Top 10 Food & Beverage Companies Most Impacted by GLP-1 Drugs (2026)

By Editorial Team - May 21, 2026

Published: May 2026 | Editorial Team, OneDayAdvisor

The $55 Billion Disruption No Food Executive Can Ignore

GLP-1 weight-loss drugs — Ozempic, Wegovy, Mounjaro, and the newer oral versions — are no longer a niche medical story. They are a structural force reshaping how hundreds of millions of people eat, drink, and shop.

The numbers are striking:

12.4% of Americans are now taking a GLP-1 drug — more than double the rate of 18 months ago (Gallup, 2025)
23% of U.S. households currently include a GLP-1 user, projected to reach 35% of all food & beverage units sold by 2030 (Circana, November 2025)
GLP-1 users consume 21% fewer calories and spend 31% less on groceries on average (KPMG)
J.P. Morgan projects GLP-1 adoption could wipe out $30–$55 billion in annual food & beverage industry revenue by 2030–2034
The global GLP-1 drug market itself is forecast to grow from $76 billion in 2025 to $162 billion by 2031

The behavioral shifts are equally dramatic. One consumer study found that among GLP-1 users:

Snack consumption dropped 40–60%
Specialty/health food purchases increased ~50%
Protein consumption rose 65%
Fruit and vegetable purchases increased ~80%

This is not a temporary diet trend. <u>82% of GLP-1 users maintain their changed eating habits even after stopping medication</u> (EY-Parthenon, March 2025). The appetite suppression becomes a rewired relationship with food.

For the world's largest food and beverage companies, this creates both the biggest threat and the biggest opportunity in a generation. Below, we rank the 10 companies most significantly impacted — covering those under the most pressure, those pivoting most aggressively, and the unexpected winners.

How We Ranked: Companies are scored on a composite of: (1) exposure to at-risk categories (sugary snacks, confectionery, ultra-processed foods, alcohol); (2) degree of strategic response; (3) early evidence of actual sales impact; and (4) opportunity captured in protein/functional/better-for-you segments. "Impact" includes both negative disruption and positive tailwinds.

1. PepsiCo (USA) — 🔴 HIGH EXPOSURE | 🟡 Pivoting Aggressively

GLP-1 Exposure Score: 9/10

PepsiCo is arguably the most exposed major food company to GLP-1 disruption. Its two largest North American businesses — Frito-Lay (salty snacks) and PepsiCo Beverages North America (sugary sodas and sports drinks) — sit squarely in the categories GLP-1 users are most rapidly abandoning: salty snacks (-40–60% consumption), carbonated soft drinks, and high-calorie convenience foods.

The evidence is already in the numbers. PepsiCo Foods North America saw volume declines in 2024–2025, which the company publicly attributed to a combination of consumer health-consciousness and GLP-1 adoption. CEO Ramon Laguarta acknowledged at the 2025 CAGNY conference that the company is facing "a more structurally health-conscious consumer."

The pivot: PepsiCo is responding with urgency:

Doritos Protein launching in 2026 — a direct GLP-1-aligned reformulation of its most iconic snack brand
Simply NKD Cheetos and Doritos — cleaner-label versions removing artificial colors and flavors
Siete Foods acquisition (closed January 2025, $1.2B) — grain-free, clean-label Mexican-American snacks that over-index with health-conscious consumers
SKU rationalization: Cutting roughly 20% of U.S. product SKUs to focus capital on higher-margin, health-aligned categories
Restaging Lay's and Tostitos with new positioning and permissible ingredient profiles

"We are acting with a high sense of urgency to improve marketplace competitiveness," said CEO Ramon Laguarta. PepsiCo's transformation from a snack-and-soda giant into a broader "functional food and beverage company" is the defining strategic story of 2025–2026.

Bottom line: PepsiCo faces the most direct GLP-1 headwind of any top-10 company. Its response is bold, but execution risk is high, and the transition will take years.

