Lindt & Spruengli said U.S. consumers using GLP-1 weight-loss drugs are consuming more chocolate than other households, according to results from an internal review released on Tuesday. The company said the analysis - which drew on February data provided by market researcher Circana - found that 15% of U.S. households use GLP-1 medications and that those households account for 17.5% of chocolate sales.
The Swiss chocolatier identified GLP-1s to include medicines such as Ozempic and Mounjaro. Lindt reported that in 2025 U.S. sales of its premium chocolate among GLP-1 users rose by nearly 17%, compared with a 6.5% increase for households not using GLP-1 treatments.
Those results run contrary to expectations from some market analysts who had forecast that wider availability of oral GLP-1 weight-loss drugs would exert downward pressure on demand for confectionery products. Berenberg analysts had projected that the introduction of oral GLP-1 pills could produce an adverse effect on the food industry, particularly confectionery, over the next several years, estimating a potential drag on Lindt's sales volumes of 0.9 percentage point in 2027.
The discussion around oral GLP-1 pills centers on an anticipated expansion of the drugs' user base beyond current injectable users. Lindt's presentation and the accompanying commentary note that oral formulations are expected to reach patients who are not currently using injections - including a broader mix of men and younger patients - with the oral versions projected to deliver less dramatic weight loss than injectable formulations.
The company's internal study and the market commentary highlight a divergence between some industry expectations and the consumer behavior Lindt observed in the data set from Circana. Lindt's figures indicate that, at least in the recent period covered by the study, GLP-1 users represented a larger-than-proportional share of chocolate purchases and that their premium chocolate spending grew at a faster clip than that of non-users.
Given the contrasting viewpoints - Lindt's data showing stronger sales among GLP-1 users and analyst forecasts anticipating downward pressure from broader drug adoption - monitoring future sales trends and updated market-research results will be important for assessing how confectionery demand evolves as oral GLP-1 drugs become more widely available.