Glanbia GLAPY shares have rallied sharply as investors continue to reward the Irish nutrition group's exposure to the booming demand for protein products. The owner of Optimum Nutrition has more than doubled in a little over a year, making it the top performer in the Stoxx 600 food, beverage and tobacco subgroup so far in 2026, while trading close to a record high. The stock's momentum has been helped by the rise of GLP-1 weight-loss drugs, as doctors have advised users to increase protein intake to help offset possible muscle-mass loss while the drugs suppress appetite.
Barclays analysts estimate the global protein market has already reached about $1.7 trillion, with demand possibly rising 37% over the next five years. Barclays analyst Alex Sloane said Glanbia's growth has been driven by its exposure to the protein megatrend, which investors have increasingly recognized and rewarded. Glanbia has also adjusted to shifting consumer habits, with demand moving toward more concentrated and affordable protein powders as cost-of-living pressure makes shoppers more value-conscious. The company has used campaigns featuring Formula One World Champion Lando Norris and targeted women through its Isopure brand on TikTok, helping broaden its reach beyond traditional gym-focused buyers.
Still, the rally has brought new pressure points. Glanbia now trades at about 16.4 times expected earnings, around a 10% premium to the Stoxx 600 food, beverage and tobacco subgroup and roughly 35% above its own five-year average valuation. Whey input costs remain a key risk, though Glanbia said it has a strong playbook for managing volatility and has substantially procured for the year. Tirlán Co-Operative Society sold down its stake after the stock reached its latest all-time high on June 11, leaving it with about 13.2%, while Bloomberg-tracked analysts remain constructive, with six buy ratings, three holds, and no sells.
