Food and drink M&A trends: High-protein products
The consumer popularity in high-protein based food and drinks products continued to increase in popularity across 2025 which was highlighted by the varied M&A activity we have seen across the last 12 months.
Bolt-on strategy
One of the standout UK transactions of the year was Yeo Valley’s acquisition of dairy brand The Collective, known for its high-protein gourmet yoghurts. The Collective was already partnered with Yeo Valley for its production, therefore bringing the brand into the Yeo Valley group made sense for improving supply chain costs and increasing revenue.
Also, in December 2025, Bako Group acquired Bako Western for an undisclosed sum. Both companies, who had shared a brand since the 1960’s but had traded separately until the acquisition, are suppliers of bakery ingredients including high-protein baked goods.
Both deals highlight the importance for acquisitive companies in having a clear bolt-on strategy as well as the recent M&A trend that companies are buying their suppliers or logistics partners in order to protect margins.
Expansion of high-protein products
Another key M&A trend we saw over 2025 and which we expect to continue into 2026 is the increased activity in savoury and functional snacking as the sweet protein bar market becomes saturated.
In March 2025, Puma Growth Partners completed an $8m investment into LOVE CORN, which was recognised as the UK’s fastest growing snack brand in 2024 by Circana Research. Early 2025 also saw TRIBE, the energy snack brand whose bars are all vegan, gluten-free and contain only natural ingredients, raise £2.4m in a funding round from investor including Mercia Ventures and Yeo Ventures.
These private equity investments highlight the shift in consumer demand for healthier options in the supermarket and are a clear indicator of where the high-protein market is headed in 2026 and the next few years.
This shift away from ultra-processed products has also seen America's first increase in milk consumption since 2009, according to data from the US Department of Agriculture. The Browne Jacobson corporate team advised First Milk back in 2024 on the acquisition of a leading dairy product manufacturer.
Contents
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- Rise and shine: The European breakfast directive’s new year transformation
- Investing in wellness: Deal activity in the UK's health-conscious market
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