PitchBook年二季度消费者零售与服务报告（英）

INDUSTRY RESEARCHConsumer Retail & Services ReportPE trends and emerging opportunitiesQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.ContentsQ2 2025 Consumer Retail & Services ReportCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2Institutional Research GroupAnalysisDataHarrison Waldock, Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Adriana HansenPublished on August 5, 2025Q2 2025 timeline 3Consumer retail & services PE ecosystem market map 4Consumer retail & services PE investor map 5Macroeconomic indicators 6PE activity 10Segment updates 14Segment data 18Consumer staples 19Consumer discretionary 20Consumer services 21Eric Bellomo Senior Research Analyst, E-commerce and Gaming eric.bellomo@pitchbook.comQ2 2025 Consumer Retail & Services ReportCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 10PE activityDealmaking slows further through the first half of 2025In Q3 2024, we anticipated a recovery in consumer PE deal activity could arrive by mid-2025. But in the interim, macroeconomic and geopolitical uncertainty, elevated interest rates, and eroded consumer sentiment stalled deal flow. An estimated 128 deals closed in Q2, bringing H1’s total to an estimated 269 deals, with a projected run rate of 45.2% of fiscal year 2024. The broader PE asset class opened the year buoyed by accessible credit, debt, and downward expectations for interest rates, but this enthusiasm never permeated the consumer ecosystem, as operational distractions, broad-spectrum uncertainty, and a lack of exits stymied deal flow.These dealmaking headwinds are entrenched in the near term, creating a bleak outlook for H2 and the methodical pace of transactions. PitchBook’s aggregate Q2 2025 US PE Breakdown suggests that a modest risk-on appetite, navigable tariff-induced inflation, persistent uncertainty, and decelerating growth are expected to produce a “sideways” market. For the consumer market, a sideways market is considered the best-case scenario given how far behind the previous year 2025 is pacing.Source: PitchBook • Geography: Global • As of June 30, 2025Consumer retail & services PE deal count7848141,2271,2911,2941,1941,9231,6791,340118926920152016201720182019202020212022202320242025Deal countCount EstimateSource: PitchBook • Geography: Global • As of June 30, 2025Consumer retail & services PE deal count by quarter0100200300400500Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q220182019202020212022202320242025Deal countEstimated deal count203338141128Q2 2025 Consumer Retail & Services ReportCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 19Source: PitchBook • Geography: Global • As of June 30, 2025Food, beverage, cannabis & grocery deal count by type 010020030020182019202020212022202320242025MinorityAdd onPlatformSource: PitchBook • Geography: Global • As of June 30, 2025Personal, beauty & wellness products deal count by type 020406080100MinorityAdd onPlatform20182019202020212022202320242025Source: P