Advertise on podcast: the Joshua Schall Audio Experience

Double, double toil and trouble; Flagship drops, while witches bubble! Celsius Holdings (NASDAQ: CELH) had quarterly revenue of $847.2 million, which was up 17% YoY (boosted slightly by non-comparable Rockstar Energy acquisition-related financial impact). CELSIUS had revenue of $357 million, which was down 6% YoY. Alani Nu had revenue of $410 million, which was up 24% YoY. And then lastly, Rockstar Energy had revenue of $80.3 million. According to recent 13-week retail sales data, CELSIUS decreased by 7% YoY...dropping to the fourth-largest energy drink brand in the category with a dollar share of 9.1%. Alani Nu increased retail sales 57.9% YoY and is now the third-largest brand in the U.S. energy drinks market with dollar share of 9.8%. And Rockstar Energy retail sales decreased 13% YoY and is still a Top-10 largest U.S. energy drink with dollar share of 1.8%. If we look at Celsius Holdings combined brand portfolio, it reached 20.7% of dollar share...ranking it third and trailing only Red Bull and the combined Monster Beverage portfolio. Additionally, while Celsius Holdings has a little over double the dollar share of the combined Keurig Dr Pepper (controlled) brand portfolio of GHOST, C4, and Bloom…that lead is shrinking relatively quickly due to GHOST Energy accelerating and the extreme hypergrowth of Bloom. Things drastically shifted for CELSIUS because of the August 2022 distribution and investment deal with PepsiCo. Additionally, when Celsius Holdings took ownership of the Rockstar Energy brand last year, it designated them the PepsiCo strategic energy drink captain. Also, another major aspect of “Celsius Holdings and PepsiCo strengthening its long-term strategic partnership” was the transition of Alani Nu distribution into the PepsiCo DSD system starting December 2025. So then, in my latest first principles thinking content piece, I'll explore several key factors surrounding why the next 12-18 months will define the future of the Celsius Holdings brand portfolio.

Is the record-breaking surge in whey protein pricing finally hitting a consumer breaking point or are we on the verge of a market reset?In this strategic breakdown, I'll double-click on Glanbia's newly released Q3 2026 interim management statement to analyze the financial performance of its supply-side operating models and branded portfolio. While Glanbia Performance Nutrition (GPN) posted a strong 8.5% YoY revenue increase, a closer look at its crown jewel, Optimum Nutrition, reveals a striking story of current market dynamics: a massive 26.1% increase in quarterly pricing masking a modest 0.8% increase in volume.I'm pulling back the curtain on the "B2B hysteria" driving extreme commodity inflation for high-end whey like WPC80, examine the rising price elasticity across specific sales channels, and discuss why weaker market competitors are closer to their breaking point than ever before. Finally, we unpack Glanbia's future risk mitigation playbook with Optimum Nutrition...spanning promotional efficiency, price-pack architecture, and a critical diversification strategy into non-whey innovations like creatine.Key Topics Covered: Glanbia Q3 2026 Performance = Group revenues, pricing actions, and structural segment breakdown.Optimum Nutrition Growth Engine = Digging into the TTM $1.5 billion brand and U.S. tracked channel consumption data.Whey Inflation & B2B Hysteria = The underlying emotional trading and supply constraints driving WPC80 and WP190 pricing.Price Elasticity & Red Flags = Why further price increases in the first half of 2027 could trigger a consumer breaking point.Optimum Nutrition Strategic Risk Mitigation Playbook: Moving from manufacturing to buying high-end whey, maximizing price-pack architectures, and expanding non-whey innovation.

Wall Street panicked when Keurig Dr Pepper (KDP) dropped its Q3 2026 earnings, causing the stock to initially slide. While legacy finance analysts are hyper-focusing on slashes to EPS growth targets and structural decay in the premium coffee pod segment, they are completely missing the real story. KDP has spent the last few years executing a quiet, highly calculated "hostile takeover" of the functional beverage and active nutrition markets. In this episode, I'm breaking down the explosive data behind KDP’s rapidly evolving, high-velocity functional beverage monster: GHOST Energy has officially joined Dr Pepper in KDP’s exclusive billion-dollar brand club, holding rare air with sustained 50% YoY retail growth from a massive baseline.How KDP scaled its energy drink footprint from less than 1% to over 10% of a $30 billion category...and why Bloom Energy is on track to surpass C4 any day now.How Electrolit (+40% growth) and Vita Coco (+34% surge) allowed KDP to construct a margin-resilient moat that completely sidesteps traditional sports drink price wars.KDP is finally taking the fight to Coca-Cola's fairlife protein RTD dominance by weaponizing legacy platform IP through the new GHOST x Yoo-hoo protein shakes and expanded distribution partnerships. Whether you view KDP as a legacy coffee and soda business or an elite functional CPG portfolio allocator, this Q3 2026 breakdown alters the entire valuation thesis of the upcoming corporate separation.

