…every multibillion-dollar beverage category is in the early innings of a remarkable transformation, as hundreds of brands are competing for consumer attention with wellness-focused marketing and functionality of ingredients. However, it's important to understand that (1) shifting consumer behavior most often happens progressively, but (2) there are multiple levels “to this game.” So, let's use that thought framework to examine the past, present, and potential future of functional beverages. So then…are functional alcohol alternatives the ultimate disruptor? If our prediction timeline is decades into the future…I might be inclined to answer favorably, but in the near-term it's going to be an incremental success story.

And for tonight's Final Jeopardy question in the category of alcoholic beverages, the clue is this…which U.S. government official would ultimately be responsible for nutrition labeling rules involving alcohol producers? If you answered, “what is the Treasury Secretary,” you'd be correct! And that's because oddly enough…the Alcohol and Tobacco Tax and Trade Bureau sits under the Department of the Treasury. So, when consumer advocacy groups lobby for nutritional transparency, such as making a Nutrition Facts panel standard on all alcohol products, they're usually talking to bankers and not public health professionals. And if this topic of alcohol nutrition labels sounds vaguely familiar, within one of my earliest YouTube videos from mid-2019, I examined a “marketing-driven transparency decision” by Bud Light…concluding that “the change in transparency would ultimately a win for beer drinkers but wouldn't change the brand's sales materially.”

Functional ingredients, protein-ification, healthy aging, personalized nutrition, weight management, gut health…and you probably think I'm just rattling off numerous powerful trends driving the CPG industry, which I am, but this time, not involving my typical contextual vantagepoint. Did you know that just over half of pet owners not only consider their pets to be a part of their family…but say they are as much a part of their family as a human member? So, with most pet owners now considering their pets full-fledged family members, it's safe to say that “humanization” is no longer just a trend…but rather a foundation of the pet nutrition market. And while I'm not saying that I'll be pivoting drastically (or even much at all), I am expressing that you'll begin seeing my increasing interest in adjacent CPG marketplaces like early childhood nutrition and pet nutrition within content creation, as I'm a relatively new dad in both the human and dog aspect of that definition. But where do we start, right? To create some constraint, this initial content piece will concentrate only on certain aspects of the pet industry that evolved since the “Great Shutdown” era. Firstly, compared to other CPG categories, which have seen declines and rebounds, pet sales have grown (around 10%) each year since that period. Next, what underpins that growth probably shouldn't be surprising at this point…with stay-at-home orders and the remote work flexibility creating an environment where many Americans added a furry friend to their household. And currently, it results in U.S. consumers purchasing around $70 billion worth of pet food (and treats), but that market size increases substantially when you include both veterinary care (and product sales), OTC medications, and pet supplements. Also, while the “CV-19 Effect” didn't create the “health and wellness” underlying driver shaping today's pet nutrition market…it provided a powerful tailwind to this increasingly important customer purchasing behavior. Lastly, pet owners (which Millennials account for the largest category) are paying just as much attention to their pets' health and holistic well-being as to their own…and are seeking food (and treats) that help their furry friends live longer, healthier lives. In fact, 85% of pet owners now believe proper nutrition and supplements are as important for pets as they are for humans. But with pet owners taking a more active role in their pets' wellness, particularly in the ways they supplement their pets' diets for optimal health benefits…pet brands are starting to face a similar challenge as their human CPG counterparts have been dealing with for the last decade (especially within low barriers-to-entry categories like sports nutrition). And no matter if we're talking humans or pets…across today's functional CPG marketplace, winning essentially requires a distinctive brand making great tasting products in attractive formats with proven benefits in desirable health condition segments. But in my latest first principles thinking content, I'll unpack that statement further to extract impactful insights. Nevertheless, there are many opportunities available (and no shortage of exciting market developments), so hopefully you'll follow along as I help increase your strategic clarity by separating out the key pet industry “signals” from the immense amount of “noise.”

