(Bloomberg) -- Nestle SA Chief Executive Officer Mark Schneider said GLP-1 obesity drugs like Wegovy will probably increase demand for a range of food products that can help avoid nutrient deficiencies.

The company is well-prepared to help users of such treatments with a portfolio that already has annual sales of 1.5 billion Swiss francs ($1.7 billion) including products such as Vital Performance Protein to preserve muscle mass and Garden of Life probiotics to improve gastrointestinal health.

The boom in medications such as Novo Nordisk A/S’s Ozempic and Eli Lilly & Co.’s Zepbound won’t cause a “straight reduction in demand, but a shift in demand,” Schneider told reporters Thursday as the company reported 2023 results.

Food stocks have been dropping on concern about GLP-1 drugs. Last week, Morgan Stanley said spending in households that use such medications decreased by 6% to 9% versus non-GLP-1 households, citing a survey from Numerator, a market-research provider.

Nestle’s portfolio contains products that might get hit by drops in demand, such as Hot Pocket sandwiches, KitKat chocolate bars and DiGiorno pizzas. Some users of obesity drugs also have anecdotally reported that coffee becomes less appealing.

People are also saying they’re visiting Outback Steakhouse, Chipotle Mexican Grill Inc. and the Cheesecake Factory less frequently after taking weight-loss drugs, according to a 300-person survey conducted by William Blair. Sweetgreen Inc., an American chain that serves salads, was the only restaurant in the questionnaire that saw a net increase in visits from those taking the shots.

Read More: Ozempic Means Foodmakers Will Have to Get Healthier: MLIV Pulse

Nestle shares fell as much as 5.3% Thursday after the company gave a forecast for sales growth in 2024 that disappointed investors.

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