Vita Coco parent company All Market Inc. is continuing its expansion beyond coconut water with the launch of a new line of protein-infused waters called PWR LIFT.
What is PWR LIFT?
Soft launching this month exclusively on Amazon, PWR LIFT is a line of zero-sugar flavored waters with 10 grams of whey protein per 16.9 oz PET bottle. All four flavors — Lemon Lime, Orange Mango, Berry Strawberry and Blueberry Pomegranate — contain 50 calories each and no added juice. Along with protein, PWR LIFT also contains electrolytes for hydration and B-vitamins for energy. The suggested retail price for a 12-count case is $23.99.
How does this fit into All Market’s growth strategy?
Though Vita Coco remains its flagship brand, All Market has been open about its long-term intentions to evolve into a broader healthy beverage platform. So far that’s taken the form of natural energy drink Runa and sustainable water brand Ever&Ever (not to mention a healthy stream of innovations at Vita Coco). CEO Mike Kirban summarized the company’s mission as “creating products that are better for consumers with quality, functional ingredients.”
“PWR Lift represents one of many initiatives we’re exploring as we build our portfolio of better-for-you beverage brands,” he said in an email. “We’ve been looking into protein and fitness drinks for some time now and the fitness category has long lacked beverages that not only deliver thirst-quenching refreshment, but also real benefits with real results — and very importantly, less sugar.”
More specifically, he noted, PWR LIFT is an opportunity to tap into consumers across multiple categories — sports drinks and protein, with a dash of energy — at once. As seen with Vita Coco’s exploration of functional ingredients like MCT oil in its Boosted line, consumers are seeking “more” from their beverages in terms of functionality and use occasion while ticking boxes like low sugar and keto-friendly.
For now, Kirban noted, the product’s availability is limited to Amazon as the company generates feedback to iterate and refine the final product. However, c-store retailers have already signaled their interest, he added, and PWR LIFT may present an opportunity for All Market to grow in that channel, with the company’s restaged 16 oz. cans for Runa Energy already making some headway on that mission. The potential for leveraging ideas and innovations from other areas of the All Market portfolio, such as Vita Coco’s currently in-test powder mix line, is also a strong possibility.
PWR LIFT also arrives against the backdrop of All Market’s evolution to a Public Benefit Corporation and, possibly, a rumored $2 billion IPO.
How does this impact the market?
As of now, it’s hard to say: as Kirban stated, PWR LIFT is currently in the test phase only as the brand generates feedback and considers potential tweaks. But with wind in its sales from a resurgent coconut water category, Vita Coco is in a position to think beyond its staple beverage.
Much, of course, will depend on what PWR LIFT’s eventual retail distribution looks like. With the exception of a few markets, Vita Coco is distributed through its partnership with Keurig Dr Pepper (KDP), and was cited as a growth driver in the company’s most recent earnings report. Should KDP take on PWR LIFT, the brand will complement its growing suite of protein/functional beverages, alongside the likes of Don’t Quit! and Limitless. Yet attempts to use that network to turn Runa into a national brand proved less successful, with that product moving off KDP trucks last year.
Should it go the DSD route, it will join a category already stacked with competition in the form of independents Protein2O, Ready Nutrition, Ascent, Trimino and others, not to mention players like Pepsi (Gatorade), Glanbia (Isopure) and Nestle (Vital Proteins).