The Food sector in Spain closed 2025 with particularly strong M&A activity, standing out for its resilience against the widespread downturn in the European transactional market. According to the analysis prepared by Albia IMAP, the fourth quarter was the most dynamic of the year, confirming the sector’s attractiveness and the momentum generated by both industrial and financial investors.
This post summarizes the key data, trends, and operations from the report.
1. M&A in the Food Sector Maintains Momentum in 2025
Despite the global contraction in M&A activity, 125 transactions were completed in Spain’s food sector during 2025, with significant activity in:
- Meat Processing
- Fruit & Vegetables
- Bakery
- A notable increase in financial investors, who played a central role in consolidation and professionalization processes.
Q4 stood out with 39 transactions, almost double the previous quarter, demonstrating the resilience of the Spanish market compared to the European average.
Outlook for 2026
The sector enters 2026 with expectations of stability, maintaining 120–140 transactions per year, with the meat subsector taking a leading role as it continues through a growing consolidation process.
2. Most Active Subsectors in 2025
According to the report, the following subsectors were the most dynamic:
- Meat (29 transactions)
- Fruit & Vegetables
- Industrial Bakery & Pastry
- Beverages
- Poultry
Additionally, since 2024, the eggs and egg products subsector has become one of the most attractive for M&A, with 6 transactions in 2025 and more than ten in the last three years. Its attractiveness is driven by:
- Its role as an accessible and essential protein
- Growing exports to France, the United Kingdom, and Portugal
- Transition toward cage-free systems and higher–value-added products
- Significant investments increasing entry barriers
Groups such as Hevo Group, Rujamar, Agotzaina, and Eurovo are leading the consolidation process.
3. Buyer Profile in 2025
The report shows a balanced distribution of buyer types:
- 64% domestic buyers vs. 36% cross-border
- 45% financial buyers, strengthening their influence in consolidation and build-up strategies
- The rest comprised by national and international industrial players
4. Key Q4 2025 Transactions: Spanish Companies as Targets
Some of the quarter’s most relevant transactions include acquisitions in:
- Bakery and frozen dough (Spain → Belgium)
- Pork meat processing (vertical integration following Campofrío’s partial divestment)
- Fish and seafood (entry of Indian and Ecuadorian groups to reinforce European capabilities)
- Olives and pickles
- Poultry products
- Gourmet burger chains (Private Equity)
- Iberian ham and cured meats
A common theme across these deals: reinforcing industrial capabilities, international expansion, and gaining scale.
5. Cross-Border Deals Led by Spanish Companies in 2025
The Spanish food sector also played a significant role as an international buyer, acquiring companies in:
- France (fruit & vegetables; frozen vegetables; charcuterie)
- Germany (leading jam and spread brands)
- United Kingdom (premium milkshake brand)
- U.S. (snacks and cereals)
- Netherlands (pastry and ice cream)
- Morocco (cocoa-based products)
- Greece (premium olives)
Primary goals of these acquisitions:
- International expansion
- Portfolio development
- Strengthening market leadership
- Integrating production capabilities
6. M&A Market Trends in Spain in 2025
Based on data from TTR and MergerMarket:
- Q4 was the most active quarter of the year
- Private Equity participation increased
- Spain maintained higher deal activity than the European average
- Investor appetite showed a steady recovery toward the end of 2025
The Food sector enters 2026 with strong fundamentals for M&A: high activity levels, strong interest from financial investors, ongoing consolidation in strategic subsectors, and greater prominence of international transactions. Albia IMAP continues to support companies and investors in an evolving environment, offering sector expertise and global reach.
