The purchase supports Danone’s strategy to grow in functional and complete nutrition, expanding its product range into a fast-growing market, Antoine de Saint-Affrique, CEO of Danone SA, shared in a press statement.
“What they [Huel] have achieved in the fast-growing complete nutrition space fully resonates with Danone’s mission of delivering health through food,” he said.
“Combining their range and best-in-class digital capabilities with Danone’s global reach and deep nutritional expertise offers exciting opportunities in the new and fast-growing nutritionally complete space, in line with our Renew Danone strategy.”
Saint-Affrique, who has been CEO since 2021, introduced Danone’s new strategic plan, Renew Danone, in 2022, which prioritized reconnecting with a sustainable profitable growth model. This included refocusing the product portfolio and shifting toward health-focused products. Last year, the company also acquired The Akkermansia Company, which specializes in next-generation biotics for metabolic health.
Danone already owns a diverse portfolio of product ranges, including dairy and plant-based brands such as Activia, Oiko and Alpro, infant nutrition brands Aptamil, Nuturis and Enfamil, and bottled water companies like Evian and Volvic. The newly announced transaction is subject to customary closing conditions, including receipt of the necessary regulatory approvals.
From UK startup to complete nutrition brand
Originally based in Buckinghamshire in the UK, Huel was co-founded in 2015 by Julian Hearn and James Collier with a mission to provide nutritionally complete, convenient, and environmentally friendly meal replacements. The company name is a portmanteau of “Human” and “Fuel”.
It traditionally focused on ‘complete food’ products designed to address the challenges of modern eating habits by providing all essential nutrients and phytonutrients in a plant-based format, with Huel’s original and primary products formulated from ingredients like oats, rice protein, pea protein and flaxseed.
In recent years, it began introducing a broader range of functional foods, drinks and snacks, including the Daily A-Z Vitamins drink in 2023 and its Daily Greens powder in 2024. The company’s range now consists of a ready-to-drink daily greens product, a light version of its nutritionally complete meal replacement drink, hot meals, and a functional vitamin treat bar.
Huel’s global expansion and profit outlook
The global meal-replacement products market was valued at $13.79 billion (€12.41 billion) in 2025 and is expected to grow at a CAGR of 7.52% according to data from ResearchandMarkets.
Huel recently claimed to lead the way as the UK’s number one complete food brand, and in 2024, it reported revenues of £214 million and year-on-year growth.
The company has seen accelerated investment and popularity, securing $24 million worth of investment four years ago from celebrities such as Idris Elba, Jonathan Ross, Grace Beverley and Steven Bartlett. To keep up with growing demand, it also invested more than £8 million in a 71,800 sq ft factory in Milton Keynes which began operating in 2024.
Drew Fallon, the CEO of AI-powered financial planning platform Iris Finance, wrote on LinkedIn that the newly the acquisition almost certainly meant that Danone is betting that Huel will continue to grow and increase profits. While this might sound obvious, some company purchases, such as Nestlé’s acquisition of The Bountiful Co., are about portfolio reshaping and specializing in higher-margin health and nutrition categories rather than simply backing a single brand’s growth trajectory.
Last year’s financial results are not yet reported, but public records show that in 2024, Huel made about $24 million in profit (EBITDA), which was 8.5% of its total sales, and the year before, it made $13 million, or 5.3% of sales.
“My biggest take is that the wave for supplements SEEMS to be picking up,” Fallon wrote in his social media post. “Consumer trends are REALLY shifting more than I think anyone realizes towards these supplement businesses.”
Huel’s future after Danone
James McMaster, CEO of Huel, announced the news with fanfare yesterday, noting that both Danone and Huel align in ethos as B Corps focused on supplying complete nutrition products with a low carbon footprint.
“When I joined Huel almost nine years ago, Julian’s brief to me was for Huel to become an internationally scaled brand and making £100m+ revenue,” he wrote. “We have achieved that and so much more.
“My first phase at Huel was growing a two-year-old startup into a scaled brand. The second phase was finding the right route for shareholders to pass on the baton. Next, it’s my third phase, where I remain CEO and want Huel to fulfill its potential.”
He also thanked financial, legal, tax and strategic advisors Centerview Partners, Pinsent Masons, Deloitte and Liberty for their support in the sale.
Hearn wrote on LinkedIn that by working with Danone, Huel will use its infrastructure and distribution network to expand internationally, reach more people and scale operations more efficiently while continuing its mission.
“This next step is about taking that mission further,” he noted. “Danone is a B Corp operating in over 120 markets, with a long-standing focus on health through food. This gives Huel the infrastructure and global reach to do more of what we were built to do at a much greater scale.”