2. Nestlé (Switzerland) — 🟡 MIXED EXPOSURE | 🟢 First Mover Advantage

GLP-1 Exposure Score: 7/10

Nestlé's massive scale across frozen meals, confectionery (KitKat), bottled water, and nutrition means it straddles both the threat and the opportunity — and it was the first major food company to launch a dedicated GLP-1 product line.

Vital Pursuit — launched in the U.S. in May 2024 — was Nestlé's first major new U.S. brand in nearly three decades. The line includes portion-controlled frozen bowls with whole grain or protein pasta, sandwich melts, and cauliflower crust pizzas, all designed around the nutritional needs of GLP-1 users: high protein, high fiber, controlled calories.

The threat side: KitKat, confectionery, and ultra-processed frozen meals face structural headwinds. Nestlé's 2025 revenue declined modestly (CHF 89.5B vs CHF 91.6B in 2024), partly reflecting volume pressure in indulgent categories.

The opportunity side:

Nestlé Health Science (Garden of Life, Vital Proteins, Pure Encapsulations) is well-positioned for the supplement and functional nutrition boom driven by GLP-1 users seeking protein and micronutrient support
Nescafé and coffee remain relatively insulated
Purina pet care — completely unaffected and growing strongly

An ADM report found that 80% of GLP-1 users are willing to pay more for products with added health benefits, and 67% say GLP-1-friendly attributes influence their purchasing decisions — a premium market Nestlé's Health Science brands are well-placed to capture.

Bottom line: Nestlé's early mover status with Vital Pursuit and its Health Science portfolio give it more tools to navigate this shift than most peers. Its diversification is a genuine advantage.

3. Anheuser-Busch InBev (Belgium) — 🔴 HIGH EXPOSURE | 🟢 Best Strategic Response in Alcohol

GLP-1 Exposure Score: 8/10

The alcohol sector faces a compounding problem: GLP-1 drugs suppress not just appetite but alcohol cravings, and the behavioral changes persist long after users stop medication. According to EY-Parthenon's March 2025 survey, 44% of GLP-1 users drink less after starting the drugs, and crucially, 82% maintain those reduced drinking habits even after discontinuing treatment.

Among those who cut back, wine sees the steepest decline (52% of wine drinkers reduced consumption), followed by beer (43%) and spirits (40%). Only half of Americans aged 18–34 drank alcohol in 2025 — down from nearly 60% two years earlier.

For AB InBev — the world's largest brewer — this is an existential category pressure. Global beer volume (IWSR data) was down 0.2% in 2025, but the trajectory points toward accelerating decline in GLP-1-user demographics.

The pivot — and it's working: AB InBev is the clearest winner within the alcohol sector because of its aggressive bet on no/low-alcohol beer:

Corona Cero nearly doubled volumes in Q2 2025 and became the #1 no-alcohol beer brand in the U.S.
AB InBev's no-alcohol beer portfolio grew 33% in revenue in Q2 2025
Michelob Ultra Zero launched January 2025 and rapidly became a top-2 innovation in the beer industry year-to-date
Its "Balanced Choices" portfolio (low-carb, sugar-free, gluten-free, and no/low-alcohol) delivered 7.9% revenue growth

AB InBev's scale gives it the distribution muscle to win the no-alcohol transition faster than smaller brewers. A recent analysis called it "the only alcohol stock thriving in 2025" precisely because of this positioning.

Bottom line: AB InBev is simultaneously the most threatened large brewer (core volume under pressure) and the best-positioned to capture the no/low-alcohol category expansion. Its execution has been impressive.

4. The Hershey Company (USA) — 🔴 HIGH EXPOSURE | 🟡 Cautious Acknowledgment

GLP-1 Exposure Score: 8/10

Confectionery is one of the most at-risk categories: GLP-1 users report snack consumption drops of 40–60%, with sweets and sugary products among the first casualties. Hershey — whose entire business is built around chocolate, candy, and seasonal indulgence — has perhaps the most concentrated exposure of any top-tier CPG brand.

