Vita Coco parent enters new functional beverage segment with Pwr Lift protein water

Dive Brief:

  • Vita Coco’s parent company All Market is expanding into a new segment of functional beverages with the soft online launch of protein-infused waters called Pwr Lift. The new product line, first reported by Bevnet, is currently available on Amazon.
  • Marketed as a post-workout fitness and recovery beverage, the line has four flavors: Berry Strawberry, Orange Mango, Lemon Lime and Blueberry Pomegranate. Each flavor has 10 grams of whey protein as well as B vitamins, electrolytes and zero sugar. The functional water line is also keto certified.
  • The addition of Pwr Lift to All Market’s portfolio, which includes Vita Coco coconut water, Runa energy drinks and water brand Ever & Ever, could help it compete in a highly competitive space and position itself better for an IPO launch.

Dive Insight:

With this launch, All Market is making a power play to expand its share of the functional beverages space, positioning Pwr Lift as an option for fitness-minded consumers looking to level up their protein intake in tandem with better-for-you hydration. 

Vita Coco CEO Michael Kirban told Food Dive in an email that not only is Pwr Lift better for you, but it also works. “The fitness category has long been lacking drinks that not only deliver thirst-quenching refreshment but also real benefits with real results,” he said.

Being able to deliver the results that people are expecting from a protein water will be the key for this new functional drink to take off. All Market remains a small player in a functional beverage landscape dominated by multibillion-dollar giants such as PepsiCo, Coca-Cola, Monster and Red Bull. Grand View Research data shows that the market, which hovered at $18.91 billion in 2020, is expected to grow at a compound annual growth rate 8.4% from 2021 to 2028.

To help expand its presence, All Market is looking to go public and deepen its pockets so it can purchase more distribution, brand awareness and shelf space. And if Pwr Lift does prove successful, it will be a big help for All Market’s IPO launch, which is reportedly slated for as early as the third quarter of 2021.

While growth is clearly a goal for the company, adding a trend-forward product to its portfolio puts All Market directly into another fiercely competitive category that is subject to the whims of consumer-driven trends — a challenge with which the company is very familiar. The company is known best for its Vita Coco coconut water, a category that has fallen in popularity from its peak just a few years ago under heavy competition from other healthy beverage options. Retail sales of coconut and other plant waters declined to $582.8 million in 2020, down nearly 14% from 2015, according to Euromonitor International.

To be sure, Pwr Lift has plenty of attributes that could make it appealing to consumers. But the brand is also debuting late in the game and will need to prove itself against protein water players big and small, including PepsiCo with its Gatorade Zero with Protein, Ocean Spray, Trimino, Fizzique, Optimum Nutrition and CoCo Libre.

Pwr Lift’s price may help differentiate the brand. On Amazon, 500-milliliter bottles are sold in packs of four for $9.99 or 12 bottles of one flavor for $23.99 — price points that beat out a big proportion of its competitors and may be the winning factor for consumers looking for a health boost without breaking the bank.

Source link

Latest

Cost of living: Chocolate producers forced to raise prices

Increases in energy, staffing and ingredient costs are placing...

Attock court orders release of anchorperson Imran Riaz Khan

ATTOCK: Anchorperson Imran Riaz Khan on Thursday got relief...

When and where to get your fourth COVID-19 dose

ATAGI also decided to reduce the period of time...

Patients with rare diseases hope for Brexit-hastened treatments

This article is the product of a POLITICO Working Group. Post-Brexit U.K. is looking for fields where it can get ahead of the EU — and...

Spanish foreign minister presses EU to retrain focus on migration

MADRID — Spain wants the EU to revive its perpetually dormant migration talks after Madrid secured a related NATO pledge last week.  During an interview...

Timeline: 24 hours of chaos leave Boris Johnson on the brink

A day is a long time in politics for Boris Johnson. The British prime minister’s scandal-hit premiership is looking shakier with every passing minute...