SlimFast on the block as dieters turn to jabs
SlimFast has been put up for sale as dieters increasingly shun meal replacements in favour of weight-loss jabs.
Glanbia, the brand's owner, is looking to offload SlimFast after a recent drop in sales – prompted by heightened demand for blockbuster drugs such as Wegovy.
Mark Garvey, the chief financial officer of Glanbia, said: 'We've decided to move on because we believe there is a significant change in how weight management is being managed by our consumers.'
Founded in Florida in 1977, SlimFast's low-calorie meal replacements soared to prominence in the 1980s and 1990s as diet culture gripped the US and UK – turning it into one of the world's best-known weight-loss brands.
However, in recent years sales have fallen as dieters swapped traditional meal replacements and dieting for new drugs.
In 2023, SlimFast lost 33pc of its sales in three months as the jabs exploded in popularity.
Sold under brands like Wegovy and Mounjaro, weight loss jabs slow the emptying of users' stomachs following meals, making them feel fuller for longer.
Ozempic, arguably the best known, is designed to treat people with type 2 diabetes but is commonly used off-prescription for weight loss.
Around 12pc of American adults were reported to have tried weight loss drugs last year, according to a KFF Health Tracker survey.
Around 500,000 people have also taken them in the UK, according to Simple Online Pharmacy.
This includes high-profile figures such as Boris Johnson, who admitted to using weight-loss jabs two years ago.
As well as traditional weight-loss companies, other large food and drink businesses are also seeing an impact from the jabs – with the chief executive of Walmart previously blaming them for shoppers buying fewer items.
Terry Smith, the British fund manager, ditched his entire stake in Guinness-owner Diageo last year because of fears over the impact of the drugs – which have been shown to reduce alcohol as well as food cravings.
Morgan Stanley has estimated that the global market for obesity drugs could reach as much as $105bn (£83bn) by 2030. The Wall Street bank predicts this will trigger a 3pc fall in Americans' consumption of soft drinks, bakery products and snacks by 2035.
As well as announcing the proposed sale, Glanbia also told investors on Wednesday it had written $91.4m off the value of SlimFast in the Americas because of 'continuing challenges in the weight management category'.
Headquartered in Kilkenny, Ireland, Glanbia sells a range of food supplements and ingredients.
Shares in the company fell by more than 14pc on Wednesday, hitting their lowest point since 2007 as it posted revenues below analysts' estimates and warned over the rising cost of whey.
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