The honest numbers: Then-CEO Michele Buck acknowledged a "mild impact" from GLP-1s on confectionery in November 2024 — the first major snack company to publicly confirm any effect. By Q2 2025, the company stressed the impact "hadn't grown." But under new CEO Kirk Tanner, the posture has shifted from monitoring to responding.

The response:

Hershey is investing in protein-forward product lines and reformulated portion-controlled formats
Ice Breakers mints are seeing an unexpected uptick among GLP-1 users — mints help manage nausea, one of the drugs' most common side effects, an accidental product-market fit
New leadership is committing $500M+ to a turnaround that leans into protein and away from sugar

The challenge: Unlike PepsiCo or Nestlé, Hershey's brand equity is almost entirely in the indulgence space. Pivoting toward protein and health while maintaining the emotional appeal of Reese's and Kit Kat requires a delicate balance.

Bottom line: Hershey has the highest brand concentration risk of any company on this list. The mild impact acknowledged in 2024 is likely a leading indicator, not a ceiling.

5. Mondelez International (USA/UK) — 🟡 MEDIUM-HIGH EXPOSURE | 🔴 Slowest to Respond

GLP-1 Exposure Score: 7/10

Mondelez — maker of Oreos, Chips Ahoy!, Ritz, Triscuit, Cadbury, and Toblerone — is a global snack powerhouse that has been notably slow to acknowledge GLP-1 risk.

At the 2025 Consumer Analyst Group of New York (CAGNY) conference, CEO Dirk Van de Put estimated GLP-1 drugs would have only a "1% to 1.5% impact on sales volume over 10 years" — one of the most dismissive assessments from any major food CEO. His rationale: limited drug accessibility and insurance coverage will constrain adoption.

That may have been reasonable in 2024. In 2026, with 12.4% of Americans actively on GLP-1 drugs and usage doubling in 18 months, the calculation is changing faster than Mondelez has publicly planned for.

What makes Mondelez particularly exposed:

Heavy concentration in biscuits/cookies and chocolate — two of the highest-impact categories
International exposure provides some buffer (European and emerging market adoption of GLP-1s lags the U.S. significantly)
Limited visible portfolio pivot toward protein or functional foods compared to peers

The counterargument: Mondelez's brand strength is extraordinary. Consumers may reduce frequency but not abandon Oreos entirely — indulgence occasions don't disappear, they compress. Mondelez also argues that GLP-1 users still treat themselves, just less often, which may preserve revenue per occasion even if unit volume falls.

Bottom line: Mondelez's slow-walk approach is the highest strategic risk on this list. If adoption accelerates faster than the 1.5% impact scenario, the company may be behind peers in portfolio adaptation.

6. General Mills (USA) — 🟡 MIXED EXPOSURE | 🟢 Solid Pivot in Progress

GLP-1 Exposure Score: 6/10

General Mills straddles the disruption in a more balanced way than most. Its cereal portfolio (Cheerios, Lucky Charms, Cinnamon Toast Crunch) sits in a GLP-1 at-risk category — high-carb, low-protein, often sugary. But its yogurt (Yoplait, Two Good), protein bars (Nature Valley Protein), and better-for-you frozen meals (Annie's, Cascadian Farm) are genuine beneficiaries.

The numbers: LSEG data shows General Mills projecting a 23% increase in some protein and functional food segments, reflecting the demand shift. The company has been repositioning its frozen meal portfolio around protein, fiber, and portion appropriateness.

The pivot:

Expanding its protein-forward yogurt lines (Two Good high-protein, low-sugar Greek yogurt is a natural GLP-1 companion)
Annie's and Cascadian Farm brands align well with the clean-label preferences of GLP-1 users
Reformulating some cereal products to add protein and reduce sugar
Exploring "mini-meal" formats that align with compressed GLP-1 appetites

Bottom line: General Mills is in the middle of the pack — not as exposed as pure-play snack/confectionery companies, not as well-positioned as pure protein/nutrition players. Its execution of the pivot in frozen meals and yogurt will determine which side of this equation it ends up on.

