The deals came at an every-other-day pace in 2025 – one that was enough to keep us busy.

Between PepsiCo’s $1.9 billion Poppi purchase, Celsius building an energy platform with the $1.8 billion acquisition of Alani Nu and Generous Brands decision to jump into kombucha with Health-Ade, there appeared to be a number of big drink deals last year.

Comparatively though, M&A deal activity was slow in the larger scheme of things. 

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Rello, a professional athlete-founded producer of creatine-infused protein bars and shakes designed for the natural channel shopper, is seeking to help push the functional ingredient beyond the gym and into the mainstream. 

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Boochcraft launched its NA fermented tea brand Mood in January 2024 and is now planning a packaging refresh to seize the growing opportunity in functional drinks.

Continue reading the full breakdown with Insider access

Reporting live at Natural Products Expo West in Anaheim, Calif., Nosh managing editor Monica Watrous and BevNET managing editor Marty Caballero highlight key themes and insights from the development of the coconut water category to the proliferation of beef tallow and more.

Watch the full video recap on Nosh

Tired of chasing food, beverage, and beer reports across sites? The Nombase Data Hub, powered by BevNET, brings together consumer trends, category shifts, retail data, all in one searchable archive, powered by top research partners.

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Here’s a look at leading headlines from around the beverage industry. Go beyond the headlines with Insiders access.

1. Luckin Coffee Closing on Blue Bottle Acquisition

2. Elmhurst Launches Clean Protein Drinks As Sprouts Exclusive

3. PATH Water Enters Sports Drink Set

4. Volume Rebound Provides Strong Growth for Non-Alc Beverages

5. The Functional Ingredients Posting Triple-Digit Growth in Adult Non-Alc

In today’s CPG landscape, profitability isn’t always the first milestone founders should focus on. As capital markets and deal structures, investors and acquirers are often looking for something earlier in a brand’s lifecycle: clear product market fit, strong velocity, and the potential to scale efficiently.

In this episode, Ryan Williams, founder of Northhall and creator of the Fabid deal database shares what recent investment and acquisition activity reveals about how value is actually being built in food and beverage CPG. Together they explore why some brands attract premium valuations while others struggle to raise, how founders should think about capital efficiency, and what recent exits say about the paths companies take to reach a successful outcome.

Tune into the episode here. Also available on Spotify and Apple Podcasts.