Anyone remember those “Chicken Soup for the Soul” books that were crazy popular in the 90s? Well…this conversation, just two Youngstown (Ohio) boys talking about protein beverages, entrepreneurship, and life, was my version of those heartwarming, motivating, and relatable stories included within those books. And that's because…I've always greatly respected (and been inspired by) Christopher Hunter, from his authenticity and transparency to his evolving professional journey and consistent personal alignment with the beverage brands he's built. And in this current chapter, Chris Hunter is leading the plant-based protein brand Koia…which was actually a “proof of concept” he initially discovered more than a decade ago when investing in better-for-you food and beverage companies. Though, more recently…Koia has grown into a market leader, expanding rapidly across the retail landscape, and pushing the boundaries of innovation. And with protein becoming more central to consumers…Chris Hunter has utilized crucial (personal insights) to identify gaps in the market and is taking Koia into new spaces (and formats) while staying true to what its target consumers want. Subscribe = Pour Decisions Podcast Thank You to Cognizin for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

Dr. Andrew Huberman is the world's most popular health and science podcaster (i.e. Huberman Lab). But could he also be the world's most prolific investor in privately held wellness companies? And since Andrew Huberman keeps the details of his business transactions discreet…there's almost zero public information on this subject matter. Yet…the camouflage Huberman utilizes is within my deep domain expertise, making it simpler to guesstimate his secret investment portfolio. But let's start with the two most publicized (both occurring in 2024), which was Huberman investing in the foodtech startup David Protein and then partnering with an investment firm to acquire a majority stake in the Canadian yerba mate brand Mateína. Additionally, Huberman holds scientific advisory board positions with the following companies: Eight Sleep, WHOOP, Athletic Greens, and Momentous. And as part of those compensation packages…it's very likely he received advisory shares.

It has now been about a year since Bayer suddenly shut down Care/of…the personalized nutrition brand it acquired in 2020. So, with hindsight providing us 20/20 vision…what can the supplement industry learn about this intense “rise and fall” business story? And you might be thinking, "aren't we too late to learn from the Care/of vitamins business story?" Though, anyone even remotely paying close attention to either the enormous shift in supplement industry marketplace dynamics, the complex (and ever-changing) world of personalized nutrition, and/or the ongoing turnaround efforts at one of the largest players in pharmaceuticals, consumer health, and crop science…knows patience was required to create decisive confident statements about this specific business event. So, my latest first principles thinking content will explore what really happened at Care/of and examine if it has broader implications to what was dubbed by many insider experts and (and mainstream news) sources as the “future of wellness.” Did the Bayer “billion-dollar consumer health brand or bust” mentality cause it? Was it an internal Care/of strategic failures? Or has personalized nutrition been overhyped and will never provide substantial long-term market attractiveness?

It's been said that "a complete picture emerges not from one fixed viewpoint, but from the understanding of multiple sides, each offering a unique piece of the puzzle.” And in any complex business puzzle, understanding different perspectives is essential…which is one reason why I've always enjoyed talking to Ryan Lewendon, as his law firm (Giannuzzi Lewendon), like my own strategy consulting practice, works with a wide variety of innovative, category creating companies that have helped define today's consumer packaged goods landscape. If you remember the last time we sat down together for a proper “recorded conversation” about 15 months ago, I took Ryan Lewendon through a Nickelodeon Guts “Aggro Crag” type gauntlet of trending CPG industry topics. But while this jam session is shorter in length…it equally shows our intense curiosity and passion for every aspect of the CPG industry, which I think can naturally lead to super impactful nuggets of insights for stakeholders within all this uncertainty that spans from MAHA movement changes to tariffs (and everything in between).Subscribe = Pour Decisions Podcast Also, an extra special thanks to Cognizin, for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

In the 1980s, it was pay-at-the-pump technology. But 40 years later, another technological risk has emerged in the form of electric vehicles. But while there's an additional bevy of other external threats to foot traffic like impulse purchase rapid delivery startups…it all comes back to how best can convenience stores draw consumers inside. And I believe the strategic answer is focusing on “controlling your own destiny.” So, what do Buc-ee's, Sheetz, Wawa, and Casey's have in common? They've garnered considerable loyalty nationwide (beyond their regional origins) with exceptional foodservice options. Similarly, many c-store brands (like 7-Eleven and Love's) are accelerating their private label growth…building customer loyalty and repeat visits. The fact is…within the last century, convenience stores have faced countless threats and successfully evolved into one of the most important U.S. sales channels with over 150,000 total locations.

