Multiply US TAM through local manufacturing
Huel
This is really a cost to market access story, not just a geography story. Huel already has meaningful US demand, with the US contributing about 31% of revenue, but imported production and narrow distribution keep it concentrated in online buyers willing to pay for a premium routine. Making more product near US demand centers, then putting it into Amazon Fresh and similar grocery discovery channels, would lower landed cost, shorten replenishment times, and open the brand to mainstream convenience shoppers who will not subscribe to powder online.
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Huel already uses third party manufacturing partners in the US and says partner locations are chosen based on proximity to downstream distribution centers. That means the operating model for local production is already in place, it just needs to scale from serving current demand to supporting broader national retail economics.
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The proof point for category expansion is Soylent. It moved from D2C into 7-Eleven, Walmart, Walgreens, and other retail doors, showing that US meal replacement demand grows materially when products are available as grab and go purchases instead of requiring planned online orders. Huel has a broader lineup and stronger retail traction in the UK, so better US shelf access could widen usage occasions beyond core loyalists.
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Huel has already shown that retail changes the growth curve. It more than doubled global physical store presence to over 25,000 locations in 2024, and retail is about 33% of revenue in the UK. The US opportunity is larger because grocery and convenience are more fragmented and car based, so local manufacturing plus Amazon Fresh could bring Huel into many more weekly shopping baskets.
The next phase is Huel becoming easier to buy like a packaged food brand, while keeping the economics of a subscription brand where it can. If local co-manufacturing brings US prices closer to mainstream protein and convenience meals, the addressable market expands from committed meal replacement users to ordinary grocery shoppers looking for one fast, healthy default.