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  "documentTitle": "Grocery profitability outlook –Europe",
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  "notes": "The slide uses a waterfall-style logic to show P&L impact from 2023 to 2029 under low and high adoption cases.",
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      "text": "Key assumptions: Households with at least one GLP-1 drug user reduce grocery spending by 6-11%; 30-40% adoption by 2029 (diabetes); 10-25% adoption by 2029 (obesity).",
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      "text": "0.2-1.0% drop in volumes depending on the GLP-1 drug adoption rates, translating to 0.2-1.0% decrease in revenues and COGS",
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      "text": "1. 0.2% drop in volumes... Source: State of Grocery 2024, ECB, McKinsey Value Intelligence, McKinsey Analysis, Cornell SC Johnson College of Business Re search Paper, Goldman Sachs Research, J.P. Morgan Research",
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