Belgium’s food and beverage (F&B) sector is experiencing a solid revival in M&A activity, according to Deloitte’s latest Belgian Future of Food M&A Snapshot.
After a difficult 2023, dealmaking surged in 2024 and maintained its momentum in the first half of 2025.
Deal volume rose by 48.4 percent in 2024, driven by a particularly strong second half. The upward trend continued in HY1 2025, with 22 completed transactions, signalling a robust start to the year. Stabilising interest rates, shifting consumer preferences toward healthier and more sustainable products, and ongoing industry consolidation helped fuel renewed investor confidence.
Cross-border M&A remained dominant, with only 18.2 percent of HY1 2025 deals occurring between Belgian buyers and Belgian targets. Foreign investors accounted for nearly half of all cross-border transactions, though Belgian companies continue to look abroad for growth opportunities. Strategic buyers remained the most active group (63.6% of deals), despite a gradual rise in private-equity activity.
A major share of dealmaking was linked to the Future of Food segment – covering health-focused, sustainable and environmentally friendly food categories. Of the 68 transactions reviewed, 25 (36.8%) fell into this category. Financial investors continue to dominate the FoF space, accounting for more than half of related deals.
2 segments stood out:
• Sustainable agriculture, which saw rising investor interest and five transactions in HY1 2025. Examples include Finance & Invest Brussels backing mushroom producer PermaFungi, and Dutch PE firm Egeria acquiring a majority stake in major tomato grower Den Berk Délice.
• Sustainable food ingredients, which remained active with continued funding rounds, such as Kharis Capital investing in Germany’s KoRo Handels, and further health-oriented investments by The Nest Family Office.
Overall, Deloitte concludes that the Belgian F&B sector is firmly back on a growth trajectory. With strong cross-border activity, increasing private-equity involvement, and sustained interest in sustainable and innovative food categories, the market is set for continued consolidation throughout 2025.