Trump is back…but should stakeholders operating within the intersecting CPG categories of functional foods, functional beverages, and nutritional supplements be cheerful about his return to the oval office? This will certainly not sound like a “hot take” or anything, but the second Trump presidential term will undoubtedly offer a mixture of risk and reward…ushering in a new era of market volatility. As press secretary Karoline Leavitt recently pointed out, "there has never been a president who communicates with the American people as openly and authentically as Donald Trump.” But while I personally enjoy that operating model…it does create an economic environment that I recently described to an industry colleague as “best suited for master sailors.” And that's because the art of both the sailor (and businessperson) is to leave nothing to chance…but sailors are artists whose medium is the wind and today's businesspeople must be artists whose medium is correctly spotting Donald Trump's subtle hints that reveal upcoming events. Furthermore, I believe a key to potentially benefitting from the Trump 2.0 “driver of demand” requires understanding how to position against a few of his known (but converging) “the art of the deal” tendencies. And these would be (1) a little hyperbole never hurts, (2) confirm an impression they were already predisposed to believe, (3) never get too attached to one deal or one approach, and (4) sometimes your best decisions are the ones you don't make. Finally, it's extremely important to consider rate of speed and level of efficiency surrounding Trump 2.0 changes. Since this is a “been here, done that” kind of thing, Trump won't fumble through the initial phase of his term he will have a better understanding around bottlenecks and getting around chokepoints…including how to flex unilateral powers. Also, given that the House and Senate are Republican majorities (at least for the next two years), that political trifecta usually creates efficiency and makes for stickier policy changes. But the inspiration behind my latest first principles thinking content piece (or I guess content miniseries) was a Trump 2.0 section titled “rhetoric foreshadowing action is greater than embellished negotiation tactics” that I included into many of functional CPG brand and supply side client presentations during the last quarter of 2024. And while each of those client presentations were packed with diverse personalized insights…I'm confident this “Trump 2.0” content miniseries, filled with a refined (and expanded) version of my generalized “base case” strategies, will be extremely valuable to my regular audience. And I figured the final part should be "commerce" because it has a complex interplay with those previous parts. And to help everyone envision what's included within this part, it will start with the consumer spending and transition into areas that directly influence consumer behavior (e.g. social media like TikTok), before commencing around the underlying drivers impacting aspects of offline and online retail. You'll often hear veteran professionals throw around the claim that “the supplement industry is recession proof (or recession resistant),” but I wouldn't blindly put trust in that anecdote…as every economic downturn is different. But whether the current economic environment turns negative enough (and for long enough) to be deemed “the R word” shouldn't be what's overly worrisome.

Maybe it was just me…but did anyone else get excited weekly as a kid when it was pasta night? As the youth like to say nowadays…those carbs hated to see me coming. Yet today's “carbs are evil” conspiracy theory believing parents would never allow those same weekly “big back” moments. Instead, we've collectively broken the historical “pasta purity law” and adulterated one of the most perfect foods this world has to offer with dried chickpeas, red lentils, green lentils, and green peas. But if you've spent any time recently perusing the shelves within grocery stores, it's likely that you've noticed that high-protein claims are penetrating more diverse food and beverage categories. In addition to the ubiquitous protein bars, protein powders, and protein shakes…protein is going into everything that's quick, easy, and accessible. And that includes reimagining pasta night with high-protein noodles (and marinara sauce).

The RTD cocktail segment has experienced massive success in recent years, helped by its convenient format and the rise of the at-home cocktail occasion during the “Great Shutdown” era. But while the RTD cocktail market has seen an abundance of new entrants, as it predictably followed my CPG industry adage that “strong demand growth breeds intense commercialization activity,” there have been smarter and more effective launches as the category matures and has a clearer view of the consumer. And it appears these RTD cocktail drinkers are selecting health-conscious products with premium ingredients and flavorful options…oftentimes seeking a fun, refreshing taste of their childhood with an adult beverage spin. Moreover, A LOT of categorical success is in recreating or reimagining something where there's already consumer behavior. And that was a key motivating factor behind Adam Kost creating Dirty Shirley, a nostalgic yet boozy twist to the classic Shirley Temple beverage we've likely all enjoyed growing up. Last year, Dirty Shirley, which contains organic cherry juice, natural flavors, and super premium vodka, grew almost 1000% YoY. Yet, as you'll hear in our conversation, Dirty Shirley is only getting started by continuing to thoughtfully expand markets and creating a variety of powerful strategic retail and brand partnerships. Subscribe = Pour Decisions Podcast Also, an extra special thanks to Cognizin for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

