Consumer Goods & Retail M&A – H1 2026
How are inflation, higher interest rates and geopolitical uncertainty reshaping dealmaking in the consumer sector? CFI’s global Consumer Goods & Retail M&A Review for H1 2026, covering EMEA, Asia-Pacific and the Americas, takes stock of a period marked by the war in Iran and sustained pressure on household spending.
Global Consumer Goods & Retail M&A activity eased by nearly 4% over the period. After a stable first quarter, deal flow slowed in Q2, while valuations continued to trend downward across the sector.
Key takeaways from the H1 2026 review include:
- EMEA remains the leading region, with 42% of deals, but activity there fell by 9%, a sharper drop than the global market
- Asia-Pacific is gaining ground, with its share of deals rising from 28% to 34%, while the United States has become the third most active region
- Three sub-sectors drive the market: Food Brands, Leisure and Distribution account for more than 70% of deal volume, with Distribution behind most of the contraction
- Valuations remain under pressure: EBITDA multiples of listed consumer companies have contracted across all sub-sectors over three years, by around 24% in Leisure and Personal Products, as tighter financing conditions limit buyers’ leverage
- Large cross-border deals continue across regions and sub-sectors, from McCormick’s combination with Unilever Foods to ANTA Sports’ stake in PUMA and Henkel’s acquisition of Olaplex
The review also presents CFI’s latest transactions, including our flagship transaction of the H1 period: Aica Kogyo’s 40% investment in Stylam Industries.
Read about this and more in the full report below:
