M&A Trends
M&A activity in the Consumer industry rebounded modestly in Q3 2025, as improved credit conditions and easing inflation supported renewed deal execution. While total transaction volume remained below 2024 averages, aggregate deal value increased.
Activity was particularly strong in the Food & Beverage sector, highlighted by Keurig Dr Pepper’s $18 billion acquisition of JDE Peet’s and Ferrero’s purchase of WK Kellogg. Strategic acquirers continued to pursue brand consolidation, supply-chain integration, and global expansion opportunities.
Q3 2025 also saw steady deal flow across other Consumer categories, including Apparel, Beauty, and Household Products.
Market Dynamics
- Q3 2025 saw modestly stronger Auto & Retail demand despite macro headwinds. U.S. new vehicle sales are estimated to have risen ~6% year-over-year1, underscoring resilience in consumer durable spending.
- Consumer confidence remained muted, with the University of Michigan’s Consumer Sentiment Index hovering around ~552 and showing only a slight bounce from lower levels earlier in the year.
- E-Commerce and online retail continued their upward trajectory, contributing share gains in consumer goods categories as households substituted away from in-store discretionary spending.
- Pricing pressures persisted in Food & Beverage and Restaurant sectors, but the health and wellness trend boosted demand for premium, functional food and beverage products.
- Auto OEMs posted strong Q3 results, with many reporting double-digit year-over-year shipment gains, partly fueled by policy shifts, pent-up demand, and consumers racing to buy before impending cost pressures3.
Learn More
Reach out to Dinan Capital Advisors Managing Director Lisa Kaufman for more report insights.