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How one Monaco resident is steeping into a $7 billion protein market one cup at a time.
THE VITAMINS AND NUTRITIONAL supplements market in the U.S. is expected to top $39.3 billion this year, reaching $50 billion by 2022.
Where there is a growing trend, there is opportunity, believes Irina Peterson, a longtime Monaco resident who co-founded Broth by Design—a brand of organic protein products in powder form that she launched in December 2018 with Dr. Luiza Petre, a cardiologist with five weight-loss clinics in New York. Their catchphrase “Taste Matters” aims to set them apart from the less palatable competition.
A modern-day version of Grandma’s chicken soup in a cup, the base is either a bone broth made from top quality grass-fed pasture-raised American beef sources, or an organic vegan pea protein. And like Grandma always said: “It’s good for you.” The health benefits of bone broth range from weight management to digestion and gut issues, and from boosting the immune system to making your hair and skin glow.
“We are creating ‘anytime, anywhere’ protein products to fit an active lifestyle and all you need is a cup of hot water,” Peterson, 46, explains. “Protein is the biggest trend in supplements, with powder form outpacing in growth, and the bone broth market has tripled to $32 million in two years with a forecast of doubling every two years.”
Peterson knows her numbers. The Romanian first arrived in Monaco, aged 25, to complete her MBA at the International University of Monaco. Merrill Lynch interviewed the top three graduates and she got the job. “For a twenty-something, it was an unbelievable opportunity to work for such a prestigious Wall Street firm, and in full swing of the internet revolution.”
The Yacht Club member has worked in finance in Monaco ever since, more specifically in wealth management. “I had the privilege to look after the financial assets of some of the richest people in the world. I learned a lot about what it takes to build a business, how decisions are made and what are the grains of success.”
Peterson is transferring that knowledge into her own startup, and calculates sales to exceed $1 million in 2020, and $20 million over the next five years. She and Dr. Petre have attracted a former head of the Nestle North America Nutrition Division to their advisory board. “We have an exciting pipeline of broth products, introducing a line developed with top chefs, plus a collagen coffee creamer line.”
The brand is targeting online-savvy millennials who, according to a 2017 Neilson report, spend $65 billion annually
in the U.S. (in 2015, Youbrand cited their global purchasing power at $2.45 trillion).
“This demographic is dedicated to investing in their wellbeing and preventive health,” says Peterson. With a manufacturing facility in Long Island, Broth by Design sells primarily from the company’s website (10 individual sachets $35) and Amazon U.S.
It’s a busy time for this new CEO. Selected from 6,000 candidates to join “eXXpedition,” an all-women series of global voyages “to make the unseen seen, from the toxics in our bodies to the plastics in our seas,” she is hoping to supply the crew with Broth by Design.
Already securing sponsorship to help cover her adventure, she will set sail next year, with like-minded citizen scientists, on February 15 from San Cristobel, Galapagos, to Easter Island on March 4. “For my community and any nature lover or environmental supporter, I’m setting up an online journal to share my story.” A steaming cuppa broth by her side, naturally.
LIFE IS NO BEACH IN MONACO
IT’S OFFICIAL: LARVOTTO BEACH is closing from October 2019 until June 2021 as part of a €50-€80 million seaside redevelopment. Marie-Pierre Gramaglia, Minister of Public Works, the Environment and Urban Development, delivered the bad news on May 3, although she did add the beach would temporarily open July and August 2020. When the beach, restaurants and shops finally reopen in 2021, beachgoers will find an eco-friendly and modernized commercial area with more than 15,000 square meters of public space on the upper Promenade, parallel to avenue Princesse Grace, with plenty of shaded areas, a kid’s playground and a new one-kilometer bike path will go to the new Portier Cove marina. Expect all work to wrap up in 2022.
Nancy Heslin Editor
Nancy (Wilson) Heslin is an established journalist and lifestyle writer. She has been the Editor-in-Chief of Forbes Monaco magazine (bimonthly in English) , since the magazine's 2nd issue . Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.