Hindustan Unilever Limited (HUL) has begun testing whether Horlicks can carve out a place in India’s increasingly crowded protein market, first rolling out its ready-to-drink protein shake in limited trials in the June quarter before expanding the range to protein powders in recent weeks.
However, HUL's late entry into the segment isn't dampening its ambitions. Rajneet Kohli, executive director of HUL’s foods division, told Mint in an interview he is not concerned that startups and even established rivals have moved ahead of Horlicks.
“Being late to a party doesn’t mean that you’re not there,” Kohli said, adding that the market is still too large and under-penetrated for timing to be a major disadvantage.
HUL's food portfolio generated a revenue of ₹14,061 crore in FY26, or 22% of the company's total revenue. In 2023, HUL had said that Horlicks generates annual revenues of over ₹2,000 crore.
Kohli said HUL wants to take protein beyond the relatively narrow sports and gym market and make it part of everyday nutrition. Horlicks Protein is being pitched on a combination of the brand’s “153-year-long association with nutrition”, HUL’s distribution, and a relatively accessible price point, with powder sachets priced around ₹83 a serving and a ready-to-drink product at ₹120.
He said India’s protein market is still nascent, estimating that only about 3% of Indian households consume protein products, leaving substantial room for growth. “Our job is to expand the category,” he said.
India’s whey protein market was valued at $178.45 million in 2025 and is projected to reach $221.98 million by 2031. The broader protein supplements market—including bars, ready-to-drink shakes and blended powders—was estimated at $912.9 million in 2025 and is expected to grow to $1.58 billion by 2034, according to market research firm IMARC Group.
On 4 September, HUL unveiled its "winning in new India" strategy: driving 40% of future growth through higher consumption and premiumization, another 40% by acquiring new users through market creation, and the remaining 20% by entering new categories.
“What remains to be seen is the execution, consumer acceptance and the time it takes to lift growth – the only area the company pulled back from sharing any guidance,” said a Nomura Research report dated 5 September.
HUL undertook 5% price hikes in Q1FY27 to tide over higher raw-material costs. The company had reported a 15-quarter-high volume growth of 6% in Q4FY27, but this slowed down as the war-related raw material cost increases put pressure on volume growth.
Beyond the gym
HUL is chasing an opportunity that’s no longer restricted to traditional sports nutrition. Protein has increasingly moved into mainstream food and beverages, with dairy firms, large FMCG players, startups, and restaurant chains launching products for consumers seeking convenient ways to boost intake. Brands such as Wellbeing Nutrition, Tata 1mg, and Marico-backed Cosmix have also launched lower-priced packs and alternative formats to expand the consumer base.
Established FMCG companies have spent years building a presence here. Tata Consumer Products entered plant-based protein supplements via Tata GoFit in 2022, and the company’s strategy includes protein as a ‘horizon’ category ripe for expansion. Amul has also expanded into protein-enriched offerings with protein dahi in August 2024, high-protein kulfi in April 2025, and high-protein wheat flour in March 2026, while Marico acquired plant-based brand Cosmix Wellness in February. Meanwhile, several startups such as Epigamia, The Whole Truth, and Fast&Up are building brands across powders, bars, snacks and drinks.
For HUL, the appeal lies partly in the category's low market penetration. Instead of targeting only existing whey or sports-nutrition buyers, the company is betting on a broader audience that has yet to include protein in its regular diet.
Kohli said consumer research highlights four main hurdles to protein adoption: a lack of perceived need, poor taste, digestibility issues, and lack of brand trust. He argued that Horlicks holds a competitive edge due to its established nutrition credentials, paired with HUL’s research & development and distribution reach.
For its current lineup, HUL has selected a fermented yeast-based protein. Kohli said the choice balances consumer positioning with cost, delivering the required protein quality while remaining easy to digest.
Horlicks for adults
The protein launch is part of HUL's broader effort to reposition Horlicks beyond its traditional target audience of children. The company now frames the brand around ‘lifestyle nutrition’, targeting diverse life stages and health needs.
"With protein, now we're filling that gap," Kohli said, pointing to HUL's goal of building Horlicks across categories ranging from children’s nutrition to adult and lifestyle products.
This shift follows regulatory scrutiny over legacy malt beverage marketing. In 2024, HUL reclassified Horlicks and Boost from ‘health drinks’ to ‘functional and nutritional drinks’. The rebrand was prompted by a government directive asking e-commerce platforms to drop the ‘health drink’ label amid heightened scrutiny over sugar content and nutritional claims.
In response, Kohli said, HUL has doubled down on core nutritional credentials by reformulating its main Horlicks range and emphasizing its micronutrient profile. For the new protein line, Kohli said the company plans to build consumer trust through product quality, rigorous testing, and the established Horlicks brand name. “Trust is built every day. Each of our products goes through clinical trials.There are over 150 tests being done to ensure all products are of high-quality,” Kohli said.
For now, HUL will focus on urban consumers, particularly those who already consume protein, before taking the product into other markets, including rural India. Kohli said the company would track penetration first, followed by frequency and whether consumers incorporate the products into their routines.
HUL's revenue rose 10% year-on-year to ₹17,341 crore in Q1FY27. Its shares hit a 52-week low of ₹1,936 on NSE on Thursday. The stock is down 26.53% from a year ago, compared with a 5.99% fall in the benchmark Nifty 50.