Simply Good Foods Company (NASDAQ: SMPL) recently released its fiscal Q4 and full-year 2026 financial results. The numbers reveal significant headwinds across the entire portfolio, including Atkins, OWYN, and Quest Nutrition. In this comprehensive analysis, I'll decode the consolidated performance (noting a 9.7% YoY drop in Q4 net sales to $333.3 million) and dive deep into the brand-level metrics driving the current turnaround strategy. Key Topics Covered: Consolidated Financial Picture = Breaking down the 6.5% decline in full-year net sales ($1.37 billion) and the broader retail takeaway pressure across U.S. channels.GLP-1 Era Atkins Revitalization = How the "Age of Ozempic" has permanently disrupted traditional dieting brands, and an evaluation of the new "Atkins Is Metabolism Changing Nutrition" campaign.OWYN Slow and Steady Rebuild = Understanding the compounding impact of recent product quality issues during distribution expansion, and the pivot back to basics with "Every Ingredient Earns Its Place".Quest Nutrition Historic Decline = Analyzing the shift where salty snacks grew 13% but bars dropped 6%. We discuss why Quest is no longer just a protein bar company and how "Doritos Protein" threatens its long-term competitive moat.Macro Headwinds & Strategic Price Increases = Why elevated dairy protein commodity pricing is forcing double-digit strategic price hikes, what that means for volume elasticity, and how it impacts the first half of the next fiscal year. Whether you're a consumer packaged goods (CPG) brand founder, investor, or industry strategist consultant, this breakdown offers critical insights into the evolving landscape of convenient nutrition, mainstreaming protein snacking, and defensive brand positioning against Big CPG.

What if I told you a brand-new report just revealed 76% of people are now combining fresh and frozen ingredients in the exact same meal. Is the fact that it’s no longer an “either-or” choice shocking to anyone? Now, maybe it’s because my culinary skills are (at best) laughable but I thought everyone was mixing up a fresh salad kit to accompany their frozen Detroit style pizza! But maybe what’s surprising is how most people are using frozen items to slash food waste and stop throwing money away. Additionally, 96% believe the freezer aisle is now packed with better-for-you options. Frozen food is no longer just a backup plan…making mealtime cheaper, faster, and smarter. So, do you mix fresh and frozen when you cook?

Stop buying into the hype. Food marketing is moving faster than ever, and too many CPG brands are using "half-truth" stories to sell products (betting that you won't look deeper). Don't be a pawn in today's hyper-frenetic market. It’s time to turn the box over. Read the ingredients, ignore the buzzwords, and demand genuine value instead of a flashy label. For the CPG brand founders watching...in an industry filled with hyperbole, authenticity is the only trend that lasts. Choosing short-term virality over radical transparency puts your brand at risk for permanent reputation damage. Consumers are always watching, and they deserve transparency (not trends that obscure the truth).

Is faith the ultimate economic asset in a world dominated by secular brands? For decades, we’ve watched corporations adopt the tribalism, loyalty, and passion of traditional religious devotion. But we are currently witnessing a massive strategic inversion: traditional religion is adapting to the contemporary language of consumer packaged goods (CPG) to fight back. In this episode, I'll dive deep into the sudden, explosive rise of faith-forward energy drinks and the unique consumer behaviors driving this niche market. Using my strategic forecasting matrix built on three core pillars (Cultural Forces, Contextual Demand Spaces, and Game Theory), I'm breaking down how these startups are rewriting the rules of brand loyalty. We also explore the fascinating parallels in beverage subcultures, including how the LDS Church’s strict dietary parameters birthed the trending "Dirty Soda" phenomenon and why Monster Energy sponsoring BYU is an absolute masterclass in asymmetrical game theory. Can a faith-forward energy drink brand break through the "Identity Trap" into mass-market retail, or will the monetization of an "evangelism tax" keep them permanently confined to a profitable subcultural niche? Let’s look past the labels and analyze the business strategy behind the movement.

I love the United States of America, but can we agree that all these CPG brands panicked leading up to our country's 250th anniversary? The result? While many slapped the American flag (or America 250 logo) on their product, others swam in a sea of identical red, white, and blue. Newsflash: 'America' isn’t a monolith. In fact, patriotism means completely different things to different demographics. Anheuser-Busch owns industrial Rust Belt grit. Tillamook owns Pacific Northwest agricultural heritage. Both are American. Neither looks identical. Therefore, to effectively unlock the “America branding strategy,” stop aiming for everyone. Pick a specific cultural thread. Highlight local subcultures. If your CPG brand can’t explain which specific piece of the American story you’re honoring, and why you earned it…then drop the clip-art flags and anniversary logo. Stop blending in before your brand equity is dead.

