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Our H1 2026 Global Consumer & Retail deal trends report reveals an ambitious, if focused, M&A landscape, as dealmakers deploy capital more selectively and chase value over volume.
The headline story is scale. Total deal value increased to £130 billion in H1 2026, up 12% vs. H1 2025 – despite a lower volume of deals. This reflects a continuing trend toward large-cap transactions, fuelled by bold corporate portfolio realignment. The first half of the year saw a wave of consumer carve-outs – 24% ahead of H1 2025 – with headline deals including McCormick’s £33 billion acquisition of Unilever Foods and LVMH’s £630 million sale of Marc Jacobs.
The Food & Beverage sector continues to lead the market, registering the largest total and average deal values. Apparel Retail saw a notable comeback, with the sharpest rise in deal activity year-on-year. While activity in Health & Beauty cooled, the sector continues to enjoy the strongest fundamentals – commanding the highest multiples, margins, and revenue growth.
Underpinning this is a renewed appetite amongst lenders for consumer businesses – seen as a counterweight to volatility in tech and software – favouring resilient demand and strong cash-flow visibility.
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