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" appetite-suppressing drugs were leading consumers to seek smaller portions, directly affecting the bakery chain's bottom line.
The company has not released specific figures quantifying the impact of these drugs, but Currie's comments coincided with the release of a profit report that fell short of expectations. While Greggs has not disclosed exact sales figures for its healthier options, the company's strategic shift suggests a significant change in consumer demand.
The market for weight loss drugs, specifically GLP-1 receptor agonists like Ozempic and Wegovy, has exploded in recent years. Analysts predict the global market for these drugs could reach tens of billions of dollars within the next decade. This surge in popularity is reshaping consumer behaviour, with individuals actively seeking healthier and smaller food options. This trend presents both a challenge and an opportunity for food businesses like Greggs.
Greggs, traditionally known for its high-fat pasties, cakes, and pastries, has been adapting to evolving consumer preferences. In July, the company announced plans to target customers on weight loss drugs by introducing smaller portions and protein-rich products, including an egg pot and the "eggs at Greggs" campaign. This strategic shift reflects a broader industry trend, with food companies increasingly catering to health-conscious consumers.
Looking ahead, Greggs aims to further capitalize on the health and wellness trend by expanding its range of healthier snacks and smaller portion sizes. The company will need to carefully balance its traditional offerings with these new products to maintain its existing customer base while attracting new, health-conscious consumers. The success of this strategy will be crucial in mitigating the impact of weight loss drugs and ensuring future growth.
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