It was just announced that David closed a $75 million Series A funding round…valuing the 8-month-old startup at $725 million. Launched the same exact day as my previous content with David Co-Founder (and CEO) Peter Rahal went live in September 2024, David's current valuation has already surpassed his first protein bar exit, which involved Kellogg's acquiring RXBAR for $600 million in 2017. But David will obviously use the investment to scale manufacturing, accelerate product development, and expand inventory to meet surging demand. Moreover, in an effort to strengthen its ability to scale…David acquired Epogee, the food technology firm behind EPG, a plant-based fat alternative that significantly reduces calories and fat without compromising taste or texture. And at first glance, it might seem like an odd use of capital to acquire an ingredient supplier…but in my latest first principles thinking content, I'll explain the beauty of this vertical integration investment decision. And I'm sure some industry pundits (or so-called MAHA nutrition experts) will cry that EPG is a step back towards the fat-free craze of my 90's youth. And you're entitled to that opinion but honestly keep it to yourself…because I'm a business-minded simpleton admiring the beautiful strategic alignment between protein bar consumers wanting a “protein-to-calorie” ratio like leading ready-to-mix and RTD protein shakes, and David gaining exclusive control over an important supply chain element making that possible. David isn't just another protein bar brand, it's a food technology company focused on building tools that make it easier for consumers to eat well without compromise.

Let's be REEEAAALLLLYYYY honest with ourselves here…do we really need a “better for you” Make America Healthy Again (MAHA) version of every nostalgic sweet treat? I understand that many of my fellow Millennial parents want to give our kids the same joys of childhood that we had, but can we agree that some of Willy Wonka's candy ideas should be off-limits? And that's because…even if sensory experiences can be closely mimicked, what's fun about dipping a pectin-based fruit strip into freeze dried organic fruit powder! I'd hate to use this short format for deep introspection, but maybe we should be asking ourselves…why are we so obsessed with making candy “healthy” anyways (and marketing it to children)? Are we projecting our complicated (and conflicted) relationship with food on the next generation…pretending that the process of pursuing health is one of constant pleasure and abundance?

After trying the Bloom Sparkling Energy drinks before its official launch last year (and getting a better sense of the overall go-to-market strategy), I provided a very rare public statement on a beverage within the pre-launch phase of the commercialization cycle. And for those that might think I'm capping…you can ask AI to analyze thousands of my short- and long-form content pieces over the last decade. Yet, it would only find one other occasion where I declared pre-launch that massive success was guaranteed for an energy drink. But just like GHOST Energy a handful of years earlier…something felt special about Bloom Sparkling Energy, even as most beverage industry pundits questioned the extension strategy by the “greens supplement company.” And within our conversation…Bloom Nutrition Co-Founder (and CEO), Greg LaVecchia, explained just how insanely successful the initial year has been surrounding those Bloom Sparkling Energy drinks. Also, we discuss how…with help from the Nutrabolt (and KDP) strategic partnerships, the brand is building on those breakout wins in the beverage category by launching Bloom Pop, its answer to what fans feel the modern soda category is missing. Subscribe - Pour Decisions PodcastAlso, an extra special thanks to Cognizin, for not only being the Title Sponsor of The Beverage Forum 2025...but supporting this awesome piece of content!

Beyond noting the obvious increased brand competition when predicting that 2025 would have a crazy marketplace setup developing within RTD protein beverages, I believed that mass and grocery retailers could start giving these products more placements outside of the typical healthy living/pharmacy merchandising sets. But while that remains to be seen within upcoming spring resets, there might be a new dark horse competitor that's already starting to make waves in the refrigerated dairy space. Because while shelf-stable RTD protein beverages are arguably superior for a multitude of business reasons, many of those challenges can more easily be overcome by a large-scale yogurt brand like Chobani. In launching its new protein-forward yogurt drinks, Chobani is hoping to position itself within the prefect intersection of GLP-1 second-order effects and grocery protein-ification.

