How weight loss drugs like Ozempic could radically reshape the food business

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Investors and execs are closely watching what happens as Americans using these drugs eat less food.

"We definitely do see a slight change compared to the total population, we do see a slight pullback," John Furner said. "Just less units, slightly less calories." But he added that it's still early days for Ozempic.

The drug itself has boosted sales of other items at Walmart — folks on the drug "tend to spend more with us overall," another company exec said this summer.Steve Cahillane, CEO of snack maker Kellanova, told CNBC this week that his company — a Kellogg spinoff that makes Pringles and Cheez-It — is watching the Ozempic trends. "But it's just far too early to forecast this is a headwind."It's early, yes, but investors are paying close attention.

The firm projects that over the next 10 years, 7% of the U.S. population — 24 million people — could be taking these drugs.In 2035 that would represent 1.3% of overall calories consumed. Analysts also modeled out a bullish scenario where calorie consumption falls by 1.7% and a bearish one at 0.9%of these weight-loss drugs could hurt demand for high-calorie, high-fat and sugary foods — at home or at fast-food outlets.

 

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