US Packaged Food "What's Shaking? A Deep Dive On The RTD Protein Category" Grom

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US Packaged Food "What's Shaking? A Deep Dive On The RTD Protein Category" Grom

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US Packaged Food Equities

AmericasWhat's Shaking? A Deep Dive On The RTD

Protein Category Food

Peter Grom

Analyst

peter.grom@ubs.com

Category Growth Remains Strong With Plenty Of Runway +1-212-713 3482

The ready-to-drink (RTD) shake category continues to stand out as a structurally

Sona Fernandes

attractive growth segment, in our view, driven by recent shifts towards health and

wellness. More broadly, increased adoption of GLP-1 is providing a tailwind to category sona.fernandes@ubs.com

growth, with our GLP-1 survey indicating that 29% of respondents are looking for +1-212-649 8050

increased nutritional support through more protein-centric offerings (link) along with

Antara Nag-Chaudhuri

companies across our coverage highlighting GLP-1 usage as a primary driver of greater

Associate Analyst

protein consumption. Category growth remains strong in the mid-teens % and when antara.nag-chaudhuri@ubs.com

comparing the industry to other Beverage categories, we see the potential for +1-212-713 4827

household penetration to continue to expand (just over 50% vs. ~90%). Our detailed

Tristan How

bottom-up category build points to ~14% growth in '26E with continued double-digit Associate Analyst

growth in '27E, supported by increases in HHP and buy rate. tristan.how@ubs.com

+1-212-713 1081

Competitive Landscape Difficult To Call Chirac Ndetan

Over the past three years, we have seen a meaningful shift in competitive dynamics Associate Analyst

across the category. From 2023 through mid 2025 we saw significant share gains from chirac.ndetan@ubs.com

brands such as Premier and Fairlife (both Core Power and Nutrition Plan) largely at the +1-212-649 7501