The rise in the use—or “consumption”—of GLP-1 drugs for diabetes and obesity is causing significant shifts in the market.
As Irini Zografou, head of the fourth generation of the family business Zografos Diet Products SA, points out, a decline of up to 10% in sugar consumption has already been recorded internationally.
The reason? The widespread use of drugs such as Ozempic and Mounjaro.
“We’re hearing from overseas suppliers that the global sugar market has lost up to 10% of its volume,” he notes, explaining that consumers taking these specific medications are drastically reducing their overall food intake—not just sugar.
The impact is not limited to direct consumption but extends to the entire food industry, from sweets and chocolates to snacks and processed foods, she notes.
According to Ms. Zografou, the first signs of pressure are visible, although it is still too early to draw firm conclusions about the long-term impact of these drugs on the market.
Zografos Diet Products S.A., with a 130-year history and a turnover of over 5 million euros, operates in many product categories, ranging from brown sugar and sweeteners to sugar-free jams, among others.
In this context, the company is investing in products that respond to consumers’ shift toward healthier choices. It recently launched 2Good bars, which are made with fruits and nuts and fall into the rapidly growing healthy snacking category.
In fiscal year 2024 (latest published financial statements) its sales amounted to €4.84 million, compared to €4.57 million in 2023, representing an increase of approximately 6%, while net profit after tax stood at €102,000, up from €98,000.
According to management, the company holds approximately a 20% share of the sugar market, while its share of the liquid stevia market approaches 40%, ranking it among the top players in the category.
It is also a major player in the sugar-free jam market and expects to penetrate the snack category with its bars, which are already stocked at Galaxia and My Market, with placement at Sklavenitis and other major chains to follow.