Sacra estimates that Huel generated $274M in trailing twelve months revenue as of July 2024, up from $249M at the end of 2023. The company has built a global customer base of over 4 million people across 80 countries, with the UK representing 51.40% of revenue, the US contributing 31.31%, and the rest of the world accounting for 17.29%.

Huel's revenue growth has been driven by aggressive retail expansion, with the company more than doubling its physical store presence to over 25,000 locations globally in 2024. In the UK, retail now accounts for approximately 33% of total revenue, while the direct-to-consumer subscription model continues to drive the majority of sales. The company has sold over 500 million meals to date and operates its first owned manufacturing facility in Milton Keynes, which came online in 2024 to improve margins and quality control.

Huel raised $27M in December 2022 in a growth round led by Highland Europe, bringing total disclosed funding to at least $59M since 2018. Notable investors in the 2022 round included celebrities Idris and Sabrina Elba, Jonathan Ross, and Grace Beverley.

Highland Europe also led Huel's initial external funding round in October 2018. In October 2023, Morgan Stanley Investment Management's climate strategy made an additional investment in the company, though the amount was not disclosed.

Huel is a complete nutrition company that sells powdered meals, ready-to-drink shakes, instant hot meals, and protein bars designed to provide all essential nutrients in convenient formats. The flagship Huel Powder v3.1 delivers 400 calories and 30 grams of protein per 100-gram serving—users simply mix two scoops with 17 ounces of water, shake for 20 seconds, and have a nutritionally complete meal in under two minutes.

The product line includes Black Edition Powder with higher protein content (40 grams per serving), Ready-to-Drink v2.0 shelf-stable bottles with 22 grams of protein, and Hot & Savory instant meals that require only boiling water. All products are plant-based, built around oats, pea and brown rice protein, flaxseed, and coconut MCT oil, with a micronutrient blend providing 100% of recommended daily allowances for 27 vitamins and minerals per 2,000 calories. The products are vegan, lactose-free, GMO-free, and now HSA/FSA-eligible in the US, targeting busy professionals, fitness enthusiasts, and health-conscious consumers who want convenient, complete nutrition without meal planning or preparation time.

Huel operates a hybrid B2C model combining direct-to-consumer subscriptions with retail distribution. The subscription model offers customers 20% discounts for recurring deliveries, creating predictable revenue streams and higher customer lifetime value. New subscribers receive starter kits with shakers, scoops, and branded merchandise to drive engagement and retention.

The company has built vertical integration through its Milton Keynes manufacturing facility, allowing better margin control compared to contract manufacturing. Huel's inventory-efficient approach uses neutral flavor bases with separate flavor boosts, enabling the same powder to taste like vanilla or banana without maintaining separate SKUs.

The retail expansion strategy focuses on premium grocery chains and specialty nutrition stores, with exclusive partnerships like the GNC launch of Black Edition Powder providing access to over 3,000 locations. Revenue per customer scales through cross-selling across powder, RTD, bars, and supplements, while the plant-based positioning captures both health and sustainability-conscious segments.

YFood, backed by a 49.9% Nestlé stake, leverages global supply chain advantages and retail relationships to compete directly with Huel's ready-to-drink products. The company focuses on RTD beverages with 34 grams of protein and uses Nestlé's distribution network to secure premium shelf space in UK and French grocery stores. This poses a significant threat to Huel's retail expansion, as YFood can offer better slotting fees and promotional support through Nestlé's established relationships with major retailers.

Soylent has pivoted from direct-to-consumer to mass retail partnerships with Kroger, 7-Eleven, and Publix, rolling out to over 1,850 stores. While their older soy protein formulation and slower European expansion create vulnerabilities, Soylent's aggressive pricing promotions in US retail could pressure Huel's American market entry and force margin compression across the category.

Jimmy Joy positions itself as a lower-cost alternative to Huel, claiming up to 63% cheaper pricing with smoother texture and probiotic additions. The Netherlands-based company uses in-house production and aggressive subscription discounts to target price-sensitive segments, potentially forcing Huel to defend market share through pricing rather than premium positioning.

Regional players like Saturo, Mana, and Feed have built strong local footholds through specialized distribution channels. Feed partners with Carrefour Drive and operates hospital vending programs in France, while Saturo and Mana often secure pharmacy distribution licenses in Austria and Czech Republic respectively, creating regulatory moats that are difficult for international players to replicate.

Large CPG companies are moving beyond passive investments to direct competition through private label and acquisition strategies. This trend increases retailer bargaining power and could commoditize the meal replacement category, making it harder for Huel to maintain premium pricing and preferred shelf positioning as grocery chains develop their own complete nutrition products.

Huel is expanding beyond core meal replacement powders into the broader functional nutrition market through products like Daily Greens, Complete Protein tubs, and an expanded bar range. This moves the company from the $9 billion global meal replacement market into the $45 billion functional drinks and supplements category, allowing cross-selling to existing customers while attracting new segments focused on specific health outcomes rather than complete meal replacement.

The Hot & Savory line and microwave-ready bowls target the frozen and ambient convenience food market, positioning Huel against mainstream brands like Healthy Choice and Amy's rather than just direct meal replacement competitors. Future personalized nutrition offerings based on blood and microbiome data could tap the $20 billion at-home testing and wellness market.

Corporate wellness programs represent a significant growth vector as companies increasingly subsidize healthy meal options for hybrid workforces. Huel's nutritionally complete positioning aligns with rising corporate benefits budgets, and bundled vending and subscription programs can increase enterprise revenue per customer without heavy marketing spend.

The Milton Keynes manufacturing facility enables cost structure improvements that support affordability tiers for price-sensitive markets in Latin America and Southeast Asia. Internal data shows UK customers trading down during cost-of-living pressures, indicating demand for sub-£1.75 per meal options that could dramatically expand the addressable customer base.

The US market represents significant scale-up potential, currently generating £67 million but still less than 35% of total revenue despite being the world's largest meal replacement market. Local co-manufacturing partnerships and Amazon Fresh distribution could multiply the American TAM by 3-4x through improved logistics and competitive pricing.

Entry into India and GCC markets leverages high diabetes incidence and plant-based protein acceptance, with new halal-certified powder SKUs removing previous barriers. The planned China expansion through cross-border e-commerce on T-Mall provides a low-capex path to test demand before committing to local manufacturing and distribution infrastructure.

Regulatory pressure: The European Union is actively debating ultra-processed food regulations that could require warning labels or restrict marketing for products like Huel's powders and ready-to-drink beverages. Such regulations could significantly impact brand perception and force costly reformulations, particularly as Huel expands its retail footprint where regulatory compliance becomes more complex across multiple jurisdictions.

Advertising restrictions: UK advertising standards authorities have already ruled against certain Huel marketing claims, indicating increased scrutiny of health and nutrition messaging. As competition intensifies and companies make more aggressive claims about their products' benefits, regulatory crackdowns could limit Huel's ability to differentiate through marketing and force the industry toward more commoditized positioning.

Supply chain concentration: Huel's move to vertical integration through the Milton Keynes facility, while improving margins, creates single points of failure for production and quality control. Any disruption to this facility or key ingredient suppliers could impact the company's ability to fulfill both subscription and retail commitments, particularly problematic given the predictable demand patterns that make inventory management critical to the subscription model.