Greggs acknowledged that the rising popularity of weight loss drugs is impacting its financial performance, contributing to lacklustre profits and a muted forecast for the coming year. CEO Roisin Currie stated there was "no doubt" these appetite-suppressing medications were leading consumers to seek "smaller portions," directly affecting the bakery chain's bottom line.
The company's acknowledgement comes as it reported underwhelming profit figures, although specific numbers were not disclosed. This impact is compounded by a broader shift in consumer preferences towards healthier options, with increased demand for "protein and fibre."
The market for weight loss drugs, specifically GLP-1 receptor agonists, has exploded in recent years. Several companies across the food and beverage sector have noted changing consumer appetites as a direct result of these medications. This trend represents a significant disruption to the established food industry, forcing companies to adapt to evolving dietary habits.
Greggs, traditionally known for its high-fat pasties, cakes, and pastries, has been actively diversifying its product offerings to cater to these changing demands. In July, the company announced plans to target customers on weight loss drugs by introducing smaller portions and protein-rich products. This included the launch of its egg-pot, supported by the "eggs at Greggs" advertising campaign. Currie emphasized the need for the firm to provide snack options that align with the dietary needs of customers using GLP-1 drugs.
Looking ahead, Greggs faces the challenge of balancing its traditional offerings with the growing demand for healthier and smaller-portion options. The company's ability to successfully adapt its product line and marketing strategies will be crucial in navigating the evolving landscape and maintaining its market position in the face of this significant shift in consumer behavior.
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