M&A is a critical growth engine for beverage companies who want to navigate rapid market shifts, fast. It helps major CPG players enter new categories or expand their geographical reach: acquiring new products, technologies and capabilities.
In 2025, beverage M&A has been a way to scope out new possibilities, as well as react to challenges and future-proof companies for the future.
The biggest deals aren’t just about money: they’re about setting up companies for long-term strategic growth.
Keurig Dr Pepper buys JDE Peet in $18bn coffee deal
This mega deal is set to transform the global coffee industry as well as shake up the North American beverage market. Here’s why.
The combination of KDP and JDE Peet’s will bring together top global coffee brands such as Keurig and Green Mountain (from KDP) and L’OR, Peet’s, Jacob’s, Senseo and Douwe Egberts (from JDE Peet’s): creating the world’s largest pure-play coffee company.
And what’s more, it takes KDP – a North American giant – global: thanks to the worldwide scope of Amsterdam-headquartered JDE Peet’s.
But it’s not just about geographical expansion: the new combined entity pledges to lead the next generation of coffee innovation worldwide: with its ability to rapidly scale new ideas.
With around $16bn in annual sales, the new coffee giant will be looking up to Nestle (with brands like Nespresso, Nescafe and Starbucks, the FMCG giant enjoys around $29.5bn in coffee revenues per year)
The deal, however, isn’t just about coffee. Once the acquisition is complete, the North American refreshment business will split off into a separate entity: focusing on Dr Pepper, 7UP and Canada Dry.
The acquisition is expected to close in the first half of 2026.
PepsiCo acquires Poppi
PepsiCo announced in May it would acquire gut health superstar soda Poppi for $1.95bn: marking a power push into the gut health category.
Eying up the ‘cultural cache and nutritional profile’ of the brand, PepsiCo will be able to take those attributes and ramp up scale and distribution.
It’s part of a wider move by PepsiCo to shift towards a better-for-you portfolio: led by brands such as Gatorade in sports drinks, and Aquafina and bubly in water. And functional beverages has been a particular area of interest for the North American snack-to-beverage giant.
Coca-Cola, meanwhile, has responded to the gut health trend with a home grown launch: Simply Pop.
Coca-Cola eyes return of bolt-on deals
2025 has been a quiet year for Coca-Cola on the M&A front. While the company had spent the last decade scooping up brands such as Topo Chico, Bodyarmor , Costa, Fairlife and AdeS, the pandemic and post-pandemic years saw the focus switch to rationalizing its portfolio.
The company's appetite for acquistions is now returning - CEO James Quincey says bolt-on M&A will likely become a 'bigger feature' moving forward.
Celsius, Alani Nu and PepsiCo: Better-for-you energy
The better-for-you energy category has been the one to watch in 2025.
Celsius’ upwards trajectory has been meteoric: from sales of $300m in 2021 to a billion dollar brand by 2023, and with investment from PepsiCo in 2022. And its now looking at how to continue that growth trajectory.
In February, Celsius acquired of Alani Nu for $1.8bn. The deal allows the two brands to combine forces and embrace the potential of the category: but, critically, it also takes Alani Nu’s focus on female consumers and helps the brands expand this opportunity. The acquisition also reveals the white space beyond energy drinks: exploring snacks and bars.
In September, Celsius announced it would buy Rockstar Energy from PepsiCo in the US; in a deal which saw PepsiCo up its ownership stake in Celsius to 11%. And Alani Nu entered the PepsiCo distribution system, opening up new channels and broader distribution.
Vinarchy launches as ‘future focused’ wine company
As the wine industry continues to face the stark reality of declining consumption and production, a new leader for the category emerges.
In April, Australia’s Accolade acquired Pernod Ricard’s international wine portfolio to create Vinarchy: a ‘future-focused wine company with a mission to redefine wine’.
The new entity includes well-known brands such as Jacob’s Creek, Hardy’s and Campo Viejo. But it wants to bring new formats, innovative products and experiences to shake up the wine industry.
Vinarchy has more than $1.5bn AUD ($1bn USD) in annual sales: which compares to around $5bn for E & J Gallo.
