In Q2 2025, 60 transactions were announced in the food and beverage sector, representing a 20% quarter-over-quarter uptick in transaction volume. However, deal volume in the space continues to be relatively soft and is down 27% in comparison to Q2 2024. For the TTM period ending June 30, 2025, 260 transactions were announced in the food and beverage industry, which marks a 4.4% decline from the TTM period ending June 30, 2024.

Over the second quarter of 2025, several sizable deals were announced in the space despite muted deal activity—specifically in the better-for-you, general and nonalcoholic beverages categories. The most notable transactions announced in these segments include Castillo Hermanos’ acquisition of Harvest Hill Beverage Company, Post Holdings’ acquisition of 8th Avenue Food & Provisions and The Hershey Company’s acquisition of LesserEvil. The alcoholic beverages, general and nonalcoholic beverages categories were the most active this quarter, representing 57% of the total M&A volume.