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the Joshua Schall Audio ExperienceAuthor: Joshua Schall
Welcome to the Joshua Schall Audio Experience On my podcast, youll hear episodes of my popular short-form Consumer Packaged Goods (CPG) news segment "Consumed", a long-form CPG entrepreneurship interview segment "Formula For:", deeper dive segments "Deep Dish CPG", public speaking engagements, and any of my new and current thoughts that I record specifically for this audio experience! Leave a review on iTunes and let me know what you think! Language: en Genres: Business Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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How MyProtein Reclaimed Its Dominance | THG (The Hut Group) 2025 Q4 Update
Tuesday, 20 January, 2026
If you focus on what you can do, what you cannot do will diminish in size. As THG CEO Matthew Moulding recently stated, “we can’t control commodities or currencies.” After more than a decade of marketplace stability, MyProtein faced a “Great Shutdown” era spike in whey input costs and the Japanese Yen collapse (impacting its second largest market). And these two external factors almost entirely wiped-out profitability delivered by MyProtein in 2019 (which would be the last annual results prior to THG IPO’ing in September 2020). But THG must stay focused on what it can control like continuing to diversify territories, sales channels, and product category mix to reflect the record global consumer demand for protein…along with making deliberate trading decisions to protect margins and retain market share while whey commodity prices remain elevated. THG (aka the company formerly known as The Hut Group) recently updated the public markets by releasing its 2025 Q4 trading statement. I’ll be utilizing that financial information, along with notes I took listening to the earnings conference call, and any relevant 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, but also utilize everything as the contextual backdrop for my expanded strategic commentary around global sports nutrition market dynamics and trends. Additionally, for those unfamiliar with the up-to-date THG portfolio configuration…due to the THG Ingenuity demerger action occurring at the end of 2024, it now would be described as a global, cash generative, health and wellness consumer brands group. During the fourth quarter of 2025, THG Nutrition revenue was approximately $211 million, which increased 8.5% YoY. Also, THG Nutrition reported generating full-year 2025 revenue of approximately $816 million, which increased 6.2% YoY. THG Nutrition delivered its fourth consecutive quarter of revenue growth, driven by average selling prices recovering to pre-rebrand levels. Moreover, momentum was said to be broad-based across categories outside of the core protein range, especially in activewear and 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 started its initial staggered market rollout two years ago. Myprotein maintained its leading position (holding a 25% share of the UK online sports nutrition market). THG Nutrition still mainly deploys a global digital-first commerce strategy, with around 80% of its total revenue in the full-year of 2025 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. Nonetheless, this ambitious level of offline retail expansion globally will undoubtedly help drive a more diversified retail mix over the next few years.
