Episode 12: The $500 Million Cottage Cheese Economy

L Catterton just valued cottage cheese at half a billion dollars. Sprouts put THC drinks next to kombucha. Parents paid $15M to hide vegetables in waffles. And someone put mushrooms in fake martinis. Welcome to CPG in 2026.

IN THIS EPISODE:

[2:30] - Why Good Culture's $500M+ valuation actually makes sense [10:30] - How Sprouts just legitimized the entire THC beverage category [17:30] - The hidden vegetable economy and why parents will pay anything [23:30] - Zero-proof cocktails get functional (because of course they do) [28:30] - Rapid fire: Clear protein, Honey Mama's at Costco, AB InBev dominance [36:30] - The Optimization Economy: Have we gone too far? [41:30] - Predictions for 2026 and what this means for your brand

KEY TOPICS:

• Good Culture's path from farmers market to $500M valuation
• Why forgotten categories hide billion-dollar opportunities
• Sprouts' 120-store THC rollout and what happens next
• The psychology of hiding vegetables in kids' food
• How AB InBev is winning the RTD cocktail wars
• Why everything needs protein and adaptogens now
• The blueprint for modern CPG success

MENTIONED BRANDS: Good Culture, L Catterton, Manna Tree Partners, Sprouts Farmers Market, Cann, Jeng, Evergreen, Dry & Dirty, Bloom Nutrition, Honey Mama's, AB InBev, Cutwater, BeatBox, MUD\WTR, RYZE, Ritual, Target, Costco, Whole Foods

EPISODE HIGHLIGHTS:

• "They're not buying cottage cheese. They're buying the ability to convince millennials that forgotten foods are cool again."
• "When Sprouts says cannabis is groceries, the regulatory moat just disappeared."
• "We've turned eating into a complex optimization problem. And somehow, it's working."
• "The next billion-dollar brand is probably in your grandma's pantry right now."

ABOUT THE SHOW: Unpackaged Goods is the CPG industry's source for unfiltered analysis, founder stories, and insights into what's really selling. Hosted by Jonathan Deeter, founder of Pickle Advisors and Deets Eats Media.

CONNECT WITH JONATHAN: 📧 Newsletter: The Deeter Digest (subscribe at [https://substack.com/@deetseatsnyc]) 📱 Instagram/TikTok: @deetseatsnyc 💼 Advisory: pickleadvisors.com ✉️ Email: jonathan@pickleadvisors.com

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Unpackaged Goods Episode 11: The $200 Frying Pan Economy

Welcome to 2026, where your cookware costs more than your groceries and the Poppi founder is already building his next billion-dollar brand.

In this week's episode, we break down:

🚀 The Poppi Playbook 2.0: Why Stephen Ellsworth immediately joined DropOut Companies after his $2B PepsiCo exit to launch Bronco breakfast sandwiches (and why Tyson should be terrified)

🌏 Australia Buys California: The $173.5M Cobram Estate acquisition that just changed your olive oil forever - and what it signals about agricultural imperialism

💊 100 Million Gummies: How First Day quietly built a vitamin empire without celebrities, viral marketing, or VC hype

🛒 Private Label's Hostile Takeover: Store brands hit 21.2% market share with 74% quality perception - why national brands are officially on defense

🍳 The PFAS Apocalypse: January 1st bans in Maine, Connecticut, and Vermont just made "clean" products a luxury category (yes, your non-stick pan really costs $200 now)

📦 The Infrastructure Wars: Walmart's $152M Arizona play, Amazon's grocery panic, and why supply chain excellence is the new brand differentiation

Plus: Jonathan's 2026 predictions, why ceramic coating technology is actually fascinating, and which CPG categories are ripe for disruption this year.

Whether you're a founder, investor, or just someone who shops for groceries, this episode explains why everything about consumer packaged goods just changed overnight.

Listen now on Apple Podcasts, Spotify, or wherever you get your podcasts.

Follow @unpackagedgoodspod and @deetseatsnyc for daily CPG insights

In Episode 10 of Unpackaged Goods, we correct last week's mistake: Reuters revised the BeatBox acquisition to $490 million for 85% (not $700 million outright). The real numbers tell an even better story about discipline returning to CPG M&A – AB InBev paying just 1.4x retail sales with a smart earnout structure.

Then we explore L'Oreal's interest in acquiring Armani Beauty – a €1.5 billion business they already operate under license until 2050. Why buy what you already run? Because ownership beats renting, even with 25 years left on the lease.

We also celebrate Borough Broth's £7.5 million raise after 9 years of bootstrapping to £10 million revenue. Started with just £6K, this is what patient building looks like in an impatient industry.

Other stories this week:

• AMASS launches sparkling protein water (because water needs gains?)
• Mike's Hot Honey enters beverages with barista syrup
• REI invests in Dune Suncare through Path Ahead Ventures
• LVMH backs BDK Parfums at 45% growth
• Snif launches Notewrks cologne line at $40M revenue run rate
• Everyone adds protein to everything – peak supplementation achieved

From corrected valuations to patient capital to protein water absurdity, this episode explores what happens when discipline meets desperation in modern CPG.

Listen on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts.

