OLIPOP, a new soda on the market, recently crushed the competition. It outperformed Coke and Pepsi, becoming the No. 1 fizzy drink at major U.S. grocers.
The naturally sweetened pop brand is set to double its 2023 sales. It's aiming for $0.5 billion in sales for 2024.
"It’s mind-blowing, and it's amazing," CEO and Co-Founder Ben Goodwin told FOX Business. "For me, it means we are tracking against what we set out to do."
Goodwin and co-founder David Lester see no slowdown. The brand plans innovative marketing, influential product development, and a bigger impact on the single-serve beverage category.
"The pace that we’re growing is fantastic," said Goodwin, a California college dropout. "I’m absolutely thrilled."
Goodwin lives in Washington State, focusing on new flavor profiles. Recently, OLIPOP's "Barbie" collaboration outsold a popular animal product.
"Our 'Barbie' flavor was outselling eggs," Goodwin said. "Clearly, people responded well to it."
In early May, Food and Wine reported OLIPOP "Barbie" cans sold out faster than eggs at Sprouts Farmers Market. Mattel partnered with OLIPOP for this collaboration.
"It was kind of a no-brainer," Goodwin said. The pink cans, appealing to multiple generations, were filled with Peaches and Cream sweetness.
Goodwin kept a case of the limited edition cans for himself. This includes the "Minions" Banana Cream cans from 2022. Goodwin says new flavors and "very cool" partnerships are coming.
"One big area we still have to grow is our marketing strategy," Goodwin said.
OLIPOP uses American history for flavor pairings and design elements. Competing with household sodas is tough as consumers feel nostalgic about traditional brands.
"The fact that folks are willing to try a brand like ours and make that switch is something I take pretty seriously," Goodwin said. "It's not the easiest choice for many."
Goodwin added that Americans' nostalgia for traditional sodas impacts OLIPOP’s strategies.
"It’s a tall order to get marketing to that right," he said.
Goodwin pursued entrepreneurship instead of environmental science. He previously launched a kombucha company and a pre-OLIPOP venture with Lester.
"We were living off our savings while formulating OLIPOP," Goodwin said. "It was nice to get back to paychecks after a couple of years."
OLIPOP is sold in Target, Walmart, Publix, Kroger, Whole Foods, Sprouts, and Giant Eagle. Goodwin says OLIPOP resonates with hospital systems seeking healthier drink alternatives.
"Our formula is very different from the majority of the rest of the category's formulas," Goodwin said. "We’re classified by the FDA for having an excellent source of fiber."
OLIPOP contains plant fiber and prebiotics. The brand advertises digestive health support, high fiber, and low sugar on its website. They employ a scientific advisory board with reputable doctors.
"We really could stand behind our formula," Goodwin said. "At our fiber level, there's intrinsic protection around communicating gut benefits."
He noted a drop in soda consumption among younger consumers, like Gen Z. They prefer healthy food and drink alternatives.
"There's a little more of an expectation," Goodwin said. "Younger demos feel something should be delicious and functional."
In 2023, Gen Z was dubbed the "more sober generation" by Statista. They consume less alcohol and more non-alcoholic, health-benefiting beverages.
Goodwin and his team are exploring new product formats, including bottle types. Customers can expect various ways to enjoy the soda, but the company avoids plastic bottles.