Belgian Food & Beverage Sector M&A Snapshot

M&A activity in the F&B industry has experienced a steady resurgence, driven largely by strategic buyers and financial investors prioritising M&A to not miss the ongoing industry consolidation. In the third edition of our Belgian Future of Food M&A Snapshot, we explore private equity and strategic investment trends, focusing on 2024 and the first half of 2025. 

In recent years, cost inflation and indexation, as well as changing consumer preferences, have impacted M&A strategy. However, the stabilisation of interest rates and import tariff regulations have rendered economic uncertainties less pronounced.  

The number of transactions rose by 48.4% in 2024 compared to 2023 and the positive trend continued in the first half of 2025 with 22 deals being completed. The cross-border transactions in HY1 2025 were mostly driven by foreign investors (45.5%), indicating that Belgium remains an attractive market. 

While strategic investors remain the top buyers in the food and beverage market, financial investors remain the dominant players in the Future of Food segment. 

In 2024 and the first half of 2025, 36.8% of all transactions were classified as Future of Food, with companies active in sustainable agriculture and sustainable food ingredients being the most attractive targets.

We invite you to read the snapshot to learn more about the resurgence of M&A activity in Belgium and discover the investment drivers in the Future of Food market.