Following news that Procter & Gamble (P&G) has agreed to acquire supplements manufacturer Thorne for $3.8bn, here’s a closer look at the wave of wellness M&A activity reshaping the global food and drink industry.

The health and wellness sector is experiencing a prolonged period of long-term growth, underpinned by several converging structural forces. Consumer behaviour has fundamentally changed. Broadly speaking, post-pandemic, there’s more awareness of personal health, immunity and longevity among consumers across all age groups. Younger demographics in particular are approaching health and wellness proactively rather than reactively. This behavioural shift has increased demand for products that go beyond traditional pharmaceuticals; daily-use supplements, functional foods and science-backed wellness products are all extremely popular.   

Weight loss medications

At the same time, the rise of GLP-1 weight loss medications is reshaping the broader food and drink landscape. Consumers on GLP-1s eat less in general and are increasingly selective about nutritional value. In turn, this is accelerating demand for high-quality, nutrient-dense products and creating a new wave of opportunity for brands in the meal replacement, protein and supplement space. The acquisition of SlimFast UK by Supreme for c.£20m in 2025 is a prime example of how consumer demand is impacting the M&A market.

Social media influence(rs)

Social media and the ‘wellness influencer’ economy are also powerful accelerators. Brands like Grüns (gummy nutrient supplements founded in 2023 and sold to Unilever for c.$1.2bn just two years later) have demonstrated that a loyal, digitally-engaged customer base can be built and monetised. And fast. It’s no surprise with market activity like this, venture capital and private equity are being deployed at scale.

What recent M&A deals are telling us

The P&G/Thorne acquisition at $3.8bn, compared to L Catterton's acquisition of Thorne for $680m only three years earlier, illustrates the valuation premium now attached to science-backed wellness brands with clinical credibility. Both Thorne and Wonderbelly (acquired by P&G earlier in 2026) have been specifically built around clinical trials and scientifically validated ingredients. As consumers become more sophisticated and more sceptical of both greenwashing and healthwashing, brands able to demonstrate genuine efficacy are commanding significant premiums.

With functional drinks, we’re seeing the same pattern. Nichols (best known for Vimto) acquired VitHit, the functional vitamin drink brand, for £64m in August this year and PepsiCo acquired Poppi (the prebiotic soda brand) for c.$1.95bn in 2025. These deals show just how hot the race is between established drinks businesses, in their efforts to capture more shelf space and consumer loyalty. Functional beverages, which include prebiotics, energy and performance, and vitamin-enhanced drinks, are seeing continued high demand and dynamic market movements.

What to watch

We expect M&A activity in the wellness food and drink space to remain strong into 2027 and beyond. The key themes to watch are:

• Science and clinical credibility. Acquirers are increasingly differentiating between brands with genuine product science and those riding a trend. Due diligence on ingredient claims and regulatory compliance (including advertising standards and health claim rules) are increasingly in focus. 
• GLP-1 adjacency. Brands positioned in the protein, nutrient density and meal replacement space are likely to attract continued interest as the GLP-1 user base expands.
• PE and VC exit activity. With a number of wellness brands having attracted significant investment over the last three to five years, the rest of 2026 and 2027 are likely to see a pipeline of structured exits, whether through trade sale, secondary buyout, or IPO.
• Functional drinks consolidation. The functional drinks market remains fragmented, and we expect further consolidation as brands compete for mainstream retail listings.

Browne Jacobson has a dedicated food and drink sector team advising on M&A, investment, and commercial transactions across the sector. We act for buyers, sellers, and investors - from founder-led businesses through to major consumer goods groups - and have particular experience in transactions involving branded consumer products, regulatory considerations, and cross-border deal structures. If you’re navigating a transaction in the food, drink or wellness space, our dedicated sector team would be happy to discuss your situation.