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. The bakery chain's CEO, Roisin Currie, stated there was "no doubt" appetite-suppressing medications are leading consumers to seek smaller portions, affecting the company's bottom line.
While Greggs did not quantify the precise impact of these drugs on sales figures, the company's recent financial report reflected lacklustre profits, prompting a cautious outlook for the year ahead. This comes as the broader market sees a shift in consumer preferences towards healthier options, specifically those rich in protein and fibre.
The increasing demand for healthier alternatives, partly fueled by weight loss medications, is reshaping the competitive landscape for food retailers. Several firms have reported changing customer appetites as a result of these drugs. Greggs' response includes introducing smaller portions and protein-rich products, such as the egg pot launched alongside its "eggs at Greggs" advertising campaign. This strategic shift signifies a move away from its traditional focus on high-fat pasties, cakes, and pastries.
Greggs, a prominent bakery chain in the UK, has historically built its brand on affordable and indulgent treats. The company's recognition of the "broader health trend" and its proactive adaptation to changing consumer demands highlight its commitment to maintaining market relevance. In July, the company announced its intention to target customers on weight loss drugs, signaling a strategic pivot towards health-conscious consumers.
Looking ahead, Greggs aims to capture a share of the health-focused market by expanding its range of snack products catering to individuals using GLP-1 drugs and those seeking healthier options. The company's ability to successfully navigate this evolving market will be crucial in achieving its future financial goals.
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