The race for innovation, sustainability, and market consolidation increased M&A activity in the Belgian F&B sector. Now, changing consumer preferences, rising food inflation, and higher interest rates have caused a slowdown. Our second ‘Belgian F&B Sector M&A Snapshot’ examines why, highlights the key players, and reveals the latest trends.
In 2023 the number of M&A deals in the Belgian food and beverage market decreased by 30% compared to 2022, and it remains to be seen if 2024 will follow suit with a downward trend for the second half of the year.
Not surprisingly, given the industry emphasis on innovation and technology-driven solutions, food tech recorded the greatest number of transactions.
International targets continue to be favoured by both strategic buyers and financial investors.
M&A activity in the food and beverage sector continues to be largely driven by strategic buyers, yet they no longer dominate the Future of Food M&A market with financial investors increasingly moving in.
In 2023 and the first half of 2024, companies active in animal welfare and personalised animal nutrition, sustainable food ingredients, and plant-based products and proteins are showing strong growth. The latter two had the most Future of Food deal activity over the last 12 months.