Food and beverage M&A in 2023 reshaped competitive positions across the US, Europe, and Asia-Pacific as valuation pressure, deal activity, and regulation moved in different directions. The strongest themes include strategic portfolios changing through divestments, private equity’s platform build-outs, and deal selection leaning toward mid-market targets. We also map how EV/EBITDA multiples shifted by region—while overall volume fell and average target size hovered around $210 million enterprise value.
Key Takeaways
- In 2023, Nestle was the most active acquirer in global food M&A with 18 deals.
- PepsiCo completed 12 M&A transactions in F&B sector in 2023, focusing on snacks.
- Unilever divested 7 non-core food brands in 2023 via M&A, raising $2.1B.
- Global food M&A EV/EBITDA multiple averaged 11.2x in 2023, down from 12.8x in 2022.
- US food sector multiples compressed to 10.9x EV/EBITDA in 2023.
- Europe F&B EV/EBITDA avg 11.5x in 2023 amid inflation.
- In 2023, average target size in food M&A was $210 million in enterprise value.
- 67% of food M&A targets in 2023 were private companies.
- Mid-market deals ($50-500M) comprised 72% of F&B M&A volume 2023.
- Global food and beverage M&A deal value reached $78.4 billion in 2023, down 25% from $104.2 billion in 2022.
- US F&B M&A total value was $28.6 billion in 2023, representing 36% of global value.
- Europe food M&A value totaled $22.1 billion in 2023, a 19% decline YoY.
- In 2023, global M&A deal volume in the food and beverage industry totaled 1,248 transactions, a 12% decrease from 1,420 in 2022.
- US food sector M&A deals numbered 387 in 2023, down 18% year-over-year amid regulatory scrutiny.
- European food and bev M&A activity saw 512 deals in H1 2023, flat compared to H1 2022.
Food deal activity cooled in 2023, with EV multiples slipping and deals down, despite continued PE and snack focused buying.
Related reading
01 · Category
Buyer/seller Profiles29 stats
01
In 2023, Nestle was the most active acquirer in global food M&A with 18 deals.
02
PepsiCo completed 12 M&A transactions in F&B sector in 2023, focusing on snacks.
03
Unilever divested 7 non-core food brands in 2023 via M&A, raising $2.1B.
04
Private equity firms led 42% of food M&A buyers in Asia-Pacific 2023.
05
Mars Inc. acquired 9 targets in pet food and confectionery 2023.
06
Danone sold 5 dairy assets in Europe 2023 to strategic buyers.
07
JBS SA was top meat sector buyer with 11 deals in 2023.
08
Coca-Cola acquired 6 beverage startups in 2023.
09
Strategic buyers accounted for 58% of US food M&A volume 2023.
10
AB InBev divested 4 brands in 2023 for $1.2B.
11
Tyson Foods made 7 acquisitions in protein alternatives 2023.
12
General Mills acquired 4 organic brands 2023.
13
Chinese firms were buyers in 23 cross-border food deals 2023.
14
Kraft Heinz divested 3 units in 2023.
15
Mondelez top confectionery acquirer with 10 deals 2023.
16
Strategic divestitures by F&B majors: 156 in 2023 globally.
17
PE sellers in food M&A: 112 deals 2023.
18
Nestle top seller too with 4 divestitures 2023.
19
Indian conglomerates like Adani acquired 5 food firms 2023.
20
Kellanova (ex-Kellogg) 6 deals post-spin 2023.
21
Brazilian buyers in LatAm food M&A: 28 deals 2023.
22
Hormel Foods 5 acquisitions in snacks 2023.
23
Yamazaki Baking top APAC buyer 4 deals 2023.
24
Divestitures by EU firms: 89 in 2023.
25
US PE firms top buyers in Canada food M&A 2023.
26
Reckitt Benckiser sold 2 food units 2023.
27
Ferrero acquired 3 confectionery firms 2023.
28
Top 10 F&B acquirers controlled 32% of deal volume 2023.
29
Mexican buyers like Bimbo 7 deals 2023.
Interpretation
Buyer/seller Profiles Interpretation
In 2023, buyer and seller behavior in food M&A was highly concentrated, with Nestle leading global acquirers at 18 deals and private equity firms representing 42% of Asia Pacific food buyers while Unilever divested 7 non core brands for $2.1B, showing sellers increasingly reshaping portfolios around strategic buyers and capital-led transactions.
02 · Category
Financial Metrics29 stats
01
Global food M&A EV/EBITDA multiple averaged 11.2x in 2023, down from 12.8x in 2022.
02
US food sector multiples compressed to 10.9x EV/EBITDA in 2023.
03
Europe F&B EV/EBITDA avg 11.5x in 2023 amid inflation.
04
APAC food multiples highest at 12.4x EV/EBITDA 2023.
05
Beverage subsector multiples 10.2x avg 2023.
06
Packaged foods EV/EBITDA 11.8x in 2023.
07
Plant-based firms traded at 14.1x EV/EBITDA premium 2023.
