Greggs acknowledged that the rising popularity of weight loss drugs is impacting its financial performance, contributing to a muted profit forecast for the coming year. CEO Roisin Currie stated there was "no doubt" appetite-suppressing drugs were influencing consumer behavior, leading to a demand for smaller portions and healthier options.
The company's acknowledgement comes as it reported lacklustre profits, though specific figures were not disclosed. Currie highlighted a broader health trend, with consumers increasingly seeking protein and fibre-rich foods. This shift in dietary preferences is prompting Greggs to adapt its product offerings.
The market for weight loss drugs, particularly GLP-1 receptor agonists, has exploded in recent years. Several firms have reported changing customer appetites as a direct result of these medications. This trend poses a challenge to food businesses traditionally reliant on larger portion sizes and high-fat content.
Greggs, traditionally known for its hearty pasties, cakes, and pastries, began adjusting its strategy earlier this year. In July, the bakery chain 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.
Looking ahead, Greggs aims to further diversify its menu to cater to evolving consumer demands. Currie emphasized the need to offer snack products that align with the needs of customers using GLP-1 drugs. The company's ability to successfully adapt to this changing landscape will be crucial in maintaining its market position and achieving future growth targets.
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