Walk into any gym, convenience store, or grocery chain in America and you will find Muscle Milk staring back at you from the refrigerator. It is one of the most recognized names in sports nutrition — a brand that helped create the ready-to-drink protein shake category as it exists today.
But behind that familiar black-and-white label and those high-protein shakes is an ownership story that has changed hands three times in just over a decade, ending with one of the world’s largest food and beverage companies calling the shots.
Who Owns Muscle Milk Right Now in 2026?
Muscle Milk is currently owned by PepsiCo — the American multinational food and beverage giant headquartered in Purchase, New York. More specifically, Muscle Milk operates under PepsiCo’s Gatorade business unit, meaning the brand sits within the Gatorade Portfolio alongside one of the most iconic sports nutrition brands in history.
Muscle Milk was founded in 2000 by the Pickett family, acquired by Hormel Foods Corporation in 2014, and again by Gatorade in 2019. Muscle Milk remains an integral part of the Gatorade Portfolio, joining the leading sports fuel brand’s 50+ year legacy of offering fueling solutions for athletes worldwide. Day-to-day brand oversight is handled by Marissa Pines, Vice President of PepsiCo’s Gatorade business, who oversees the Muscle Milk brand directly.
Ownership and Key Stakeholders Table
| Owner / Party | Role | Stake | Key Detail |
|---|---|---|---|
| PepsiCo, Inc. (NASDAQ: PEP) | Current Parent Company | 100% ownership of Muscle Milk | Acquired via CytoSport purchase from Hormel in 2019 |
| Gatorade Business Unit | Internal Division Managing Muscle Milk | N/A | Muscle Milk sits within PepsiCo’s Gatorade portfolio |
| Hormel Foods Corporation (NYSE: HRL) | Previous Owner (2014–2019) | Fully exited 2019 | Bought CytoSport for ~$450M in 2014; sold to PepsiCo in 2019 |
| CytoSport Holdings, Inc. | Maker and Operating Entity | N/A — fully absorbed | Original company behind Muscle Milk; founded 1998 by Pickett family |
| Greg Pickett & Mike Pickett | Original Founders | No current ownership | Founded CytoSport in 1998; sold to Hormel in 2014 for ~$450M |
| Vanguard Group | Largest PepsiCo Institutional Shareholder | ~9% of PepsiCo | World’s largest passive index fund investor |
| BlackRock | Second Largest PepsiCo Institutional Shareholder | ~7% of PepsiCo | World’s largest asset manager |
The Origin Story: A Family, a Formula, and a Sports Nutrition Revolution
Muscle Milk was born out of a company called CytoSport, founded in 1998 by brothers Greg Pickett and Mike Pickett in Benicia, California. Greg Pickett was also well known as the owner of a championship-winning North American sports car racing team — a background that fed directly into the brand’s athletic identity.
The Pickett family launched Muscle Milk as a product in 2000, marketing it as a high-protein, calorie-dense formula inspired by the nutritional composition of human mother’s milk — hence the unusual name.
The concept was controversial and eye-catching in equal measure. At a time when the protein supplement market was dominated by dry powders that required mixing, Muscle Milk pushed a ready-to-drink format that was more convenient and more accessible to everyday athletes, not just hardcore bodybuilders.
CytoSport grew rapidly through strategic athletic partnerships and smart convenience store distribution. By 2014, the company’s total annual sales reached approximately $370 million, making it the No. 1 brand in the ready-to-drink protein beverage category in the United States.
Hormel Foods Steps In: The $450 Million Acquisition
In 2014, Hormel Foods Corporation — the Minnesota-based food conglomerate best known for brands like SPAM, Skippy, and Applegate — acquired CytoSport Holdings for approximately $450 million. It was a bold bet on the growing sports nutrition market.
Hormel saw Muscle Milk as a strategic fit with its broader focus on protein-based products. Under Hormel’s ownership, the brand continued to grow its retail footprint and athlete endorsement deals.
CytoSport operated out of Walnut Creek, California, running a 150,000-square-foot manufacturing facility and building out its product range with Monster Milk and Cytomax alongside the flagship Muscle Milk line.
However, after five years, Hormel decided that sports nutrition was not core to its long-term strategy. The company began exploring a sale — and the obvious buyer was already deeply involved in the brand.
PepsiCo Takes Over: Muscle Milk Joins the Gatorade Family
PepsiCo had been the distribution partner for CytoSport and Muscle Milk for years before the acquisition. When Hormel put the brand up for sale, PepsiCo was uniquely positioned — it already knew the business inside and out.