In Episode 9 of Unpackaged Goods, we unpack Anheuser-Busch's $700 million acquisition of BeatBox Beverages – a surprisingly rational 2.8x revenue multiple that signals discipline returning to CPG M&A. Plus, Suja Life's bold IPO filing tests whether Wall Street is ready for another juice story (spoiler: they better have a platform pitch).

Then we dive into the great fund raising bonanza of 2025:

• Monogram Capital: $350M for Fund III ($1.75B AUM)
• Prelude Growth: $600M after scoring exits from PHLUR and 8Greens
• Why every fund is suddenly flush with LP capital again
• What this means for CPG valuations going forward

Other stories this week:

• Perelel raises $27M from Prelude for women's health expansion
• BUILT opens second Utah factory, creating 500 jobs
• BUM Energy's 800% growth and talent raid from Liquid Death
• YETI's puzzling $38M acquisition of Helimix shaker bottles
• Oddity launches telehealth dermatology platform Methodiq
• BellRing Brands delivers 16% growth in Q4

From rational exits to loaded funds to actual factory construction, this episode explores why CPG's adults are finally back in charge.

Listen on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts.

In Episode 8 of Unpackaged Goods, we unpack the biggest CPG deal of the decade: Kimberly-Clark's $49 billion acquisition of Kenvue (Tylenol, Band-Aid, Neutrogena). Plus, Mid-Day Squares proves you don't need venture capital to scale, announcing plans to triple manufacturing capacity using cash flow and debt.

Then, Daniel from Dirty Gut joins us to discuss:

• Why he named his gut health brand "Dirty Gut" instead of something safe
• Building an education-first supplement brand that actually talks about poop
• The Gut Reset Kit system approach vs. single supplements
• Competing with $100M-funded wellness brands on a bootstrap budget
• Making digestive health conversations mainstream (and profitable)

Other stories this week:

• Cymbiotika raises $25M at $150M revenue (Post Malone, Daymond John invest)
• Dua Lipa launches skincare with Augustinus Bader
• WELD introduces 18g protein energy drinks
• Vital Farms delivers 37% growth in Q3
• Celebrity CPG continues with Alex Cooper's energy play

From $49B acquisitions to brands tackling taboo topics, this episode explores the different paths to CPG success - and why the uncomfortable conversations might be the best opportunities.

Listen on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts.

In Episode 7 of Unpackaged Goods, we cover the biggest moves in CPG this week, including Recess's $30M Series B as they expand beyond CBD, Fruitist's $150M raise at $400M revenue, and Target's aggressive push into wellness shots.

Then, we sit down with the founders of Stesh to discuss how they're revolutionizing the nut butter category with premium California pistachio butter.

We explore:

• Building a luxury brand in a commodity category
• The challenges of pistachio sourcing and production
• Converting consumers at premium price points
• Their vision for expanding beyond traditional nut butters

Plus: A critical segment on the SNAP benefits crisis affecting 42 million Americans. As the government shutdown threatens food assistance, we discuss how CPG brands can help make their products accessible to everyone - because premium doesn't have to mean exclusive.

Other stories this week:

• Novak Djokovic joins Cob as co-founder (sorghum popcorn)
• Chomps opens second manufacturing facility
• Man Cereal launches with creatine-infused breakfast
• Magic Mind, Supergut, and more score major distribution wins

Listen on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts.

#CPG #Entrepreneurship #FoodJustice #UnpackagedGoods #ConsumerGoods

In Episode 6 of Unpackaged Goods, Jonathan tackles this week's viral Consumer Reports article about heavy metals in protein powder - and explains why the fear-mongering doesn't match the science.

This week's major moves:

• LVMH explores exit from Fenty Beauty ($450M in sales)
• Grüns crosses $300M in revenue while staying profitable
• Advent seeks $2B for luxury fragrance brands
• Unilever's $9B ice cream spinoff delayed by shutdown
• Carbone Fine Food expands to simmer sauces near $100M mark

Plus: A fact-based breakdown of the protein powder controversy. We compare actual heavy metal levels to everyday foods, explain why California Prop 65 is meaningless, and share what consumers should really focus on when buying supplements.

The truth? Your spinach has more lead than your protein powder. But fear sells better than facts.

Available on Apple Podcasts, Spotify, YouTube, and everywhere you get podcasts.

In Episode 5 of Unpackaged Goods, Jonathan covers the week's biggest CPG moves including BUILT Bar's potential sale, Sprinter Spirits' $4M raise, and why luxury butter needs venture funding.

Then, the founder of Trelli Health shares their mission to create cleaner alternatives to everyday medicines. We discuss:

• Building plant-based alternatives to Tylenol, cold medicine, and IBS relief
• Why the OTC medicine aisle hasn't innovated in decades
• The challenges of competing with pharmaceutical giants
• Creating trust in a category dominated by legacy brands
• Their vision for the future of wellness medicine

Plus: Pop-Tarts adds protein, someone put creatine in a candy bar, and mac & cheese now comes with 47 grams of protein. We've officially reached peak protein absurdity.

Available on Apple Podcasts, Spotify, YouTube, and everywhere you get podcasts.

#CPG #HealthTech #Wellness #Entrepreneurship #UnpackagedGoods