Protein-powder maker Glanbia seen as rare food-sector beneficiary of GLP-1 craze

Shares of Glanbia, the Irish mid-cap maker of protein powders, have gained more than 50% on the London Stock Exchange over the last year. In 2026, the stock has been the best performer in its category within the European Stoxx 600 index. The reason for the rally is the growing enthusiasm around GLP-1 obesity drugs, Bloomberg writes. Barclays analyst Alex Sloane called Glanbia a rare example of a food company benefiting from rising demand for weight-loss treatments.

Glanbia, which owns the Optimum Nutrition sports nutrition and dietary supplements brand, has seen its stock climb 57% over the last 12 months on the LSE to EUR20.60. The stock was down 6.4% in trading on Wednesday as of this writing, but its gains had been even more pronounced before that move: shares had more than doubled over a little more than a year, Bloomberg writes.

In 2026, the stock has also been the top performer in the food, beverage, and tobacco subgroup of the European Stoxx 600 index, Bloomberg noted. The boom in GLP-1 drugs is fueling demand for protein supplements. Bloomberg argues that the market in which Glanbia operates received a boost after doctors advised users of obesity drugs to increase protein intake to offset a potential loss of muscle mass.

A company spokesperson told Bloomberg that protein intake is a priority for many GLP-1 users during weight loss and that this is an “attractive and growing consumer audience” for Glanbia.

Glanbia is “a rare example of a company in the food or ingredients space that has been a beneficiary rather than victim of rising GLP-1 penetration,” Barclays analyst Alex Sloane told Bloomberg. According to him, the company’s share-price gains have been driven by the “protein megatrend.” Barclays estimates the global protein market at around $1.7 trillion, with demand expected to increase by 37% over the next five years.

Bloomberg noted that investor enthusiasm initially centered on ready-to-drink protein products, which benefited U.S. nutrition company BellRing Brands.

Last year, however, the situation changed as rising living costs pushed consumers to seek better value, Bloomberg wrote. “I think that’s one of the reasons Glanbia has done quite well,” portfolio manager Jeneiv Shah of Sarasin & Partners told Bloomberg.

At the same time, the industry is facing rising whey protein costs, a key ingredient in protein shakes, Bloomberg warned. Berenberg analysts cited comments from GNC Holdings CEO Michael Costello that further price increases could eventually weigh on demand for protein powders. Glanbia told Bloomberg that it has “a strong playbook in place for managing this volatility.”

According to MarketScreener data, six analysts have a "buy" rating on the stock, while three have a "hold" recommendation. None recommend "sell."