Mergers and acquisitions (M&A) in the pet food market — in fact, for the pet care industry overall — have slowed in the past several years, and 2025 was no exception. We tracked 23 deals for the year, and nearly half (10) came from one source, the Nutriment Co. in the U.K.
That total of 23 was down from 26 in 2024. That 2024 total represented a small jump from just 18 in 2023, but nowhere close to the heady levels of 2020-2022: 48, 58 and 38, respectively. Some of the higher numbers do include M&A deals in other pet sectors besides pet food, but there’s no mistaking a steady slowdown over the last three years.
Writing in the December 2025 issue of Pet Age about what she refers to as the “slowest period in my 15-year M&A career,” Carol Frank, founder and owner of the BirdsEye Advisory Group, shared perspectives and outlooks from six “active acquirers in the pet space” on M&A prospects for 2026.
Bottom line: They all, including Frank, seem “cautiously optimistic” that activity will pick up in 2026 but is not likely to reach the highs of 2020-2022.
Cat food, pet treats, functional products still attractive
Describing the 2025 pet M&A landscape as “slow” and “selectively active,” these experts highlighted the categories still drawing the most interest:
- Consumables (especially cat food — not surprising considering that cat ownership is at least steady, if not rising, compared to the flattening out of dog ownership);
- Pet treats;
- Pet services (boarding, daycare, training, grooming and insurance, though some put the latter in its own category);
- Premium, particularly functional, products;
- Pet supplements and other health products.
It’s no coincidence that at least some of these categories are also growing in sales. Profitable growth, along with resilience, is among the positives that still attract investors. Being realistic about a company’s value is key, too. According to Harrison Seeman of Central Garden & Pet, his company is “evaluating businesses based on fundamentals like barriers to entry, margin potential and management strength — it’s important that growth potential is aligned with valuation,” Frank wrote.
Other factors sought by investors? For potential acquirees to be well-positioned and well-run, as well as prepared and focused on being acquired. “The capital is there, but only for businesses that can clearly articulate why they will endure and grow in any environment,” said David Cunningham of Visio-Cap, quoted by Frank.
What about outside the US? (Looking at you, Europe)
An important note about these insights: They’re just about pet M&A in North America, mainly the U.S. Other pet food and pet care markets could be a whole other ballgame. For example, the past few years have seen a different European pet food business dominate with M&A buying sprees: United Pet Food in 2023-2024, then the Nutriment Co. in 2025. (The latter started making acquisitions in 2024, too.)
Will another pet food company step up to the plate in 2026?