Why is healthcare giant Abbott Laboratories pulling off one of the biggest corporate breakups of the decade? In this episode, I'm breaking down the high-leverage "market engineering" behind Abbott’s decision to separate its global Nutrition business into an independent, publicly traded company by the end of 2027. While it’s easy to look at recent sluggish volumes and over a billion dollars in lawsuit settlements and think this is a panic move, the reality is far more strategic. By separating its $42 billion medical innovation powerhouse from its $8.5 billion consumer staples giant, Abbott is unlocking massive trapped shareholder value (echoing successful historical spinoffs). I'll dive deep into the strategic blueprint of incoming CEO Daniel Salvadori, including: Why Wall Street prefers pure-plays over a structural corporate identity crisis.How iconic brands like Ensure and Glucerna are uniquely positioned to become the ultimate companion therapies for the exploding GLP-1 (weight-loss drug) market.Transforming a legacy pediatric product like Pedialyte into a dominant, high-growth lifestyle hydration asset.Where the new standalone company will deploy its estimated billion-dollar capital allocation budget to acquire premium lifestyle brands and upstream proprietary science.The reality of ring-fencing billion-dollar infant formula liabilities away from Abbott’s high-flying medical device segments. What do you think of this massive strategic move? Is it a brilliant play for the "Age of Wellness," or will they face the retail traps of past competitor spinoffs?

In this exclusive insider conversation, Brad Pyatt addresses the brutal realities behind building MusclePharm into “THE” preeminent most talked about global powerhouse brand of that era...and arguably pioneering A LOT of what’s now pervasive across the modern sports nutrition business landscape. Back then, MusclePharm rewrote the strategic playbook by treating the supplement brand like a media and entertainment property, capturing underpriced attention long before today’s extensive digital platform influencer era was even formalized. By now, most recognize (in hindsight) that MusclePharm’s hypergrowth was a double-edged sword…and admittedly, there’s a very public “good, bad, and ugly” storyline attached to Brad Pyatt (which he transparently doesn’t shy away from). However, we’re looking far beyond those early MusclePharm days together to map his evolution within the broader functional CPG space. We dive into the relatively unknown origin story of TRUBAR, which recently sold for $173 million, and how it birthed an “idea” he still can’t stop thinking about years later. Finally, we explored his current portfolio of functional CPG brands like IQ Pouch, VKTRY Protein Shots, and RITE Energy. Brad and I deconstructed his strategic flywheel…from selecting key functional ingredients and owning underserved consumer need-states, to navigating a hyper-mature creator economy and shifting from aggressive offense to sustainable business success. This was much more than just another “industry jam session” between two old colleagues, so I hope you enjoy and get value from it!

Hormel struggled to sell Applegate “Well Carved” hybrid burgers. Likewise, Tyson Foods couldn’t overcome the “middle ground paradox” with its “Raised & Rooted” blended meat burgers. Essentially, vegans wouldn’t touch them because of animal protein, and purists wouldn’t touch them because they felt "processed." So, the middle ground felt like a compromise to both sides. Although we can only hope that Big Dairy learned from those meat industry mistakes, especially with “blended dairy” products appearing on more grocery store shelves nationwide. But as someone that has occasionally shared on social media his enjoyment of blending whey and plant-based protein powders together, I believe the winning strategic narrative is treating the plant ingredient like an upgrade rather than a filler. Better frothiness. More depth of flavor. Lower sugar content. It’s about selling enhanced utility that you can’t get from milk or plants alone. Therefore, maybe it takes a terminology rebrand…moving from the implicitly compromising “blended” to the “balanced” premium consumption experience.

