Consumer products M&A continues to decline, with deal value falling in 2020 as the industry faces slow growth and disruption from shifting consumer needs, channels, and competition. Despite this, successful companies continue to outperform by acting as serial acquirers with repeatable capabilities across deal screening, diligence, execution, and integration. Rather than relying on large acquisitions, leading players are adopting a “string of pearls” approach, completing multiple smaller deals to build positions in new categories or geographies. This playbook requires speed, conviction, and careful integration to create value without destroying it, and has helped disciplined acquirers achieve stronger shareholder returns even as total industry deal value has softened.

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