In March 2023, I created a piece of content that thoroughly examined the UK-only limited time offer branded pre-workout supplement that Gymshark created earlier that year by basically partnering with UK sports nutrition brand Applied Nutrition. And at the very end of that content, I mentioned that “I didn't think we'd be seeing Gymshark create a permanent supplement line or even tons of these LTO launches...at least in the short-term.” But since we're well past that timeframe mentioned, Gymshark just created another LTO supplement, and the activewear categorical boundaries have been decimated lately by investment decisions from ALO Yoga, NOBULL, and Reebok...I thought it was time to relook at my previous consideration if Gymshark should launch a line of sports nutrition supplements. And "from Nike to lululemon to Alo, these activewear brands aren't just selling apparel…they're selling a lifestyle.” Essentially, it's my belief that in today's marketplace, younger consumers (especially) are increasingly looking for visionary brands that are radically and bravely changing both our individual and global cultures with exciting and bold new lifestyle choices. So, if you weren't picking up what I was putting down…strategic narrative boldness is attractive and brand distinctiveness is highly defensible from a competitive landscape perspective but has become increasingly rare and difficult to achieve, as it requires both an artistic and scientific approach to create a unifying, central idea with the right combination and orchestration of all brand elements. Yet, as I mentioned earlier, several activewear brands have recently made strategic investments that sought to innovate around their consumer's specific lifestyles (and altered legacy categorical boundaries). But what about Gymshark? Why hasn't the activewear brand evolved past traditional product category constraints to own a larger slice of its customers' identity? And before anyone points towards company size (based on annual revenue), Gymshark reported growing 9% YoY and generated just over $800 million in revenue during its latest fiscal year…a number that exceeds or puts it in relatively close proximity to those previously mentioned activewear brands. Instead, I think Gymshark struggled to continually show up as its unmistakable self, as the activewear brand attempted to gain more acceptance across the adoption curve. Said another way…Gymshark got lost during its pursuit of more customers. And I think that became a major factor into why founder Ben Francis returned as CEO in August 2021, despite Gymshark successfully scaling from a smaller brand. So, after embarking on an almost four-year journey…there seems to be singularity and focus once again with the marketing and brand building strategy. And its revived brand distinctiveness harkens back to why Ben Francis originally founded Gymshark in the first place…realizing “no one really made clothes for the bodybuilding scene.” So, even though launching “Gymshark Nutrition” would undoubtedly create a loss of focus on the core business…and the current landscape is arguably even more challenging (and uncertain) for the apparel industry, I'm convinced Gymshark could successfully evolve past traditional product category constraints to own a larger slice of its customers' identity. Doss is the first Adaptive Resource Platform (ARP). Book a live demo here.

Is Lifeway Foods a real-life CPG industry version of the hit television series Succession? About 16 years after the cultured dairy brand was founded, the daughter and son take over as CEO and COO respectively…when their father dies of a heart attack. But while Lifeway Foods (NASDAQ: LWAY) has generated years of growth, family members filed an SEC consent statement that argued “significant and repeated failures of corporate governance have harmed the business, its employees, and driven poor financial results for shareholders.” The brother, who left in 2022 and now serves as the president of a rival company…stated recently that leadership failures caused Lifeway Foods to fall behind other leading brands like Chobani. Additionally, claiming that “the company is running on autopilot and they're woefully under investing in marketing.” And if that wasn't enough…there's a website detailing the daughter's supposed deep and conflicting personal motives.