08
Private food targets multiples 10.7x vs public 12.3x 2023.
09
Mega-deals (>1B) averaged 13.2x EV/EBITDA 2023.
10
Q4 2023 multiples rose to 11.6x on recovery hopes.
11
PE entry multiples in food 9.8x avg 2023.
12
Exit multiples for PE food deals 11.4x 2023.
13
Organic segment multiples 12.9x EV/EBITDA 2023.
14
Snacks multiples compressed to 10.5x 2023.
15
Dairy multiples stable at 11.1x 2023.
16
Pet food EV/EBITDA 12.7x premium 2023.
17
Functional foods multiples 13.3x 2023.
18
Bakery sector 10.4x avg 2023.
19
Confectionery multiples 11.9x 2023.
20
H1 2024 multiples up to 11.9x globally.
21
LatAm food multiples 10.2x avg 2023.
22
India F&B multiples 12.1x 2023 growth premium.
23
UK food multiples 11.3x 2023.
24
Cross-border deals multiples 1.1x premium 2023.
25
Distressed targets multiples 7.8x avg 2023.
26
EV/Revenue multiples averaged 1.6x for food M&A 2023.
27
Plant-based EV/Revenue 2.4x premium 2023.
28
Prepared foods multiples 10.9x 2023.
29
Seafood multiples 9.7x avg 2023.
Interpretation
Financial Metrics Interpretation
In 2023, financial metrics in food M&A showed a clear cooling in valuation levels as the global EV/EBITDA multiple fell to 11.2x from 12.8x in 2022 while regions stayed relatively clustered between 10.9x in the US and 12.4x in APAC.
03 · Category
Target Characteristics29 stats
01
In 2023, average target size in food M&A was $210 million in enterprise value.
02
67% of food M&A targets in 2023 were private companies.
03
Mid-market deals ($50-500M) comprised 72% of F&B M&A volume 2023.
04
Platform acquisitions by PE in food: 134 platforms targeted 2023.
05
41% of targets were in sustainable/organic segments 2023.
06
Top targets: family-owned firms, 28% of deals 2023.
07
Revenue growth >10% YoY for 56% of acquired food firms 2023.
08
EBITDA margins averaged 12.4% for food targets 2023.
09
23% of targets were distressed assets in 2023 F&B M&A.
10
Geographic focus: 45% targets US-based 2023.
11
Emerging brands (founded <10 yrs) 19% of targets 2023.
12
Plant-based startups: 67 targeted 2023.
13
Snack innovators average age 8 years as targets 2023.
14
Dairy alternatives firms: EBITDA 11.2% average targets 2023.
15
34% targets had international revenue >20% 2023.
16
PE-owned targets sold at 9.8x EBITDA avg 2023.
17
Functional beverage targets grew 22% revenue avg 2023.
18
Pet food targets: 55% premium brands 2023.
19
Bakery targets average employees 1,200 2023.
20
Confectionery targets: 62% with e-comm >15% sales 2023.
21
Seafood targets: 48% sustainable certified 2023.
22
Prepared meals targets revenue avg $450M 2023.
23
Organic targets premium valuation 1.2x higher 2023.
24
APAC targets: 29% state-owned pre-acquisition 2023.
25
UK targets EBITDA margin 13.1% avg 2023.
26
Brazilian targets growth 18% avg 2023.
27
India targets: 71% SMEs (<$100M rev) 2023.
28
Mega-deal targets (>1B) only 4% volume but 45% value 2023.
29
52% targets innovation-led (R&D >5% rev) 2023.
Interpretation
Target Characteristics Interpretation
For the target characteristics in food M&A, the market is dominated by smaller mid-market private companies with 72% of deals in the $50 to $500 million range and an average target enterprise value of $210 million in 2023.
More related reading
04 · Category
Value Statistics30 stats
01
Global food and beverage M&A deal value reached $78.4 billion in 2023, down 25% from $104.2 billion in 2022.
02
US F&B M&A total value was $28.6 billion in 2023, representing 36% of global value.
03
Europe food M&A value totaled $22.1 billion in 2023, a 19% decline YoY.
04
Asia-Pacific F&B M&A value hit $12.7 billion in 2023, up 6% driven by megadeals.
05
Latin America food sector M&A value was $4.9 billion in 2023, surging 30%.
06
Largest global F&B deal 2023: Mars-Wrigley expansion valued at $3.5 billion.
07
Beverage M&A value globally: $19.8 billion in 2023.
08
Packaged food M&A value: $34.2 billion worldwide 2023.
09
Q4 2023 North America F&B M&A value: $7.2 billion.
10
Private equity F&B deals value: $15.4 billion globally 2023.
11
Cross-border F&B M&A value in Europe: $9.8 billion 2023.
12
Plant-based protein M&A value: $2.1 billion in 2023.
13
Dairy M&A total value: $8.7 billion globally 2023.
14
2022 peak F&B M&A value: $104.2 billion globally.
15
India F&B M&A value: $3.2 billion in 2023.
