Key takeaways
- Danone’s Oikos Protein Shakes have enjoyed a successful initial test at select US retailers
- Despite ‘encouraging’ early performance, CEO Antoine Bernard de Saint-Affrique emphasizes a ‘disciplined’ approach to avoid premature nationwide distribution in a competitive market
- The shelf-stable range, launched in May 2025, entered a $7bn US segment dominated by Coca-Cola, Pepsi, and BellRing
- Danone plans to assess further expansion strategies in Q3, while competitors like PepsiCo and Coca-Cola are also advancing their protein shake offerings
Danone isn’t rushing to roll out its Oikos Protein Shakes in nationwide retail despite ‘very, very encouraging’ early signs, group CEO Antoine Bernard de Saint–Affrique told investors.
The product range was launched in May 2025 at select US retailers as a multi – benefit proposition that combines protein and fiber to support immunity and digestive health.
It is Danone’s first entry in a segment dominated by Coca-Cola, Pepsi and BellRing.
“We started with very limited distribution in Costco as a test," De Saint-Affrique said. “The early results were extremely encouraging to the point that the test has been significantly enlarged.”
But it’s still too early to commit to a nationwide roll – out, the chief executive added.
“We will increase [distribution], but I want to prove it before I do a big pipeline and discover that the repeat is not what it should be,” De Saint-Affrique said.
“I’d rather do it disciplined and spend a few more weeks in scaling it up rather than going full in and then learn when it’s full in.”
The CEO said the group will consider ‘how big and how fast’ it will expand distribution in Q3.
“But yet again, [it has been] a good start on something where the Oikos brand is super relevant; where the product is really good in a new segment, which is very big. It’s a €10 billion segment in the US," De Saint-Affrique concluded.
Why is Danone holding back?
Packing 30g of protein, 5g of prebiotic fiber, 1g of sugar and no artificial sweeteners or colors, Oikos Protein Shakes promised to ‘revolutionize the shake aisle’, but it entered a market already saturated with competition.
From Coca-Cola’s Core Power high-protein shakes by fairlife, to Pepsi’s Muscle Milk range and BellRing’s Premier Protein brand, there’s a slew of products that bundle taste and nutrition in a convenient format.
So while Danone would be encouraged that its new Oikos format is performing well in the early-stage trials, a more moderate approach to expansion would be prudent in the current market.
And there are more reasons for the food, beverage and nutrition major to be upbeat when it comes to protein shakes.
The group’s recent acquisition of medical nutrition firm Kate Farms means it has a science-backed, plant–based shake that is uniquely positioned to serve in both consumer and medical nutrition applications – without Danone having spent any time or R&D money into developing the product internally.
How are Danone’s competitors stacking up?
According to Circana US scan data¹, the convenient nutrition category showed continued momentum in Q2 2025 (+11%), with RTD driving growth (+16%).
In Q2 2025, BellRing’s Premier Protein remained the #1 brand in terms of household penetration and repeat purchases in the RTD category, and continued to lead the RTD and Convenient Nutrition space in market share terms, holding 24.8%.
Meanwhile, fairlife “continued to have strong growth, double-digit volume growth in the second quarter”, though this performance was “moderating slightly from Q1 and prior year”, said The Coca-Cola Co. CEO and chairman James Quincey during a recent earnings call. The moderation is due to capacity constraints rather than product or market reasons, he added.
And PepsiCo – which owns high-protein shakes and powders brand Muscle Milk – hinted at ‘big launches’ in the latter part of 2025 and into 2026.
“The big push to protein...is going to be on our beverage business, where we have some big launches coming up in Q4 and Q1,” Ramon L. Laguarta, chairman and CEO at PepsiCo, Inc., told investors.
“We will be participating in the liquid protein space with...superior propositions that have no artificials, that are great – tasting, and that I think will give us the return on what is clearly a consumer trend that is scaling up in the US and it’s part of the repertoire of our consumers.”
Sources:
US Circana Multi Outlet+ with Convenience 13 weeks ended June 29, 2025
