The restaurant industry's next big battle may be fought with cold foam, sparkling water, and protein milk.

Dunkin' rolled out a broad summer beverage lineup on Wednesday, including a celebrity collaboration with Kylie Jenner, creamy lemonades, sparkling drinks, and a series of new coffee drinks such as the Peanut Butter Protein Latte.

Dunkin' isn't currently publicly traded, though parent Inspire Brands confidentially filed in May for a public offering. Dunkin's latest beverage menu expansion is another signal to investors in the broader restaurant sector: Selling more meals is no longer the only way to win traffic.

Drinks have some natural advantages. They can be remixed with syrups, fruit flavors, cold foam, alternative milks, and other add-ons, allowing restaurants to create a steady stream of new products without reinventing the kitchen.

Thanks to their vivid colors and striking visuals, beverages also lend themselves to social-media marketing and small indulgences at a time when inflation-weary consumers might hesitate to order a full restaurant meal. Increasingly, chains are betting on drinks to give people a reason to visit them outside of traditional meal times.

The competition is widening well beyond beverage-focused chains like Starbucks and Dutch Bros. Fast-food giants are introducing new specialty beverages throughout their enormous restaurant networks.

McDonald's management said in February that beverage testing across more than 500 of its U.S. locations has driven more customer visits and increased what they spend on average. The pilot helped pave the way for a nationwide rollout of a few refreshers -- fruity, non-carbonated drinks -- and crafted sodas in May.

Yum! Brands' Taco Bell has also been experimenting with specialty coffees, refreshers, and other varieties of drinks. The chain was taking products proven through its Live Más Café pilot and expanding them across the broader system.

On the April earnings call, Yum management noted that 62% of Taco Bell orders in 2025 included a beverage, and 43% of its specialty beverages are purchased without any food, suggesting drinks can generate stand-alone visits rather than simply add to meal orders.

For Dunkin', the new beverage menu would be the latest element to watch for in the runup to Inspire's planned listing.

Write to Evie Liu at evie.liu@barrons.com

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July 08, 2026 17:26 ET (21:26 GMT)

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