MusclePharm might seem the same to you…but it's radically different from my POV! But for anyone new to these quarterly content pieces, FitLife Brands sells more than 250 SKUs across 13 supplement brands…each with a slightly different product portfolio and sales channel strategy. In total, the FitLife Brands portfolio is sold through more than 20K retail locations globally. But throughout this content, you'll hear me categorize the FitLife Brands portfolio into three segments: Legacy FitLife Brands, Mimi's Rock Corporation, and MusclePharm. In the first quarter of 2025, FitLife Brands Inc. (NASDAQ: FTLF) had revenues of $15.9 million...which was down 4% YoY. 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 first quarter of 2025, MusclePharm segment revenue was just under $2.0 million...which decreased 6% YoY. And maybe you're hearing that result…thinking to yourself “that's not too terrible,” but I'll explain just how terrible that internal thought actually is about these MusclePharm quarterly numbers. I was quite confident that FitLife Brands understood it's a marathon (and not a sprint) with MusclePharm. Moreover, the last 5-7 years of MusclePharm brand mismanagement had provided a sizable amount of unlocked value that was just waiting to come out. Furthermore, doing the required “hard work” upfront to rebuild the foundation of MusclePharm for the long haul would inherently unlock enough short-term financial results to appease shareholders around the acquisition ROI. Yet…that's not happening right now! Instead, FitLife Brands has surprised me (and not in a good way), believing it would be better served in reaching arbitrary segment-level financial goals by not learning from various past MusclePharm experiences (like what became major underlying drivers of its bankruptcy) or how FitLife Brands is chasing a ready-to-drink beverage mirage with zero “route-to-market” expertise. When product-based differentiation proves unable to provide a long-term defensible moat within low barriers-to-entry CPG categories like sports nutrition, distinctiveness can transform a product from commodity into a perfect experiential foundation for brand storytelling. It's the strategic substance with signature style that sets your CPG brand apart from the landscape of lesser alternatives. And throughout the initial first-half of the “athletes' company” existence, MusclePharm had a distinctive brand identity that absolutely defined and then delivered its authentic self. But when FitLife Brands acquired MusclePharm in late-2023, it wrongfully assumed MusclePharm still had ample distinctiveness in the marketplace…or at least a sufficient amount to trigger emotional responses with enough consumers to justify its current strategic gameplan. That was a miscalculation…one that I believe will require FitLife Brands to thoroughly contemplate its strategic decision to “sprint the race without knowing its distance.” Finally, I end on a more positive note...examining the Russell 2000 Index inclusion possibility and likely M&A announcements coming soon with FitLife Brands.Doss is the first Adaptive Resource Platform (ARP). Book a live demo here.

Just when CELSIUS was beginning to drown…Alani Nu had the ring-shaped flotation device ready to save the energy drink brand. Celsius Holdings (NASDAQ: CELH) had quarterly revenue of $329.3 million, which was down 7% YoY. And while that activity now marks the third straight quarter of falling YoY revenue…the addition of Alani Nu next quarter will guarantee positive YoY growth restarted (albeit mostly from the non-comparable acquisition-related aspect). According to Circana last 13-week data, CELSIUS decreased by 3% YoY...but sustained place as the third-largest energy drink brand in the category with a dollar share of 10.9%. And I don't want gloss over this accomplishment…as CELSIUS became the first brand in over a decade not named Red Bull or Monster Energy that was able to capture more than a 10% share in the U.S. energy drinks market. Celsius energy drinks has seen massive growth in convenience stores, foodservice (e.g. fast food restaurants), mass retailers like Walmart, the club channel in retailers like Costco, and the Amazon marketplace. Additionally, the early international market development groundwork is starting to formalize with CELSIUS with performance continuing to exceed initial expectations in those recently expanded markets. It's my opinion that international expansion presents significant opportunity for incremental growth over the next three to five years. With Celsius at basically full distribution now…the TDP growth will have to come from increased items carried per store. Going forward, Celsius will increase items per store through a combination of product strategies like flavor, format, pack size, and variant expansion. Additionally, CELISUS will continue scaling up the new Essentials lineup that has exceeded the company's expectations. Moreover, they will seek more store placements like leveraging cold display activity in Celsius-branded coolers. If you missed the massive news from February, CELSIUS Holdings announced it had entered into a definitive agreement to acquire Alani Nu for a net purchase price of $1.65 billion. And the big news was that CELSIUS announced that, according to Circana last 52-week data for the period ending April 13, 2025…Alani Nu surpassed $1 billion in retail sales. But heading into next quarter, the combined brand platform of CELSIUS Holdings will have just over 16% category share (trailing only the Monster Energy combined brand platform and Red Bull). Also, because of the insane 70%+ YoY growth rate of Alani Nu, the combined brand platform of CELSIUS Holdings would be considered the fastest growing energy drink brand portfolio of the top 10 categorical competitors. But with the Alani Nu acquisition now closed…CELSIUS Holdings becomes an even more dynamically interesting company positioned favorably long-term. Lastly, with a great balance sheet...Celsius Holdings keeps strategic optionality available within (what I believe is) this market volatility fueled opportunistic period.

