Global M&A trends in consumer markets

Consumer health brings together portfolio focus, resilient demand, and rising wellness spend. PwC’s 2026 Voice of the Consumer survey found that 82% of consumers are interested in nutrition, supplements, and personal-care products to support their health and wellness goals, while 63% are interested in health insights and diagnostics.

As pharmaceutical companies focus on prescription pipelines, they are increasingly reviewing their portfolios and divesting non-core assets such as over the counter (OTC) and consumer health assets. These categories have attractive growth characteristics, making them appealing to both corporate and private equity buyers. Consumer buyers see particular potential in these assets because they can combine trusted brands with marketing, distribution, and consumer engagement capabilities. 

Suntory’s $1.6bn acquisition of Daiichi Sankyo Healthcare , with its portfolio of OTC and other consumer health products, reflects this trend. For Suntory, the deal is intended to expand its business across the self-care and self-medication domains, ranging from prevention to the management and treatment of health conditions.

Other deals point to the same strategic logic. The Clorox Company’s $2.25bn acquisition of GOJO Industries adds the Purell brand and expands Clorox into adjacent health and hygiene categories, reinforcing how trusted brands and everyday health routines remain attractive to strategic buyers.

As consumers take a more active role in managing their health, assets with trusted brands, product credibility, and scalable consumer channels are likely to remain high on the M&A agenda.

In beauty, buyer interest is refocusing on assets that can support their claims with science, professional credibility, and premium positioning. Growth remains attractive, but the category is more crowded, and consumers are becoming more discerning. Brands that can demonstrate efficacy, loyalty, and pricing power are more likely to attract capital.

Henkel’s $1.4bn acquisition of Olaplex shows how this is playing out. Olaplex is built on patented technology and has credibility with the professional salon community, giving Henkel a science-led premium hair care brand with potential for growth. The deal shows how buyers are looking beyond brand awareness alone, placing greater value on intellectual property, trusted product performance, and channels that reinforce consumer confidence.  

Food and beverage M&A is being shaped by two related pressures: the need to sharpen portfolios and the need to respond to changing consumption patterns. Strategic buyers are focusing capital on categories where they can build leadership, strengthen margins, and stay relevant with consumers who are more health- and value-conscious and more selective about what they buy.

McCormick’s proposed $44.8bn combination with Unilever’s food business illustrates the portfolio point from both sides of the transaction. For McCormick, the deal would add premium brands and global scale in condiments and packaged foods, creating a category leader with broader reach across retail and food service channels. For Unilever, the divestiture would sharpen its focus on beauty, personal care, and home care, the categories it has identified as core to future growth.

Changes in consumer choices are also affecting how buyers assess food and beverage assets. GLP-1s are one important part of that movement, but not the only one. PwC’s 2026 Voice of the Consumer survey found that consumers expect to increase their consumption of fresh produce and vitamins and supplements over the next 12 months while reducing their consumption of processed or high-sugar foods and alcoholic beverages. Current GLP-1 users also report higher levels of meal planning, protein monitoring, and overall spending on health and wellness products.

While not a new consideration for the sector, it is an increasingly important one since GLP-1s began gaining more widespread use. As a result, food and beverage companies have been reviewing portfolios, reformulating products, and assessing exposure to categories where portion sizes, sugar content, or snacking occasions may come under pressure. For investors, these are changing how food and beverage targets are assessed. Buyers are looking closely at exposure to healthier consumption, value-seeking behaviour, portion control, functional benefits, and category resilience. Assets aligned with those shifts are likely to attract stronger interest, while brands more exposed to declining or pressured consumption occasions may face harder questions.

Retail M&A is being influenced by pressure on operating models, increasingly value-conscious consumers, and rapidly changing purchasing patterns. In this environment, scale still matters, but the more important question is whether a deal gives the buyer better access to customers, stronger channels, or data that can improve engagement, fulfilment, and loyalty.

