The report below gives a good overview of the Summer 2021 M&A activity in the Food and Beverage Industry Sector. COVID-19 came as a shock to many businesses, as governments around the world shut down parts of their economies and more individuals began working from home. Foodservice closures wreaked havoc on the food supply chain, forcing businesses to rethink their present business models. However, the sector showed tremendous resilience.
Gradual re-opening of economies created new opportunities for the sector and food manufacturers became more adaptable to the changing consumer behavior. The sector will be able to keep up with changing consumer preferences primarily due to food innovations driven by shifting consumer palates and the introduction of creative cooking. The food and beverage industry is adopting the trend of localized production. The US food and beverage industry services market by revenue is expected to grow at a CAGR of approximately 7% during 2020–2026, as per report published by Reportlinker.com. Going forward, the food and beverage industry is expected to focus more on health, wellness, and sustainability, as well as a growing emphasis on implementing new technology solutions, in order to improve customer experience.