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Food and Beverage Market Insights - Winter 2024

Consumer
Food and Beverage

Market Observations

Food & Beverage Market Outlook

  • Many sectors saw M&A activity decline during 2024 as potential buyers waited for changes in the federal funds rate, and the impact of those changes, to unfold. In contrast, the food & beverage sector saw strong deal activity throughout 2024, with many notable private equity and strategic transactions taking place throughout the year. PE was particularly attracted to the sector’s relative stability of consumer demand and resilience to economic downturns, while strategic acquirers focused on expanding product portfolios and capitalizing on trends.
  • There has been a continuous push to adopt “better for you” products and brands in response to consumers focusing more on health and wellness, a change in consumer preference that emerged during the COVID-19 pandemic and continues to hold.

Industry Snapshot

Resilient consumer demand
Drove strong M&A activity in 2024

“Better-for-you” brands
Command premium valuations

Gen Z engagement strategies
Fueling brand growth

A graphic titled “Recent M&A Activity – Food & Beverage” showing six boxes with notable acquisitions between companies in the food and beverage sector. Each box contains the buyer and target logos and a description of the deal: CD&R + Shearer’s CD&R completed the acquisition of snack manufacturer Shearer’s Foods. Campbell’s + Sovos Brands Campbell Soup Company acquired Sovos Brands in a $2.7B deal to expand its meal offerings. Mars + Kevin’s Natural Foods (from Kellanova) Mars acquired Kevin’s Natural Foods to grow its better-for-you meals portfolio. PFG + Cheney Brothers Performance Food Group acquired Cheney Brothers, expanding foodservice distribution. Blackstone + Jersey Mike’s Blackstone acquired a majority stake in Jersey Mike’s, a fast-growing sub sandwich chain. Kroger + Albertsons Kroger and Albertsons announced a planned $24.6B merger to create a national grocery giant.

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