Sysco’s proposed $29.1bn acquisition of Jetro Restaurant Depot illustrates this trend. The transaction would combine the largest US food service distributor with a leading cash-and-carry wholesaler, giving Sysco access to a higher-margin channel with strong growth prospects and a broader base of independent restaurant customers.

eBay’s proposed $1.2bn acquisition of Depop, a mobile-first fashion marketplace with a highly engaged Gen Z and Millennial customer base, illustrates how digital retail M&A is increasingly valuing factors such as audience, engagement, and customer relationships alongside inventory, infrastructure, and brand reach. 

As buying habits shift across stores, marketplaces, social platforms, and AI-enabled search, retailers are using M&A to add channels, reach younger or more loyal customers, and gain better insight into how people shop.

Travel and hospitality remain attractive areas for M&A, but the market is becoming more selective. Affluent consumers continue to spend on experiences, supporting demand for luxury hotels, resorts, and curated travel. But geopolitical volatility, higher travel costs, and more-cautious vacation planning are tempering momentum, particularly for assets more exposed to discretionary or international demand.

For buyers, the focus is on assets that can translate demand into pricing power and repeat experiences. BDT & MSD Partners’ acquisition of the Four Seasons Resort Orlando and Four Seasons Resort and Residences Jackson Hole from Host Hotels & Resorts for $1.1bn reflects continued interest in high-quality luxury hospitality assets serving affluent consumers who are prioritising curated, high-end experiences.

The next phase of travel and hospitality M&A will likely remain concentrated around assets with clear differentiation. That includes premium lodging; wellness-led resorts; loyalty-rich platforms; and technology that improves guest engagement, pricing, or distribution. If geopolitical pressures ease, more assets could come to market, but buyers are still likely to focus on businesses with strong growth prospects and where value creation potential exists.

The need for scale, network resilience, and greater control across supply chains is shaping transport and logistics M&A. The sector is already showing momentum: in the first five months of 2026, transportation, shipping, rail, and logistics matched the full-year 2025 total of nine deals valued at more than $1bn. Volatility in trade routes, geopolitical tension, and changing sourcing patterns are increasing demand for and the value of assets that improve coverage, capacity, and reliability.

Early 2026 activity shows buyers pursuing assets that strengthen networks and deepen operational control. Hapag-Lloyd’s proposed $4.2bn acquisition of ZIM would expand route coverage across major trade lanes and strengthen its global shipping network. It also signals a broader push by larger carriers to lock in scale while independent mid-tier operators remain available. Other transactions point to the same logic, from port terminal investments to aviation services and intermodal assets.

For dealmakers, transportation and logistics assets with specialised capabilities are likely to remain attractive. That includes port infrastructure; cold chain; healthcare logistics; aviation services; last-mile delivery; and technology that improves visibility, routing, or utilisation. As companies continue to rethink supply chains, buyers are likely to prioritise assets that improve resilience.

Our commentary on M&A trends is based on the sources noted below, together with PwC’s independent research and analysis. Certain adjustments may have been made to source data to align with PwC’s industry classifications. All deal value amounts are in US dollars, unless otherwise noted. Megadeals are defined as transactions valued at more than $5bn. 

Global consumer markets deal value and volume data referenced in this publication are based on officially announced transactions, excluding rumoured and withdrawn transactions, through 31 May 2026, as provided by the London Stock Exchange Group (LSEG). Data was accessed between 29 May and 2 June 2026. 

2026e is a PwC estimate based on the first five months of 2026. May 2026 data has been adjusted to reflect a reporting lag and the five-month period has been extrapolated to a full-year estimate to improve year-on-year comparability. 2026e does not represent a PwC forecast.

Hervé Roesch is PwC’s global consumer markets deals leader and a partner with PwC UK. 

The author would like to thank the following PwC and Strategy& colleagues for their contributions: Sabine Durand-Hayes, Fabrizio Franco de Belvis, Anne-Lise Glauser, Lisa Hooker, Rick Jones, Daisuke Nodera, Emanuela Pettenò, Michelle Pickett, Mike Ross, Vineet Satija, and Christian Wulff. Special thanks also to Elena Girlich for her overall support.