Packaging: Packaging's GLP-1 reshuffle: From calorie reduction to demand redistribution

研报英文原文证据摘录

Packaging: Packaging's GLP-1 reshuffle: From calorie reduction to demand redistribution

Deutsche Bank

Research

North America Industry Date

Packaging Packaging 10 June 2026

Packaging's GLP-1 reshuffle: From calorie

Hillary Cacanando, CFA reduction to demand redistribution

Research Analyst

+1-212-250-3393

Packaging in the Age of GLP-1

The widespread adoption of GLP-1 drugs like Ozempic and Wegovy has emerged

as one of the most significant consumer behavior shifts in recent years, making it

crucial for packaging investors to understand the resulting shifts in product

demand. At first glance, GLP-1 adoption appears to present a clear headwind, as

users tend to reduce alcohol consumption and spending on certain packaged

food categories. However, we think this view oversimplifies a complex reality.

While some categories face volume pressure, others stand to benefit from

product reformulation, portion-size changes, increased demand for healthcare

packaging, and a reallocation of consumer spending toward beauty, wellness,

and pharmaceutical products.

This report analyzes the impact of GLP-1 adoption on packaging companies

through the lens of end-market exposure, which we believe is the primary

determinant of investment implications. Rather than a uniformly negative force,

GLP-1 is creating a complex mosaic of risks and opportunities. Companies with

portfolios concentrated in calorie-dense food and beverage categories appear

most sensitive to changing consumption patterns. Conversely, those serving the

healthcare, beauty, and staple food sectors may prove more resilient or even

benefit from the evolving consumer landscape. Consequently, we view GLP-1

adoption as a force that will redistribute packaging demand across categories

rather than cause a net sector-wide decline.