MyProtein is undoing their global rebrand and attempting a dangerous strategic pivot. THG (aka the company formerly known as The Hut Group) recently updated the public markets by releasing its Q3 2026 results. I’ll be utilizing all available publicly disclosed information to obviously update you on the recent performance of THG Nutrition division, which includes the world's largest online sports nutrition brand MyProtein. Additionally, due to the THG Ingenuity demerger action occurring at the end of 2024, the up-to-date THG portfolio configuration now would be described as a global, cash generative, health and wellness consumer brands group. During the third quarter of 2026, THG Nutrition revenue was approximately $202 million, which increased 5.3% YoY. THG Nutrition delivered its seventh consecutive quarter of revenue growth. Moreover, momentum was said to be broad-based across sales channels and categories (especially outside of the core protein range like creatine). But I'll dive into several strategic decisions impacting MyProtein including its global digital sales channel strategy, offline retail expansion efforts, product licensing strategy, and let’s just say A LOT is riding on the success of the MyProtein global rebrand that delivered across 2023 and 2024. But within the previous earnings presentation deck there was this picture of MyProtein products that had a very different visual identity, which are an 180-degree turnback in the other direction. THG Nutrition still mainly deploys a global digital-first commerce strategy, with around 84% of its total revenue coming from direct-to-consumer, online marketplaces, and social commerce…but MyProtein has continued to invest in offline retail partnerships where it places a limited (or exclusive) SKU range as part of a bigger demand generation strategy. Although the most highlighted commercial strategy (utilized for offline retail expansion) continues to surround the development of MyProtein products that are sold under licensing arrangements. When done correctly, these types of retail partnerships boost customer touchpoints and broaden brand appeal. Nonetheless, this ambitious level of offline retail expansion globally will undoubtedly help drive a more diversified retail mix over the next few years. Equally, MyProtein continues to lean heavily into international product collaborations. THG Nutrition recently expanded the successful partnership with global confectionary giant Mars Incorporated but recently announced a global partnership with Krispy Kreme. However, since those MyProtein and Mars co-branded products are whey protein, I'll examine how THG Nutrition is attempting to mitigate elevated whey protein input prices.

Is any CPG brand truly "untouchable" anymore? In this episode, I'm breaking down the explosive, high-stakes corporate war between Kroger and Red Bull. Red Bull is a beverage brand commanding over a third of the U.S. energy drink market and generating $10 billion in annual retail sales, yet it has been completely pulled from 2,700+ Kroger stores and fuel centers. If a category captain this massive can have its wings clipped, it’s a stark warning to the entire CPG industry: no brand is safe. I'll dive deep into the exact catalysts that pushed Kroger over the edge, including Red Bull slashing its second-half 2026 trade spend by nearly half, raising prices by up to 10%, and reportedly offering a much more favorable deal to a rival retailer. I'm also examining at the driving force behind Kroger's ruthless strategy: newly appointed CEO Greg Foran. Bringing his uncompromising Walmart "Everyday Low Price" playbook to Kroger, Foran is leveraging the grocer's massive scale to force margin compression right back up the supply chain to save an estimated $1 billion in lost annual sales from inflation-weary households. What you’ll learn in this video: Anatomy of the Standoff: How a standard contract dispute turned into a nuclear "systemic brand shedding" campaign.Greg Foran Factor: Why Kroger's new leadership is entirely willing to cancel massive accounts and de-authorize dominant SKUs.Energy Drink Anomaly: Why Kroger can’t easily execute a private label "Big K Energy" backfill, and how they are playing "kingmaker" for hungry challenger brands like Monster, Celsius, and Alani Nu instead.3-Part CPG Survival Playbook: How emerging and established functional brands can insulate their businesses from a retail margin squeeze by enforcing strict pricing discipline, building unclonable product architecture, and cultivating irreplaceable consumer pull. As grocery retailers reassert their power as the ultimate gatekeepers, CPG brands must heed a critical strategic truth: Products must be built to fit the realities of the retail channel, because the channel will no longer distort itself to accommodate your brand.

Did you know that only six percent of sports science studies focus exclusively on women? Think about that for a second longer…as nearly all modern hydration, recovery, and performance nutrition protocols are built entirely on male physiological data. So, almost zero data on women's needs across life stages and critical moments, including the menstrual cycle, pregnancy, and perimenopause. But Gatorade just flipped the script. They’re investing millions into a “multi-year global research commitment that advances the science of women’s hydration and nutrition.” Yes, this is an obvious corporate citizenship win for PepsiCo, but more importantly this research helps Gatorade restore its status as an undisputed clinical authority. And since we cannot ever totally look past the possible financial motivations, I’m sure Gatorade is fully aware that female consumers form fierce brand affinity with companies that actively invest in their long-neglected biological needs. Regardless, this might be the smartest legacy CPG brand move of the year!

Calm is the new energy, or at least that’s what Walmart emphatically declare when it recently began rolling out a brand new "Mood & Mind" merchandising section across 1,000 stores. And honestly, I love this decision for a few reasons. I’ll start off a bit selfishly here, but Walmart just validated the cultural drivers and contextual demand spaces I’ve been shouting about like a broken record for the last decade. Also, Walmart evolved beyond the legacy merchandising strategy, instead organizing strictly by consumer need states and emotional occasions (ranging from focus and productivity to relaxation and evening wind-downs). Why? For younger shoppers, mental wellness and emotional regulation are the new daily hygiene. In fact, SPINS reported that mood support is now the fastest-growing functional benefit in beverage. Lastly, the game theory behind Walmart’s decision was genius. Whether it’s changing the rules of category accessibility by leveraging a first-mover advantage or by offering slotting preference to brands that grant them exclusivity, Walmart ensures that competitors cannot easily clone its new "Mood & Mind" beverage layout.