Picture of the Week Vol. 24

Research evidence excerpt

Picture of the Week Vol. 24

RBC Capital Markets, LLC

Nik Modi (Co-Head of

Global Consumer & Retail

Research)

(212) 905-5993,

nik.modi@rbccm.com

Chris Peters (AVP)

(212) 437-1948,

June 11, 2026 chris.peters@rbccm.com

Clark Lee (AVP)

(212) 301-1477, Picture of the Week Vol. 24 clark.lee@rbccm.com

Curtis Farfan, CFA (AVP)RESEARCH The (Vita)Key to Functional Snacking (212) 437-1997,

In this week’s picture: We take a look at VitaKey technology and what it can mean for Hershey (who has curtis.farfan@rbccm.com

a partnership with the company) and the broader food/beverage space.

The Functional Food Imperative: The consumer health and wellness megatrend is not new, but the

intensity and breadth of it has reached a point where we would argue it is no longer a niche — it is the

dominant organizing principle of modern food and beverage innovation. Consumers are increasingly

demanding that every eating and drinking occasion serve a functional purpose, whether that is proteinEQUITY and fiber management, cognitive support, gut health, or clean-label nutrition. This trend cuts across

income cohorts, age groups, and dayparts, and it is accelerating due to a number of exogenous factors

such as growing GLP-1 adoption, heightened HHS inspired regulatory scrutiny of foods, and an aging

consumer base (nearly half of all household spending across food/beverage categories per Numerator).

For CPG companies, it is straightforward: functional foods, cognitive support products, and precision

nutrition platforms are no longer theoretical addressable opportunities, they are table stakes for

relevancy.

What Is VitaKey — and Why Does the Technology Matter? In simple terms, VitaKey is bringing

pharmaceutical-grade precision to everyday food. VitaKey is a nutrition technology company that