TL;DR: Why Ketones Might Be the Next Big Thing
Imagine an energy source that fuels your brain, powers your workouts, and doesn’t rely on sugar or caffeine crashes. That’s the potential of ketones—once developed for military performance, they now offer a possible upgrade to energy drinks, with early research suggesting benefits for both brain and body. Whether you’re an athlete, a biohacker, or just seeking jitter-free energy, ketones could be the fourth macronutrient we never knew we needed.
The Evolution of Ketones: From an Ancient Fuel to a Modern Revolution
Ketones are not a new discovery—our bodies have relied on them as a key energy source during fasting or carb-scarce times for much of human history. Generated in the liver from fat breakdown, they serve as an essential alternative fuel for the brain when glucose levels are low. While ketones are traditionally available in the body through fasting or strict ketogenic diets, new scientific advances can potentially make ketone fuel more accessible to a wider population of users.
Source: Study.com
The initial spark came from DARPA-funded research, aiming to enhance soldier performance in extreme conditions. Ketone esters, the first exogenous ketones, were designed to mimic natural ketosis, rapidly elevating blood ketone levels. However, they were hindered by high costs and a bitter taste, limiting their appeal outside of the military.
Advancements in ketone formulations have since created diverse products with varying mechanisms and applications:
These innovations have made ketones more consumer-friendly, affordable, and versatile, paving the way for their adoption in both wellness and therapeutic contexts.
Ketones: A Disruptor in the Energy Drink Market
Ketones have long been sold as an ingredient—typically in powdered form—a format that has kept them fairly niche, appealing to dedicated biohackers and ketogenic diet followers. The shift to ready-to-drink ketone beverages represents a major evolution, making ketones more accessible and convenient for a broader audience. This was a prime opportunity to compete in the energy drink market, a space that has historically been dominated by caffeine, sugar and poorly studied supplements. Unlike conventional energy drinks that rely on sugar, caffeine, and stimulants like guarana—often leading to spikes, crashes, and overstimulation—ketone-based beverages offer a fundamentally different approach by providing a fuel source with:
Sustained Energy: No blood sugar spikes or dips.
Clean Ingredients: Low caffeine and zero sugar.
Broad Appeal: Useful for athletes, professionals, and anyone seeking enhanced focus.
Great Circle Ventures —an early-stage fund investing at the intersection of food, beverage, and health—has been tracking the ketone space for months, evaluating which brands are best positioned to drive real disruption. Products like KEY, Kenetik, and Ketone-IQ stand out as innovators:
KEY is a flavorful, low-caffeine drink designed to replace sugary sodas and energy drinks while providing a clean, jitter-free energy source. Unlike other ketone-based products that align with sports performance or clinical applications, KEY firmly positions itself as an energy drink aimed at mainstream consumers. The drink is carefully formulated to be both effective and approachable, targeting everyday consumers who might not otherwise consider ketone-based products. With a focus on accessibility and taste, KEY aims to appeal to a wide audience, from busy professionals to casual fitness enthusiasts, bridging the gap between health-conscious choices and mainstream appeal.
“We’re making ketone benefits accessible by making them fun and delicious.”
-Tekla Back, founder of KEY
Kenetik offers a range of ketone-based products, from Kenetik Pro, a concentrated formulation designed for therapeutic and clinical applications, to ready-to-drink options that support performance, mental clarity, and recovery. All Kenetik products are uniquely caffeine-free and leverage a patented biofermentation process that enhances both efficacy and taste. By blending bioidentical ketones with ketone diols, Kenetik provides a smooth, effective, and accessible way to integrate ketones into daily life.
Ketone-IQ, developed by H.V.M.N., targets high-performance athletes and biohackers with a focus on maximizing blood ketone levels through potent, efficient dosing. With its minimalist, no-frills approach, Ketone-IQ is designed for those seeking a competitive edge in endurance and cognitive performance.
As the ketone market expands, new product formats are emerging. There was an attempt to introduce ketones into the protein bar market with Julian Bakery's InstaKetones Bar, which contained goBHB® to provide a convenient ketone boost alongside protein. However, the product has since been discontinued, reflecting the challenge of integrating ketones into functional foods in a way that balances effectiveness, taste, and market demand. Despite this, the early traction of ketone-based energy drinks suggests a path forward—paving the way for more innovations like bars, gummies, and other functional food applications.
Athletes seeking endurance and recovery benefits have been early adopters, but the reach of ketones is quickly extending beyond performance-driven consumers. Health-conscious professionals, students looking for mental clarity, and even older adults exploring longevity solutions are beginning to see ketones as a compelling addition to their daily routines. As research continues to explore their applications, ketones may find a role in additional product categories—though success will depend more on perceived consumer value.
