Weight loss drugs are supposed to be the death of Big Food. For months, the narrative surrounding GLP-1 medications like Ozempic and Wegovy centered on one thing: people are eating less, so food companies are doomed. Wall Street panicked. Analysts predicted a permanent decline in "indulgent" snacking.
But then Hershey reported its earnings.
Instead of a slump, we’re seeing a shift. Hershey’s CEO, Michele Buck, recently highlighted an unexpected trend where GLP-1 users are actually driving growth in specific categories. Specifically, gum and mints. It turns out that when you stop eating massive meals, your mouth needs something else to do.
The fear that these drugs would wipe out the snack aisle was overblown. It ignored human psychology. It ignored the side effects of the medication. Most importantly, it ignored how people actually behave when their biology changes.
The Dry Mouth Economy
If you've ever looked at the side effects of GLP-1 drugs, you'll see a recurring theme. Nausea is the big one, but "xerostomia"—the medical term for dry mouth—is right up there. When your body isn't processing food the same way, or when you’re constantly battling a metallic taste in your mouth from ketosis or medication, you reach for a mint.
Hershey is seeing this play out in real-time. Their gum and mint business, which includes brands like Ice Breakers and Breath Savers, isn't just surviving; it’s thriving.
Think about the ritual. You aren't eating a chocolate bar because you’re trying to manage your caloric intake, but you still want a "sensory experience." A piece of sugar-free gum provides that. It offers flavor and oral stimulation without the caloric baggage that GLP-1 users are trying to avoid.
It’s a classic pivot. While the volume of chocolate might see some pressure, the frequency of mint and gum consumption is ticking up. For a company like Hershey, which has spent years diversifying away from just being "the chocolate company," this is a massive validation of their portfolio strategy.
Rethinking the Snack Apocalypse
The mistake most analysts made was assuming GLP-1 users would just stop buying things. That’s not how consumers work. We replace habits; we don't just delete them.
When you’re on a GLP-1, your appetite is suppressed, but your social life doesn't vanish. You still go to meetings. You still go on dates. You still want to feel "fresh." If anything, the self-consciousness that often accompanies a weight loss journey makes things like breath mints more essential, not less.
Hershey’s data suggests that GLP-1 users are actually more likely to be "heavy users" of the refreshment category. We’re talking about a demographic that is hyper-aware of what’s going into their mouths. A zero-calorie mint fits perfectly into that new lifestyle.
Not All Sweets Are Equal
We need to be honest about the hierarchy of snacks here. If you’re a company that only makes ultra-processed, high-calorie snack cakes, you should probably be worried. Those are the items being cut first.
Hershey is in a different spot. They have a dominant position in "portability." Their products are at every checkout counter in America. When a GLP-1 user is standing in line at CVS, they aren't grabbing the king-sized Reese’s anymore. They're grabbing the Ice Breakers Duo.
The revenue stays within the Hershey ecosystem; it just moves from one line item to another. That’s the "secret sauce" the market missed. The company isn't fighting the trend. They're riding it.
The Psychology of the Micro Indulgence
There’s also the "treat" factor. Even people on radical weight loss programs need a win. Total deprivation leads to failure. Most dietitians will tell you that a small, controlled portion of dark chocolate or a flavorful piece of gum can prevent a full-blown binge later.
Hershey has been leaning into "thin" versions of their classics and smaller pack sizes for years. They were ready for this. While the media was busy writing obituaries for the candy industry, Hershey was busy optimizing for a consumer who wants 60 calories of joy rather than 600.
I've seen this cycle before. When the low-carb craze hit in the early 2000s, everyone said bread was dead. Bread didn't die; it just evolved. We got sprouted grains, keto wraps, and smaller loaves. The same thing is happening to snacks.
Why Gum is the New Comfort Food
Gum is the ultimate "distraction" food. If you’re feeling a phantom hunger—that psychological urge to eat even when your stomach is full—gum solves the problem. It’s a tool.
For the millions of people now using GLP-1s, gum has transitioned from a breath freshener to a weight-management tool. It keeps the jaw moving. It provides a burst of sweetness. It helps with the aforementioned dry mouth.
Hershey’s ability to recognize this shift early gives them a huge advantage over competitors who are still trying to figure out how to market "diet" versions of junk food. You don't need to make a "diet" mint. A mint is already the "diet" version of a snack.
The Data Doesn't Lie
Looking at the broader market, the "Better For You" (BFY) segment is where the growth lives. Hershey’s acquisition of brands like SkinnyPop and Pirate’s Booty was the first step. But the gum and mint category is the quiet hero of the balance sheet.
In recent fiscal quarters, while other food giants reported declining volumes, Hershey’s North American Salty Snacks and Confectionery segments showed remarkable resilience. They’re seeing higher price realization and steady demand.
The "GLP-1 headwind" that everyone feared is looking more like a tailwind for specific parts of the business. It’s a reminder that in business, being "broad" is a defensive strategy. If you only sell one thing, a medical breakthrough can ruin you. If you sell a range of "mouth experiences," you just pivot to where the customer is going.
Adaptation Beats Resistance
The companies that will survive the Ozempic era are those that stop complaining about the drugs and start looking at the new consumer profile. These users are still consumers. They have money. They have habits. They just have different physical needs.
Hershey is proving that a legacy brand can be nimble. They’re doubling down on the "refreshment" side of their business because that’s what the data tells them to do. It’s not about fighting the weight loss trend; it’s about being the brand that helps you through it.
If you’re an investor or a business owner, the lesson here is simple. Don't look at what people are stopping. Look at what they're doing instead. People aren't eating less "everything." They’re eating less of some things and more of others.
Check your portfolio. If you’re heavy on products that require high-volume consumption to be profitable, you’re in trouble. If you own the "micro-moments"—the mints, the gums, the small treats—you’re going to be fine.
Start looking at the "side effect economy." From hydration supplements to specialized skincare for "Ozempic face" to Hershey’s mints, the real money is in solving the problems created by the solution. Hershey is already there. You should be too.
