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M&A activity in the North American food and beverage industry declined in Q2 2020 due to the continued impact of the COVID-19 pandemic. Overall disclosed transaction volume decreased from 215 to 118 and total disclosed transaction value decreased from $11.4 billion to $1.4 billion from Q1 2020 to Q2 2020 respectively.

M&A activity in the North American food and beverage industry declined in Q1 2020. Overall disclosed transaction volume decreased from 235 to 213 and total disclosed transaction value decreased from $10.3 billion to $9.3 billion from Q4 2019 to Q1 2020 respectively. Despite the decline in transaction value, average disclosed transaction value remained relatively unchanged, decreasing from $43.6 million in Q4 2019 to $43.5 million in Q1 2020.

M&A activity in the cannabis industry has significantly decreased from the third to fourth quarter. In comparison, the fourth quarter saw fewer transaction volume, with no deals surpassing $500 million in the quarter. The average transaction value for all deals ranging from $5 million to $500 million declined by more than 50 percent from the third quarter to the fourth quarter, decreasing from $78 million to $33 million. This was the first time since Q3 2017 that total transaction value fell below $1 billion for one quarter.

Q4 2019 M&A activity in the North American food and beverage industry was highlighted by the highest volume of transactions in the past five years. The total number of disclosed transactions in Q4 2019 reached 231, approximately a 27 percent increase from Q3 2019. Despite the increase in transaction volume, average disclosed transaction value fell from $53.3 million US in Q3 2019 to $40.3 million in Q4 2019 as a result of fewer multi-billion dollar transactions during the period.