7. Conagra Brands (USA) — 🟡 MEDIUM EXPOSURE | 🟢 Bold First-Mover Labeling Strategy

GLP-1 Exposure Score: 6/10

Conagra made headlines as the first large CPG manufacturer to formally position products for GLP-1 users, attaching explicit "GLP-1 friendly" icons to its Healthy Choice frozen meal line in January 2025. It was a bold — and polarizing — move. Critics questioned whether the label was meaningful; supporters saw it as a clear-eyed response to where consumer demand is heading.

Why it works for Conagra:

Healthy Choice already positioned as a "better-for-you" frozen meal brand — the GLP-1 label is an evolution, not a contradiction
Frozen meals are well-suited to GLP-1 users: portion-controlled, convenient, nutritionally labeled, and easy to heat for smaller appetite occasions
Conagra's broad frozen portfolio (Marie Callender's, Banquet, Bird's Eye, Duncan Hines) gives it flexibility to adapt different brands differently

The risk: Overly associating mainstream brands with a drug-linked diet trend could alienate non-GLP-1 consumers. Conagra is threading the needle between "health innovation" and "niche medicalization."

Bottom line: Conagra's first-mover labeling strategy is a genuine competitive differentiator in frozen meals, the category most directly aligned with GLP-1 user needs. It's a playbook other frozen meal brands will likely follow.

8. Tyson Foods (USA) — 🟢 LOW EXPOSURE | 🟢 Major Structural Winner

GLP-1 Exposure Score: 2/10 (negative — this is a tailwind)

Tyson Foods is the clearest structural winner in the GLP-1 era among large food companies. As GLP-1 users pivot sharply toward protein — with protein consumption up 65% in studied GLP-1 user cohorts — demand for chicken, prepared proteins, and lean meats is accelerating.

The data is unambiguous:

Tyson's chicken segment hit its highest profitability in 8 years in fiscal 2025, with revenue growing to $21.6 billion (from $20.5B in 2024)
Four consecutive quarters of year-over-year chicken volume growth through fiscal 2025
Q1 FY2026 continued the momentum: chicken segment delivered its "best first quarter adjusted operating income ever and the strongest quarter in eight years"
CEO Donnie King called protein "a superstar" in early 2026 earnings commentary
Tyson raised its full-year profit outlook in May 2026, driven by protein demand

Tyson's own investor materials explicitly cite "beneficiary of strong consumer demand of protein" as a core strategic pillar for 2026 and beyond. An industry analyst note concluded that "a move toward clean labels and away from ultra-processed foods, along with increasing GLP-1 adoption, will benefit poultry in 2026."

The complication: Tyson's beef segment remains under severe margin pressure due to the smallest U.S. cattle herd in 75 years driving high cattle prices — a supply-side problem unrelated to GLP-1. But this is offset by chicken and prepared foods strength.

Bottom line: For long-term investors, Tyson may be the single best-positioned large food company in the GLP-1 structural shift. Chicken is affordable, high-protein, and culturally versatile — exactly what GLP-1 users are seeking.

9. JBS S.A. (Brazil) — 🟢 LOW EXPOSURE | 🟢 Silent Beneficiary

GLP-1 Exposure Score: 2/10 (tailwind)

JBS — the world's largest meat processor, with record 2025 revenue of $86.2 billion — is a quieter version of the Tyson story. Its massive scale across chicken (Pilgrim's Pride), pork, and value-added proteins positions it directly in the categories GLP-1 users are increasing consumption of.

Pilgrim's Pride (JBS's U.S. poultry subsidiary) has been a standout performer, contributing significantly to JBS's 12% revenue growth in 2025. Seara, its Brazilian value-added proteins brand, also delivered record sales.

JBS does not publicly market around GLP-1 themes, but its product mix — lean proteins, ready-to-eat chicken products, and value-added prepared meats — aligns naturally with shifting consumer demand.

The geographic consideration: JBS's largest markets (Brazil, U.S., Australia) all have growing GLP-1 adoption. Europe, where JBS also operates, is earlier in the adoption curve — providing a longer runway for the protein tailwind to compound.

