PitchBook年二季度餐饮CPG报告（英）

INDUSTRY RESEARCHFood & Beverage CPG ReportPE trends and investment strategiesREPORT PREVIEWThe full report is available through the PitchBook Platform.Q22025ContentsCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2Q2 2025 Food & Beverage CPG ReportInstitutional Research GroupAnalysisAlex Frederick Senior Research Analyst, Agri-Foodtech alex.frederick@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Drew SandersPublished on August 25, 2025PE activity 3Food & beverage CPG PE ecosystem market map 16Food & beverage CPG PE investor map 17Q2 2025 timeline 18Food & beverage CPG PE deal summary 19Segment data 20Beverage CPG 21Shelf-stable food CPG 22Fresh-food CPG 23Tobacco & cannabis 24CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Food & Beverage CPG ReportPE activityExecutive summaryQ2 2025 food & beverage CPG activity moderated to 116 deals (including estimates), tracking within the normalized range of 90-120 quarterly deals. H1 2025 totaled 224 deals—maintaining pace with 2024 levels and supported by healthy credit markets. PE firms demonstrated balanced deployment across deal structures, with 68 minority investments (36.4%), 66 add-ons (35.3%), and 53 platform investments (28.3%), reflecting a strategic partnership approach with high-growth brands and active portfolio consolidation. Notable H1 2025 transactions included landmark beverage deals, such as the $1.5 billion Harvest Hill Beverage Company sale to Castillo Hermanos, Kate Farms’ acquisition by Danone, and Mela Watermelon Water’s purchase by Calypso Lemonade, underscoring the trend of selective capital deployment to functional beverages and specialized nutrition platforms.Shelf-stable food CPG continued to lead transaction volume with 74 deals in H1 2025, while fresh-food CPG recorded 72 deals and beverage CPG maintained consistent activity with 39 deals. Key shifts in subsector momentum include accelerated pet food investment (11 deals in H1 2025 versus 13 for all of 2024), robust alcohol consolidation (19 deals YTD), and significant growth in soft drinks and juices (seven deals in H1 2025, on pace to exceed Source: PitchBook • Geography: Global • As of June 30, 2025Food & beverage CPG VC deal activity201720182019202020212022202320242025Deal value ($B)Deal count$3.8$18.4$6.5$8.2$15.0$10.4$5.0$7.1$2.11,0121,2071,4011,5132,1171,8281,4121,169483(f Food & beverage CPG PE ecosystem market map This market map is an overview of PE-backed companies ranked by total capital raised. Click to view the full map on the PitchBook Platform. Q2 2025 Food & Beverage CPG Report CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 16 CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 19Q2 2025 Food & Beverage CPG ReportFood & beverage CPG PE deal summaryQuarterly activityTTM activityQ2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q2 2024 to Q1 2025Q2 2023 to Q1 2024Deal count1191321059592424433QoQ change10.2%10.9%-20.5%-9.5%-3.2% N/A2.1%Share of total PE2.6%2.8%2.1%2.2%2.6%2.