MyProtein Returns to Growth Despite Record-High Whey Prices

Why It Matters

The turnaround proves that a leading online sports‑nutrition brand can sustain profitability through diversification and omni‑channel expansion, even when commodity costs spike. It signals growing resilience in the broader protein market and offers investors a blueprint for navigating raw‑material volatility.

Key Takeaways

• Nutrition division revenue up 6.4% constant currency
• Operating profit $10M vs $188M loss last year
• Whey price $11/lb, up from $4/lb 2023
• Licensed product sales target 60M by 2026
• Omni‑channel sales double on TikTok, Amazon 100% uplift

Pulse Analysis

THG’s recent financials illustrate how a strategic pivot can reverse a steep loss trajectory in the highly competitive sports‑nutrition sector. By leveraging MyProtein’s status as the world’s largest online protein retailer, the group turned a £147.9 million loss into a £8.1 million profit, despite whey powder soaring to roughly $11 per pound—more than double its 2023 level. This profit swing underscores the importance of cost‑management tactics, such as hedging commodity exposure and shifting toward higher‑margin product lines.

Diversification has become MyProtein’s core defensive play. The brand broadened its catalog beyond traditional whey, adding creatine, vegan pea and soy proteins, collagen gummies, and even active‑wear. Licensing agreements with confectionery giants like Mars and Vimto have generated 43 million product sales, while collaborations have unlocked new revenue streams without heavy capital outlay. By expanding into offline retail and leveraging a capital‑efficient licensing model, MyProtein has improved margins and reduced reliance on a single commodity.

Looking ahead, MyProtein’s omni‑channel strategy is delivering rapid growth. TikTok Shop and Amazon sales have nearly doubled, and the brand now occupies shelf space in over 40,000 global retailers. The company’s goal of 60 million licensed products by 2026 reflects confidence in scaling this model across Asia and Europe. For investors, the combination of product diversification, strong brand partnerships, and a robust digital‑to‑physical presence positions MyProtein to capture rising consumer demand for protein and wellness products, even as raw‑material costs remain volatile.