Executive Tom McGough of US packaged goods company Conagra Brands stated on recently at an industry conference that the company saw an “opportunity” to sell meat snacks and frozen dinners to consumers taking weight-loss medications, several US media outlets reported.
Investors fear that as more people use appetite suppressants like Ozempic and Wegovy, which cause sensations of fullness, US food firms’ revenues would decline.
Conagra, a Chicago-based company that produces Duncan Hines cake mixes, Bertolli Italian foods, and Healthy Choice frozen meals, had previously stated that it could have to reduce portion sizes in order to attract customers who are taking the drugs.
According to statistics from market research firm Numerator, individuals on weight-loss drugs report an 8% increase in the consumption of “better-for-you” frozen meals.
Wall Street analysts may query Conagra’s rivals, such as Kraft Mac and Cheese producer Kraft Heinz and Pringles manufacturer Kellanova, about how the medications may affect their sales at the conference.
During the conference, Jeffrey Harmening, CEO of General Mills, stated that his business was launching new products to “meet evolving consumer weight management and nutrition needs.”