PepsiCo agreed to acquire CytoSport from Hormel Foods Corp. in 2019, completing the purchase in the second quarter of that year. Jim Snee, then Chairman, President and CEO of Hormel Foods, said at the time:
“PepsiCo has deep expertise and experience in the sports nutrition category and has been a long-standing distribution partner for CytoSport and the Muscle Milk brand, which puts them in a strong position to grow this dynamic business.”
Muscle Milk was then folded into PepsiCo’s Gatorade business unit, placing it alongside Gatorade, Propel, and the Gatorade Fast Twitch energy drink. The logic was clear — Gatorade is the dominant brand in sports hydration, while Muscle Milk leads in protein recovery. Together, they cover the full arc of an athlete’s nutritional needs.
What Is Happening With Muscle Milk in 2026?
The biggest Muscle Milk story of 2026 is a major rebrand and reformulation announced in August 2026 — and it signals that PepsiCo is treating the brand with serious urgency.
PepsiCo launched a rebrand of Muscle Milk in August 2026, introducing modern packaging and a campaign to promote its versatility as a protein-packed option for everyone from elite bodybuilders to busy on-the-go parents.
Marissa Pines, Vice President of PepsiCo’s Gatorade business, acknowledged that growth for the brand was “softer than anticipated” in 2025 due to heightened competition in the protein category, but said the company sees “meaningful opportunity” for Muscle Milk as consumers seek products with fewer ingredients and high-quality nutrition.
The rebrand includes a cleaner formula, more modern packaging design, and a broader marketing campaign positioning Muscle Milk not just as a gym supplement but as an everyday high-protein option for all types of people.
It is a direct response to the explosive growth of competitors like Premier Protein, Fairlife, and the wave of protein-fortified food products now flooding American supermarkets.
Who Are the Biggest Shareholders of PepsiCo?
Since Muscle Milk is a fully owned brand of PepsiCo — which is publicly traded on the NASDAQ under the ticker PEP — ownership of Muscle Milk ultimately flows through PepsiCo’s shareholder base.
The largest institutional shareholders of PepsiCo are The Vanguard Group (~9%), BlackRock (~7%), and State Street Global Advisors (~4%) — the same institutional giants that dominate most large American public companies. No single person or family controls PepsiCo or therefore Muscle Milk.
Frequently Asked Questions (FAQs)
Q1. Who owns Muscle Milk in 2026?
Muscle Milk is owned by PepsiCo, Inc. (NASDAQ: PEP) and operates under PepsiCo’s Gatorade business unit.
Q2. When did PepsiCo acquire Muscle Milk?
PepsiCo acquired Muscle Milk from Hormel Foods in 2019, becoming its third owner after the Pickett family and Hormel.
Q3. Who originally founded Muscle Milk?
Muscle Milk was created by the Pickett family — specifically brothers Greg and Mike Pickett — through their company CytoSport, founded in 1998 in Benicia, California.
Q4. How much did Hormel pay for Muscle Milk?
Hormel Foods acquired CytoSport (the maker of Muscle Milk) for approximately $450 million in 2014, when annual sales were around $370 million.
Q5. Is Muscle Milk part of Gatorade?
Yes. Muscle Milk operates within PepsiCo’s Gatorade business unit and is marketed as part of the Gatorade Portfolio of sports nutrition products.
Q6. What is new with Muscle Milk in 2026?
In August 2026, PepsiCo launched a major Muscle Milk rebrand with modernized packaging and a reformulated product targeting a wider audience beyond traditional gym-goers.
Q7. Is Muscle Milk publicly traded?
No. Muscle Milk is a brand, not a separate public company. Its parent PepsiCo, Inc. is publicly traded on the NASDAQ under the ticker symbol PEP.
Q8. Who are the biggest shareholders of PepsiCo, which owns Muscle Milk?
The largest institutional shareholders of PepsiCo are Vanguard Group (~9%), BlackRock (~7%), and State Street Global Advisors (~4%).
Muscle Milk is fully owned by PepsiCo, Inc. (NASDAQ: PEP), operating under PepsiCo’s Gatorade business unit. The brand was created in 2000 by the Pickett family through their company CytoSport, sold to Hormel Foods for approximately $450 million in 2014, and then acquired again by PepsiCo in 2019.
Under PepsiCo, Muscle Milk has access to one of the world’s largest food and beverage distribution networks and operates alongside Gatorade as part of a complete sports nutrition portfolio.
As of August 2026, the brand is undergoing its most significant rebrand in years — with new packaging, a cleaner formula, and a broader target audience — as PepsiCo fights to recapture growth in one of the most competitive segments in consumer packaged goods.