Novonesis bets supplements ride the GLP-1 weight-loss wave

Novonesis CEO Ester Baiget says dietary supplements could be the next major sector to benefit from the GLP-1 weight-loss drug boom, as the biosolutions company studies whether microbiome products can help patients on popular medications like Wegovy and Ozempic, CNBC reported.

The company is studying what Baiget called “a unique cocktail” of probiotics, prebiotics and postbiotics to support patients taking GLP-1 drugs made by Novo Nordisk, according to the CNBC interview on “Squawk Box Europe.” The research is ongoing, and any commercial product is still in development, but Baiget argued that supplements and medications can play complementary roles in managing obesity.

The pitch is that GLP-1 medications treat obesity by suppressing appetite, while microbiome-targeted supplements support longer-term health by improving gut function. “We have scientific evidence that is going to support the patients on GLP-1s feeling better, as a companion during the treatment,” Baiget said. The evidence is not yet published, and the claim is preliminary, but the market opportunity is large enough that Novonesis is investing in the research ahead of results.

The market behind the bet

The weight-loss drug market pioneered by Novo Nordisk and Eli Lilly has reshaped consumer spending across industries, according to CNBC’s coverage. A PwC survey of U.K. adults found that about 70% of GLP-1 users are spending less on snacks, while 40% are spending more on vitamins and supplements. More than 80% of respondents who had stopped taking the medicine said they maintained some of the dietary changes they adopted during treatment.

The spending shift is driving investor interest in the supplements sector. The global dietary supplements market was valued at an estimated $209.5 billion in 2025 and is projected to more than double to $431.7 billion by 2033, according to Grand View Research. The probiotic supplements segment alone was estimated at $10.5 billion in 2025, growing to $17.5 billion by 2033. Those growth rates assume continued demand for supplements generally, but the GLP-1 connection could accelerate the probiotic segment if the science supports the companion-product thesis.

Some research has linked GLP-1 treatment to insufficient protein intake and deficiencies in certain vitamins and minerals, though the extent to which the medications themselves are responsible remains unclear. The microbiome-based products Novonesis is developing are different from protein and vitamin supplements, and any benefit for GLP-1 users has not been established. The company is making a bet on science that is not yet settled, which is a common position for a biosolutions firm but a risky one for investors pricing in the growth.

Novonesis’s struggling human health unit

The GLP-1 companion product opportunity comes at a difficult time for Novonesis’s human health business. The division reported an 8% decline in organic sales in the third quarter, weighed down by weaker demand for probiotic supplements sold through offline retail channels in North America, according to the company’s interim report.

The human health unit accounts for about 11% of Novonesis’s total sales, and the company gets about a third of its revenue from North America. The decline in probiotic supplement sales through retail channels is the specific problem the GLP-1 companion product could address, if the science works and the marketing resonates with patients who are already taking GLP-1 medications.

Novonesis was formed through the merger of Novozymes and Chr. Hansen in 2024, and it is a leader in enzymes and microbial solutions used across food, agriculture and healthcare. The company holds nearly 50% of the enzymes and cultures market, compared with about 20% for rival International Flavors and Fragrances, according to Morningstar. The market position is strong, but the human health unit’s decline shows that market share in enzymes does not translate into growth in consumer supplements.

Baiget said the company sees strong commercial demand for supplements with proven health benefits. “We see that when we prove science with answers, there is a tremendous pull in the market,” she said. The statement is a description of the company’s strategy: invest in research, publish results, and let the science drive demand. The GLP-1 companion product is the most visible current example of that strategy, and its success or failure will be a test of whether the approach works in a market where consumers are already overwhelmed with supplement choices.

The broader GLP-1 ripple

The GLP-1 boom has already had far-reaching effects beyond pharmaceuticals. Food companies are reassessing meal composition and sizes, CNBC reported, and fashion companies have seen a boost from consumers buying new clothes after dropping sizes, according to CNBC’s retail coverage. The supplements sector is the latest to position itself as a beneficiary, and Novonesis is not the only company making the connection.

The difference between Novonesis and a typical supplement company is the science. Baiget is not selling a probiotic yogurt or a vitamin pill with a wellness marketing campaign. She is describing a research program with Novo Nordisk that is studying specific microbiome interventions for patients on specific medications. If the research produces positive results, the product that follows would have a scientific basis that most supplements lack, and that basis would be the differentiator in a market where consumers are skeptical of supplement claims.

The risk is that the research produces negative or inconclusive results. The supplement market is full of products that were studied and found to have no effect, and the probiotic segment has had its share of disappointments. Novonesis is investing in the research before the results are in, which is the right approach for a science-led company but means that the GLP-1 companion product is not yet a revenue line. Investors who buy the stock on the GLP-1 thesis are betting on science that has not been published.

What I think

The GLP-1 companion product thesis is plausible but unproven. Patients on Wegovy and Ozempic report side effects including nausea, fatigue and muscle loss, and a supplement that addressed those side effects would have real value. The gut microbiome is a reasonable place to look for an intervention, because GLP-1 drugs affect digestion and the microbiome is involved in digestive function. The scientific logic is sound, which is why Novonesis and Novo Nordisk are studying it. But the history of microbiome research is full of promising hypotheses that did not translate into clinical results, and the odds are against any specific product working as intended.

The market opportunity is real regardless of whether Novonesis’s specific product works. The PwC data showing that 40% of GLP-1 users are spending more on vitamins and supplements is a signal that patients are already looking for companion products, and the supplement industry is responding. Novonesis’s advantage is its research infrastructure and its partnership with Novo Nordisk, which gives it access to patient data and clinical expertise that a typical supplement company does not have. If any company can produce a GLP-1 companion supplement with scientific backing, Novonesis is a reasonable candidate.

The human health unit’s 8% sales decline is the immediate problem. The GLP-1 companion product is a future opportunity that may or may not materialize, but the decline in probiotic supplement sales through retail channels is happening now. Baiget’s strategy is to replace declining retail sales with science-backed products that command a premium and generate demand through evidence rather than marketing. That is a sound strategy for a company with Novonesis’s research capabilities, but it takes time, and the transition period is painful. The stock market’s patience for transition periods is limited, and Novonesis’s shares will be sensitive to any update on the GLP-1 study timeline.

The competitive landscape is the least discussed risk. Novo Nordisk and Eli Lilly are the companies that make the GLP-1 drugs, and they have the patient relationships and the clinical data. If a companion product turns out to work, the drug companies are positioned to develop or acquire it themselves. Novonesis’s partnership with Novo Nordisk is an advantage, but it is also a dependency. If Novo Nordisk decides to develop its own supplement or partner with a different company, Novonesis’s position is weakened. The partnership is a double-edged sword, and investors should not assume it is permanent.

The supplements market is projected to double by 2033, and the GLP-1 boom is one of the drivers. Novonesis is a well-positioned company in a growing market, with a specific thesis about how microbiome science can serve GLP-1 patients. The thesis is worth pursuing, and the company has the research infrastructure to pursue it. But the investment case rests on science that is not yet published, in a market where consumers are skeptical, with a partnership that could change. The upside is real, and so is the risk.