Pearl Strategy and Innovation Design recently attended the webinar hosted by Food Canada where experts shared the effect of Ozempic and other weight-loss drugs on trends and innovation of the food industry. Here is our take on it.
Summary:
In recent years the increase in obesity rates have created a booming market for weight loss medications like Ozempic. These drugs, which reduce food cravings, are reshaping food consumption patterns globally. As a result, food and beverage manufacturers face new challenges and opportunities with consumers changing habits. This shift towards health-conscious eating presents a chance for manufacturers to innovate in this growing market. By embracing this trend, the food industry can support the health benefits of weight loss medications and contribute to better health outcome.
Weight Loss Medications and Market Growth:
Obesity is a significant global health issue, affecting one in four adults in Canada. As a result, it’s not surprising that the global market for weight loss drugs, like Ozempic, is booming. Ozempic and other GLP-1 medications are designed to reduce food cravings, leading to a decrease in the consumption of certain food categories. This shift raises important questions for food and beverage manufacturers about the future of food consumption and whether there are new opportunities within this changing landscape.
Food Consumption Trends:
The increasing use of weight loss medication’s is reshaping food consumption habits. Consumers are prioritizing nutrient dense, convenience films that align with their health goals. This shift is similar to the early days of the gluten-free movement, which many initially dismissed as a fad but has proven to have a lasting influence. Consumers have become more conscious of how food makes them feel, there is a growing emphasis on wellness, nutrient dense foods, and products that are all-over better for you.
The Role of Food Manufacturers:
Food manufacturers need to adapt to this evolving market by creating products that meet the needs of consumers on weight loss medication. Focusing on producing nutrient dense, portion controlled, and convenient foods is one way to support the effects of these drugs. There is an opportunity for manufacturers, particularly in developing foods with added functions. Fortified products should meet nutritional needs as well as being accessible in terms of price in convenience.
Food as Medicine:
Is a growing trend of viewing food as medicine, with emphasis on foods that offer additional health benefits. For those on weight loss medication’s, it’s crucial to consume nutrient dense foods to prevent muscle loss and support overall health. High quality proteins are important for muscle building. Fiber forward products can also help with GLP one secretion, further supporting the effect of the medications.
Impact on Food industry and Innovation:
The rise of weight loss medications since both challenges and opportunities for the food industry. Brands need to innovate by developing cost-effective, nutrient dense, and convenient products that appeal to health-conscious consumers. There is a particular opportunity in the frozen food sector for GLP one friendly foods, whether consumers are on the medication or not. These foods should be rich in protein and fiber to support muscle maintenance and overall health. There is also an opportunity with consumers who are not on the drugs but friends and family of those using weight-loss medications. This ripple effect is causing fundamental changes in the way people consume food and brands who see this as an opportunity can contribute to this change.
Implications:
The rise of weight loss medications is shifting how we approach food consumption and manufacturing. The food and beverage industry need to have this shift in consumption on their radar. Rather than viewing this as a threat, brands and manufacturers should see it as an opportunity for innovation. By developing cost-effective, convenient, and nutrient-dense options that complement weight loss medications, they can meet the evolving needs of consumers and contribute to the long-term health outcomes of society.
Want more insights, strategy and innovation? connect with us at pearl-strategy.ca or John at johnchan@pearl-strategy.ca
Source: Food Canada, Mar 05, 2024
