Food & Beverage captures largest share of Retail & Consumer deal value as investors maintain interest in the sector, AlixPartners analysis finds

LONDON (5th August 2026) - The Food & Beverage subsector accounted for over half (51%) of global consumer and retail deal value in the first half (H1) of 2026, making it the most attractive subsector for dealmaking, according to recent analysis from global consulting firm AlixPartners. 

The analysis, AlixPartners’ Consumer and Retail Deal Dashboard, found that deal value continued to rise modestly in H1 2026, amounting to £66.2 billion, as investors and dealmakers show sustained interest in the sector.  

Last year, dealmaking in Food & Beverage experienced a significant shift, whereby deal value over doubled throughout the year, rising from £26.1 billion in H1 2025 to £64.1 billion in H2 2025.  

Meanwhile, deal volume in the subsector has been steadily declining. The number of deals in Food & Beverage fell by 14.1% from H2 2025 to H1 2026, reflecting a broader trend of dealmakers increasingly focusing capital on fewer higher-value deals. Across all retail and consumer industries analysed, while the total number of corporate carve-outs has decreased by 23% since H1 2025, total carve-out value has surged 24% year-on-year to £59bn. 

Health & Beauty illustrates a similar dynamic. Despite accounting for just 3% of total deal value in H1 2026, the subsector recorded the highest profit margins and strongest revenue growth of any retail and consumer subsector, suggesting that dealmakers are being highly selective. 

James Cass, a Corporate Finance Partner & Managing Director at AlixPartners, commented:  

“Shifting consumer habits are forcing corporates to rethink what belongs in their portfolios, with food and beverage increasingly in the spotlight. The health and wellness trend is an obvious pull factor, which is changing what consumers want to eat and drink. Price proposition and convenience are other key factors driving deal activity.” 

“For food and beverage businesses, there is considerable scope for further consolidation and deal activity, providing opportunities for both strategic and financial investors across the value chain as portfolios and operations are refocused.” 

Azeem Ahmed, a Corporate Finance Director at AlixPartners, added:  

“Lenders have rediscovered their appetite for retail and consumer assets, especially given that businesses in this sector are showing resilient demand and strong cash conversion. That combination is adding to the momentum for deals.  

“Although the total number of carve-outs has been on a steady decline, corporate acquirers are shifting their focus to the largest and most ambitious deals. Throughout the year, we can expect dealmakers to keep a sharp focus on businesses making high-quality, in-demand products that consumers are seeking in the grocery aisles and online, and that can hold up against broader market uncertainty.” 

Notes to Editors  

About AlixPartners 

AlixPartners is a results-driven global consulting firm that specializes in helping businesses successfully address their most complex and critical challenges. Our clients include companies, corporate boards, law firms, investment banks, private equity firms, and others. Founded in 1981, AlixPartners is headquartered in New York, and has offices in more than 20 cities around the world. For more information, visit www.alixpartners.com. 

About the analysis 

AlixPartners’ Global Consumer and Retail Deal Dashboard is AlixPartners’ proprietary analysis of data from S&P Capital IQ and ION Mergermarket. This report takes into account dealmaking activity across EMEA, the Americas and the rest of the world. 

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Faye Munson-Pike 

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