2025年四季度餐饮CPG报告（英）

Food & BeverageCPG Report PE trends and investment strategies Contents PE activity3 Institutional Research Group Food & beverage CPG PE ecosystem market map17 Alex FrederickLead Research Analyst, Agri-Foodtechalex.frederick@pitchbook.com Food & beverage CPG PE investor map18 pbinstitutionalresearch@pitchbook.com Q4 2025 timeline Published on March 2, 2026 Food & beverage PE deal summary Segment data Beverage CPG Shelf-stable food CPG Fresh-food CPG Tobacco & cannabis25 Health & wellness26 PE activity Executive summary PE activity in the global food & beverage consumer packaged goods (CPG) sector declined meaningfullyin 2025 in both deal and exit volumes, reflecting a still‑challenging macro and financing environment—characterized by higher‑for‑longer interest rates, persistent inflationary pressure on consumers and inputcosts, and a wide bid‑ask gap on valuations—as well as a sharp reset from the 2021 to 2022 peak andshifting consumer demand patterns. Overall, PE deal count in food & beverage CPG (consumer packagedgoods) fell to an estimated 409 deals in 2025 from 497 in 2024, with declines across most deal types andsubsectors. Q4 2025 was particularly muted, with about 69 deals, down from 94 in Q3 2025, underscoringa year that ended on a softer note than anticipated. Despite this volume compression, several important countervailing trends emerged. Sponsorsincreasingly concentrated capital in resilient, margin-defensible categories such as shelf-stable foodsand select health & wellness niches. Deal value in shelf-stable CPG actually rose to $12.6 billion in 2025,up 19.1% from 2024, even as deal counts declined, indicating a tilt toward higher-quality assets. At thesame time, heightened attention to metabolic health, GLP-1 usage, and wellness-oriented consumptionpressured certain indulgent or carb‑heavy segments while benefiting better‑for‑you (BFY) snacks,plant-forward brands, and functional products, but this shift has so far translated primarily into larger,targeted growth and minority rounds rather than a broad-based rebound in overall PE deal volume. Food & beverage PE ecosystem market map This market map is an overview of PE-backed companies that have received private capital or other notable private investments.The full market map can be viewed on the PitchBook Platform. Food & beverage CPG PE ecosystem market map This investor map is a representative overview of active investors in global buyouts and growth equity. Investors are classified by the size of the fund out of which they primarily invest in [vertical].The full investor map can be viewed on the PitchBook Platform. Beverage CPG Source: PitchBook • Geography: Global • As of December 31, 2025 Source: PitchBook • Geography: Global • As of December 31, 2025 Source: PitchBook • Geography: Global • As of December 31, 2025 Source: PitchBook • Geography: Global • As of December 31, 2025 Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights acrossthe global capital markets. Paul CondraGlobal Head of Private Markets Research Report created by: Additional research: Alex FrederickLead Research Analyst, Agri-Foodtech H1 2025 AgrifoodFunds ReportDownload the reporthere Q4 2025 Food &Beverage Buyoutand Corporate M&A ReviewDownload the reporthere Harrison WaldockData Analyst Adriana HansenGraphic Designer PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectives thatshape the private capital markets. PitchBook subscribers enjoy exclusive access to a comprehensive suite of private market insights,including proprietary research, news, data, tools, and more on thePitchBook platform. Learn more aboutPitchBook’s Institutional Research team. Clickherefor PitchBook’s report methodologies. COPYRIGHT © 2026 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by anymeans—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, butaccuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation tobuy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of theinformation that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise ofindependent judgment.