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Belgian Food & Beverage Sector M&A Snapshot

Future of Food Review 2024

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. 

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