Has anyone else noticed that compared to a few of its peers…the Premier Protein growth story gets overlooked by pundits far too often? BellRing Brands (NYSE: BRBR) is a portfolio that owns a collection of convenient nutrition brands like Premier Protein and Dymatize Nutrition, which was previously wholly-owned by Post Holdings. A fast-paced and busy lifestyle is pushing consumers to switch to quick and healthy meal options. This has resulted in above average categorical growth rates and increased household penetration of RTD protein shakes that promote active lifestyles. Additionally, powders are becoming more mainstream, and category proliferation has created an environment where more consumers are purchasing both every day and performance nutrition positioned protein products at grocery stores and mass retailers. Bellring Brands reported 2025 Q4 net sales of $648.2 million, which was up 16.6% YoY. Premier Protein (~86% of BellRing Brands total revenue) grew 14.9% YoY, driven by strong volume growth. Dymatize Nutrition was up 32.9% YoY, stemming from strong volume growth and pulled forward international revenue ahead of planned pricing actions in fiscal year 2026. But since this was the company's fiscal fourth quarter, BellRing Brands annual results included generating net sales of $2.32 billion, an increase of 16.1% YoY…which comprised of a 14.7% volume increase and 2.2% increase in price/product mix. Moreover, I provide deep dives into Premier Protein RTD protein shakes business activity, along with examining similar metrics surrounding the protein powders from Premier Protein and Dymatize Nutrition. But my latest first principles content piece will end with briefly analyzing the product development variable defining this next phase of RTD protein beverages market. Premier Protein owns just over a quarter of the market…and the other quarter market share is held by the two RTD protein beverages under Fairlife (owned by The Coca-Cola Company). And from a product development standpoint, (in many ways) these are different products. Premier Protein is essentially an emulsified protein powder beverage…which has a comparatively thicker (higher viscosity) fluid and generally the consumption experience reminds you of drinking a healthy milkshake. Then, Fairlife (Core Power) is primarily ultra-filtered milk…which is thinner and generally the consumption experience reminds you of drinking a typical beverage. So, who (or I guess technically which product approach) wins? I don’t think there’s a definitive answer to this question just yet…despite Fairlife (Core Power) retail sales growth outpacing Premier Protein, and the gap closing quickly across a collection of other commercial metrics. While the competitive landscape is filled with declining legacy, newer insurgent, and crossover brands…it will continue as mainly a marketplace duopoly for some time, as it will take many years to replicate the manufacturing capacity, supply chain, product expertise, brand equity, and retailer relationships of these market leaders.