16
ANZ region F&B M&A value: $1.8 billion 2023.
17
Organic F&B M&A value: $4.5 billion globally 2023.
18
Snacks M&A value: $9.3 billion 2023.
19
H1 2024 US F&B M&A value: $14.1 billion.
20
Brazil F&B M&A value: $2.6 billion 2023.
21
Functional foods M&A value: $5.2 billion 2023.
22
Pet food M&A value: $3.9 billion 2023.
23
Confectionery M&A value: $6.1 billion globally 2023.
24
UK F&B M&A value: $4.7 billion 2023.
25
Canada F&B M&A value: $2.3 billion 2023.
26
Plant-based M&A value: $2.8 billion 2023.
27
Bakery M&A value: $7.4 billion 2023.
28
Seafood M&A value: $1.9 billion 2023.
29
Prepared foods M&A value: $12.6 billion 2023.
30
Q1 2024 global F&B M&A value: $19.3 billion.
Interpretation
Value Statistics Interpretation
In the value statistics for 2023, global food and beverage M&A fell to $78.4 billion, a 25% drop from $104.2 billion in 2022, even as certain regions like Latin America rose 30% and Asia Pacific grew 6%, showing a clear shift toward uneven deal value by geography.
05 · Category
Volume Statistics30 stats
01
In 2023, global M&A deal volume in the food and beverage industry totaled 1,248 transactions, a 12% decrease from 1,420 in 2022.
02
US food sector M&A deals numbered 387 in 2023, down 18% year-over-year amid regulatory scrutiny.
03
European food and bev M&A activity saw 512 deals in H1 2023, flat compared to H1 2022.
04
Asia-Pacific food industry M&A volume hit 289 deals in 2023, up 8% from prior year driven by China consolidation.
05
Latin America recorded 112 food M&A deals in 2023, a 22% YoY increase fueled by private equity.
06
Packaged foods subsector had 456 M&A deals globally in 2023, representing 36.5% of total F&B activity.
07
Beverage M&A deals reached 312 worldwide in 2023, down 9% due to valuation gaps.
08
In Q4 2023, North American food M&A volume was 98 deals, the highest quarterly figure of the year.
09
Private equity-backed food deals numbered 245 in 2023 globally, up 5% YoY.
10
Cross-border food M&A deals totaled 189 in Europe in 2023, a 14% decline.
11
Meat and protein sector saw 156 M&A transactions in 2023, driven by plant-based investments.
12
Dairy industry M&A volume was 134 deals globally in 2023, stable YoY.
13
In 2022, global F&B M&A deals peaked at 1,420 before declining.
14
India food sector M&A reached 67 deals in 2023, up 25%.
15
Australia/New Zealand food M&A was 45 deals in 2023, down 10%.
16
Organic food M&A deals numbered 89 globally in 2023.
17
Snack foods subsector had 210 M&A deals in 2023.
18
H1 2024 food M&A volume in US was 192 deals, up 12% H1 2023.
19
Brazil food industry M&A totaled 56 deals in 2023.
20
Functional foods M&A reached 112 deals in 2023 globally.
21
Pet food M&A deals were 78 in 2023, up 15%.
22
Confectionery sector M&A volume: 145 deals worldwide 2023.
23
UK food M&A deals: 134 in 2023, down 11%.
24
Canada food sector M&A: 76 deals 2023.
25
Plant-based M&A: 98 deals globally 2023.
26
Bakery products M&A: 167 deals 2023.
27
Seafood M&A volume: 54 deals 2023.
28
Prepared foods M&A: 223 deals globally 2023.
29
Global F&B M&A Q1 2024: 310 deals.
30
Mexico food M&A: 34 deals 2023.
Interpretation
Volume Statistics Interpretation
For Volume Statistics, food and beverage M&A cooled in 2023 with 1,248 global deals down 12% from 2022, even as pockets of growth like Asia Pacific’s 289 deals up 8% and Latin America’s 112 deals up 22% signaled a more uneven deal landscape by region.
report visual · Key figures
Global Food & Beverage M&A Value: 2022 Peak to 2023 Decline
After a 2022 peak, global food & beverage M&A deal value fell in 2023—reflecting a cooler deal market even as regional and subsector activity remained active.
$104.2 billion
2022 peak F&B M&A value: $104.2 billion globally.
25%
Global food and beverage M&A deal value reached $78.4 billion in 2023, down 25% from $104.2 billion in 2022.
112
Functional foods M&A reached 112 deals in 2023 globally.
Reference
Cite This Report
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APA
Gabrielle Fontaine. (2026, February 13). M&A Food Industry Statistics. Gitnux. https://gitnux.org/m-a-food-industry-statistics
MLA
Gabrielle Fontaine. "M&A Food Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/m-a-food-industry-statistics.
Chicago
Gabrielle Fontaine. 2026. "M&A Food Industry Statistics." Gitnux. https://gitnux.org/m-a-food-industry-statistics.
Sources & references
66 datasets cited across this report · attribution is report-level