As the second fastest growing category within the entire grocery store surpasses 50% household penetration…have attractive fragmentation opportunities now been unlocked within RTD protein beverages? 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 had a strong 2025 Q2 with net sales reaching $588 million, which was up 18.9% YoY. Premier Protein (~90% of BellRing Brands total revenue) grew 22% YoY, which came from mostly volume increases. Dymatize Nutrition was up 3% YoY, stemming from volume increases within international markets and new product introductions. In response to these elevated sports nutrition competitive threats, BellRing Brands has attempted to invest further into Dymatize brand marketing and restarting product innovation. Though, I'd say neither effort has resulted in meaningful success yet. Moreover, I provide three deep dives into the functional CPG portfolio's "hero SKU families" of Premier Protein RTD protein shakes and Premier Protein and Dymatize protein powders. But my latest first principles thinking content will examine two emerging product innovation concepts that are becoming more popular (both in terms of product launches and customer demand). The first is around a richer and creamier RTD protein beverage…Premier Protein is calling its version “Indulgence” and BellRing Brands leadership noted on the earnings call that this new subline has demonstrated impressive incrementality, bringing in a considerable number of consumers new to the brand and category. Similarly, Quest Nutrition is also recently launched its “more indulgent” RTD protein beverages subline…calling it “Protein Milkshake.” But what you'll also notice about the Quest Protein Milkshake is that the protein content is much higher than the “unwritten 30 grams of protein rule.” So, now you're seeing competitors, that have brand equity will outside the performance nutrition buyer segment, start to push the upper limits of protein content. And finally, on the flipside…competitors are also testing the lower limits and seeking to attach protein with other beverage categories like carbonated soft drinks and water. So, what does this all mean? And I think there's still A LOT of opportunity to innovate within RTD protein beverages market, which will open up the category to more buyers, different use occasions, and more day parts. Doss is the first Adaptive Resource Platform (ARP). Book a live demo here.

Coca-Cola and Oreo becoming “best friends” seemed like a lost episode of Golden Girls. We have powerhouse century-old brands…both embarking more intensely of late into limited-time product strategies that get people talking, create excitement, and ultimately generate FOMO. But when this type of collaboration happens…we typically see one brand leading with product and the other supporting and elevating with marketing communications. And that's what made this collaboration special…as Coca-Cola and Oreo each played leading and supporting actor. The result was that customers got to experience two wild products…a creamy, cookie flavored can of Coca-Cola Zero Sugar and a cola-flavored Oreo cookie (with popping candies). This may all seem absurd (and personally have no appeal to your life), but at the end of the day…I think it reflects a cool trend across pop culture where highly distinctive efforts can get mainstream commercialization.

