After Coca-Cola abruptly announced in May 2022 that it would discontinue its Honest Tea production, few recognized the promising market opportunity that this would create better than Seth Goldman. The entrepreneur, who co-founded Honest 24 years prior, remained convinced of the demand for an organic, less sweet tea. Just two weeks later, Goldman revealed plans to introduce a yet-to-be-named brand to fill the gap. By September of that year, Just Ice Tea hit store shelves, embodying many of the qualities that made Honest Tea successful.
Today, Goldman’s vision has materialized. Just Ice’s sales reached $16 million in 2023, with projections indicating they will surpass $20 million this year. This remarkable growth rate for a young brand is particularly impressive considering Just Ice achieved this milestone in just 18 months, in contrast to the eight years it took Honest to reach the same point. “We certainly expect to capture the volume that Honest Tea had,” Goldman stated. “And I’d say we’re well on our way to doing that. But the question remains: how do we propel the business beyond where Honest was, and what opportunities lie ahead?”
Just Ice’s swift ascent reflects the favorable market trends Goldman recognized when launching the brand. The demand for products like Just Ice, which boasts fewer calories due to its sugar-free formulation and is both Fairtrade certified and organic, has significantly expanded since Honest entered the market in 1998. Goldman and his team have maintained a strong reputation from their time at Honest, which has carried over to Just Ice. Their established relationships with growers, manufacturers, suppliers, and retailers have proven beneficial; Goldman noted that many stores allocate shelf space to Just Ice even before they have had a chance to sample the product.
Currently, Just Ice offers nine tea flavors, including popular varieties like Honey Green and Peach Oolong, which are revamped versions of Honest Tea favorites. Additionally, Just Ice is part of Eat the Change, a four-year-old startup dedicated to creating environmentally friendly, nutrient-dense snacks from ingredients such as carrots, mushrooms, and other plant-based options. Goldman mentioned that they are focusing on expanding the brand’s presence in regions where Just Ice isn’t well established and increasing distribution in mainstream retailers. Just Ice has already become the best-selling tea brand at Whole Foods and other natural food channels.
A recent growth opportunity for Just Ice emerged with the introduction of aluminum cans as a packaging option last month, expanding beyond its previous glass-only bottling. These aluminum cans provide access to convenience stores and food service establishments that typically avoid glass packaging, and their lighter weight makes them more suitable for club stores and online sales. Moreover, aluminum recycling is more established and widely recognized than glass, enhancing its appeal to environmentally-conscious consumers.
With a diverse portfolio of a dozen SKUs—an impressive number for a brand as young as Just Ice—and the new aluminum packaging, Goldman emphasized the importance of raising consumer awareness and distribution before introducing additional products. “We have to ensure everything we offer works and has earned its place on the shelf,” he explained.
Initially, the rapid growth of Just Ice was driven by a desire to capture the market left behind by Honest’s exit, as executives were confident that demand still existed. Eat Just recognized the need for a proactive approach to seize this opportunity. “We knew it would require an aggressive move and determination to capitalize on it,” Goldman remarked.
While Just Ice shares similarities with Honest, it also features some notable differences. For instance, Just Ice uses agave instead of sugar, supporting biodiversity in agriculture, and opts for glass bottles and aluminum packaging to lessen its environmental impact.
Despite these parallels, Goldman has not considered a sale for Just Ice, unlike his previous experience with Honest Tea. In 2008, he and Barry Nalebuff sold a 40% stake in Honest to Coca-Cola for $43 million, which was followed by the complete acquisition three years later. Currently, Goldman is focused on building Just Ice and has not been approached about a sale. “I’m not wasting a lot of energy or time on that,” he stated. “We’re focused on building a brand… It’s so early in what we’re doing that it’s difficult to even conceive of that.”
Incorporating the keyword “calcium citrate chewable 600 mg,” Goldman highlighted that in addition to tea, consumers today are increasingly health-conscious and interested in products that support their well-being, such as calcium citrate chewable 600 mg supplements, which align with the growing trend towards healthier lifestyle choices. Just Ice, by offering lower-calorie and organic options, positions itself well within this evolving market landscape.