“Ketones are a super efficient fuel source. We tend to equate energy with caffeine, but caffeine isn't energy—it just tricks your brain into thinking you’re not tired. Ketones, on the other hand, actually fuel your body and brain, just like carbs, fats, and proteins. Five years from now, people will prioritize getting their ketones just as they do protein.”
Devon Price, founder of Kenetik
Ketones' Early Adopters
Exogenous ketone products like ketone drinks are still in the early adoption phase, yet they resonate strongly with key groups:
Ketogenic Diet Followers: Approximately 5% of American adults follow a ketogenic diet each year, 46% of whom do cheat days — they are looking for ways to enhance results or increase flexibility. Influencers like the researcher Dr. Dominic D’Agostino and the Perfect Keto blog, advocate for the use of exogenous ketones to help followers maintain ketosis and get back into ketosis after falling off the wagon.
Health and Fitness Enthusiasts: Ketones have gained popularity among endurance athletes, especially in sports like cycling, where recovery is crucial. Team Jumbo-Visma, a professional cycling team, has incorporated ketones into their regimen, partnering with Ketone-IQ to optimize performance and recovery. Biohacking and fitness expert Ben Greenfield also champions ketones (specifically Ketone-IQ) for energy and recovery, appealing to athletes seeking sustained energy and reduced inflammation between events.
Cognitive Performance Seekers: Ketones are drawing interest beyond physical performance, with professionals and students turning to them for mental clarity. Biohacker and Bulletproof founder Dave Asprey promotes exogenous ketones (also promoting Ketone-IQ) as a steady brain fuel. Similarly, Dr. Mary Newport, a physician researching ketones and brain health, discusses their potential for cognitive support, especially for neuroprotection.
By addressing the needs of these diverse groups, ketones are poised to expand their footprint far beyond niche markets. Public education, affordability, and continued innovation will be critical to making ketones a mainstream tool in health and wellness.
Future Innovations: Where Ketones Could Expand Next
The future of ketones lies in their ability to integrate across multiple health and wellness applications. Emerging research has highlighted the following promising areas:
Brain Health: Ketones support cognitive function and may have applications in treating Alzheimer’s and other neurodegenerative diseases. Research has shown that ketones fuel the brain more efficiently than glucose, enhancing memory and mental clarity.
Metabolic Health and GLP-1 Synergy: Ketones bypass insulin pathways, making them particularly valuable for individuals with type 2 diabetes or metabolic syndrome. When paired with GLP-1 receptor agonists like semaglutide, ketones could amplify weight management and glucose regulation.
Appetite Suppression: Studies suggest that ketones reduce ghrelin levels, which may help suppress appetite and support weight-loss strategies. Additionally, new research from Stanford suggests that ketones may also produce a metabolite that activates areas of the brain linked to appetite control. Jointly, these studies highlight the complex and multifactorial ways that ketones may help support weight loss and management.
Chronic Inflammation and Recovery: Ketones have been shown to activate anti-inflammatory pathways, potentially aiding in the management of arthritis, immune disorders, and recovery after intense exercise. These benefits make ketones attractive to athletes and individuals managing chronic conditions.
Ketones are gaining traction across wellness and performance spaces, supported by a growing body of research exploring their effects on brain fuel, inflammation, and recovery. While it’s still early, continued scientific interest and innovation suggest their full potential is just beginning to unfold.
The Challenges Ahead
While ketones hold novel promise, widespread adoption faces hurdles:
Taste and Cost: Despite improvements, making ketones palatable and affordable remains a challenge.
Consumer Awareness: Many people have never heard of ketones, and among those who have many still associate ketones solely with ketogenic diets, requiring education about their broader benefits.
Scientific Validation: Rigorous studies are needed to fully substantiate ketones’ claims across various health areas.
However, as Tekla Black points out,
“This space is growing rapidly, and ketones are poised to carve out their own category, just like protein and probiotics have done before.”
The success of ketones may rely less on their scientific depth and more on how well they captivate consumer imagination.
Conclusion: The Future of Functional Wellness
Ketones offer a promising new approach to energy and performance. Their potential applications include brain health, endurance, recovery, and metabolic support—but while interest is growing, much of the science is still in its early stages. Still, much like probiotics—where people embraced them even as studies showed mixed results—consumers are likely to adopt ketones before all the science is settled. Whether they reach their full potential as the “fourth macronutrient” or simply disrupt existing markets, ketones are set to redefine how we think about energy and health.
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By: Renee Wurth, Jacob Afriat
Please reach out to us if you’re working at a startup or investing in this space and want to chat further about any of the topics mentioned above!
Great Circle Ventures is an early-stage venture capital fund that invests at the intersection of food, human health, and planetary health. We invest in companies that address the food ecosystem transformation and the transition to a climate smart and healthy food system.