If you're going to come at the “king of the online sports nutrition market,” you better not miss! THG (aka the company formerly known as The Hut Group) recently updated the public markets by releasing its 2025 Q1 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 that includes the world's largest online sports nutrition brand MyProtein, but also utilize everything to provide insights surrounding the global supplement markets. For those unaware, after the THG Ingenuity demerger...THG would now be described as a global, cash generative, health and wellness consumer brands group. During the first quarter of 2025, divisional revenue for THG Nutrition was approximately $196 million, which was basically flat YoY. And while those aren't necessarily great results…THG leadership noted that the segment saw month-on-month sales improvement throughout the quarter. Moreover, momentum was said to be demonstrated in categories outside of the core protein range, especially in activewear, vitamins, bars, and snacks. But I'll dive into several strategic decisions impacting MyProtein including: its global digital sales channel strategy, retail partnerships in physical retail, global "in real life" community events (i.e. HYROX and MyProtein Move Club) and let's just say A LOT is riding on the success of the MyProtein global rebrand. But basically 18 months after the start of its initial staggered market rollout, the transitionary impacts from the rebrand are now behind Myprotein. THG leadership reaffirmed that customer feedback continues to be promising, with unaided brand recognition for MyProtein now at its highest level to date. More importantly though…THG Nutrition leadership needs to pay close attention to key commercial metrics over the next year because to continue moving upstream in positioning (and unlocking sales channel diversification opportunities within the U.S. market) it needs to ensure this rebranding decision is well received by and generates brand affinity with those less price-sensitive customers. Interestingly, THG leadership noted that MyVitamins, which makes up around 9% of the total THG Nutrition online revenue, delivered record quarterly growth. But what's maybe most intriguing is how different the customer demographics of MyVitamins are compared to MyProtein…and its possible synergistic value with the other THG branded products segment THG Beauty. Finally, about a week prior to this earnings release, the board of directors at THG rejected an unsolicited proposal to acquire Myprotein. According to reports, THG turned down the (upwards of $800 million) offer from Selkirk, an investment vehicle, saying it “fundamentally undervalued” the MyProtein business. Additionally, the deal structure carried significant execution complexity and risks...but maybe the most interesting element was that Selkirk is run by a former THG board member and backed by Kelso Group, an activist investor in THG.

Dear Glanbia board of directors…don't be afraid to give up what's good for what's great! 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 the first quarter of 2025, revenue increased by 24.9% YoY. “Dairy Nutrition” is the number one producer of American-style cheddar cheese in the U.S. market, but more importantly (for my audience) the number one producer of whey protein isolate…and provides a wide range of dairy and functional protein solutions. In the first quarter of 2025, revenue increased by 18.9%. The brands in the Glanbia Performance Nutrition portfolio include; Optimum Nutrition, BSN, think!, Isopure, Amazing Grass, and SlimFast. Glanbia Performance Nutrition had first quarter 2025 revenue that declined by 6.6% YoY, driven by a volume decrease of 5.8% and a price decrease of 0.8%. Additionally, I'll dive deeper into Glanbia Performance Nutrition geographical, sales channel, product format, and categorial performance. Optimum Nutrition, which was the initial M&A transaction in 2008 that created the GPN division, now represents 66% of the total revenue. In the last year, Optimum Nutrition generated revenue of approximately $1.2 billion. Moreover, Optimum Nutrition is the number one sports nutrition brand in the world and also the top sports nutrition brand in close to 20 different countries. As part of its group-wide transformation program announced last November, that seeks to generate annual cost savings of at least $50m by 2027, leadership noted that a GPN portfolio review to ensure focus can be placed on high-growth opportunities had determined the divesture decision on its Netherlands-based direct-to-consumer ecommerce business, Body & Fit (that was acquired in 2017), and its weight management brand SlimFast (that was acquired for $350 million in 2018). Also, if you don't follow the Irish financial news cycle, you might have missed that the activist investor Clearway Capital is back again! But this time…Clearway Capital is hoping to get support from Tirlán Co-op, which is Ireland's largest, farmer-owned agri-food and nutrition business. Also, Tirlán is the largest shareholder in Glanbia. But while I couldn't get access to the exact letter sent to Tirlán, urging it to support a plan to split up Glanbia…Clearway Capital did recently address the Glanbia board of directors at its annual general meeting, requesting the global nutrition company initiate a strategic review into potential disassembly. And just like three years ago, I'm still largely aligned with those Clearway Capital statements. But the major difference surrounds our motivation as to why we've been urging Glanbia to be split up into two (or three different businesses).

It appears that Hot Pockets and I now live by the same mantra, “suns out guns out." And that's because if you purchased a package of those glorious frozen meat-filled hand pies lately, you noticed that Hot Pockets decided after 41 years to ditch its crisping sleeve. When Hot Pockets launched in 1983, that susceptor sleeve was a key part of the original packaging design that allowed for microwave cooking while maintaining a crispy texture. It was honestly a futuristic feature during a time when only about one in four American homes even had a microwave. But it appears Nestle made product changes that speed up the cooking process and enhance the overall Hot Pockets experience all without needing that microwave susceptor sleeve. I'm left wondering though…was this ultimately a low-hanging sustainability initiative or easy shrinkflation financial decision?