Bottom line: JBS is less vocal about the GLP-1 opportunity than Tyson, but the numbers tell the same story. Its 2025 record results partly reflect a structural protein demand tailwind that will persist.

10. Anheuser-Busch InBev / The Alcohol Sector Broadly — Diageo, Pernod Ricard

(Supplemental entry — see #3 above for AB InBev's specific response)

GLP-1 Exposure Score: 9/10 for spirits-heavy players

While AB InBev made the main list for its size and strategic response, the broader alcohol sector warrants additional context. Diageo (Johnnie Walker, Guinness, Tanqueray) is the most instructive case:

Diageo's operating profit dropped 27.8% in fiscal year to June 2025
Yet its non-alcoholic portfolio grew ~40% organically in the same period, led by Seedlip, Gordon's 0.0, and Tanqueray 0.0
Diageo is now the world's largest non-alcoholic spirits brand owner, four times the size of its nearest competitor — a position built precisely in anticipation of the GLP-1/moderation era

Pernod Ricard took a different approach: it divested its entire international wine portfolio in April 2025 (Jacob's Creek, Brancott Estate, Campo Viejo — over 10 million cases annually) to concentrate on premium spirits and no/low alternatives. A dramatic strategic signal.

The low/no-alcohol segment is now growing at a 13.6% CAGR (2024–2029) in the U.S., versus just 2.1% for traditional alcohol (EY-Parthenon). For alcohol companies, the race is on to build no/low portfolios before the window closes.

The GLP-1 Playbook: What Winning Companies Are Doing

Based on the moves above, a clear strategic framework is emerging for food & beverage companies navigating this shift:

Winners are:

Launching dedicated GLP-1-aligned product lines (Nestlé's Vital Pursuit, Conagra's Healthy Choice On Track)
Acquiring brands that over-index with health-conscious consumers (PepsiCo/Siete Foods)
Doubling down on protein as a core platform (Tyson, JBS, PepsiCo/Doritos Protein)
Building no/low-alcohol portfolios before traditional volume collapses (AB InBev, Diageo)
Developing smaller portion formats aligned with compressed GLP-1 appetites

Losers are:

Dismissing the trend as limited or temporary (Mondelez's 1.5% estimate deserves reassessment)
Clinging to pure indulgence positioning without protein or functional credentialing
Failing to adapt packaging and portion sizes to smaller eating occasions

The nuance: As bakery & snacks analyst coverage notes, consumers aren't abandoning the snack aisle — "they're redirecting dollars into protein-rich, high-fiber and functional products." This is a reallocation, not a collapse. Companies that can follow the dollar within their own portfolio have a viable path forward.

What to Watch in H2 2026

Oral GLP-1 pills — Novo Nordisk launched Wegovy in pill form in January 2026; Eli Lilly's oral version is expected mid-2026. Pills dramatically lower the barrier to adoption and could accelerate the user base toward 30M+ Americans faster than current models project.
Hershey's Q3 2026 earnings — If the "mild impact" acknowledged in 2024 has grown materially, it will be the clearest signal that the grace period for confectionery is ending.
PepsiCo's Doritos Protein launch results — If a protein-credentialed version of the world's most iconic snack brand succeeds, it validates the reformulation-as-defense strategy industry-wide.
European GLP-1 adoption — Currently far behind the U.S., Europe represents a second wave. Companies with heavy European exposure (Nestlé, Unilever, Danone, Mondelez) are watching closely.
Price accessibility — Circana notes that drug cost is the #1 reason for discontinuation. If Novo Nordisk and Eli Lilly reduce pricing (likely under U.S. political pressure in 2026), adoption could spike further and faster than any current model assumes.

Data sourced from company SEC filings, Circana (November 2025), J.P. Morgan Global Research (February 2026), EY-Parthenon GLP-1 Consumer Survey (March 2025), KPMG, Gallup National Health and Well-Being Index (2025), and industry trade publications. All revenue figures reflect most recently available fiscal year results.

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