Pet Care M&A Report | Q4 2025

Personalized pet nutrition on the rise – a key growth driver in the global pet food market

In this edition of the Oaklins Pet Care M&A Report, our industry experts analyze the latest developments and transactions across the segments pet food, pet pharmaceuticals and veterinary services. The report provides in-depth insights into a dynamic market shaped by increasing pet ownership, ongoing premiumization and a growing focus on pet health and wellbeing.

The global pet food market continues its strong growth trajectory. Starting from approximately EUR 143bn in 2025A, the market is expected to expand to around EUR 184bn by 2030E. Growth is driven by rising pet ownership and increasing demand for premium, functional and health-focused products.

A key focus of this report is personalized pet nutrition, a segment that is rapidly emerging as an attractive growth area within the pet care industry. The market is projected to grow from EUR 3.8bn in 2023A to approximately EUR 7.7bn by 2032E, representing a compound annual growth rate of around 8%.

Europe remains a core market for the global pet care industry. With approximately 139 million pet-owning households and around 299 million pets, the region represents a major driver of global demand. The European pet food market alone is expected to reach approximately EUR 46bn by 2030E.

The report highlights an Oaklins Pet Care transaction, outlining the key value drivers behind the deal and the investment rationale for The Nutriment Company’s acquisition of Easy-BARF.

It also provides an overview of current M&A activity shaping the global pet care sector. Despite a moderate decline in deal volume of around 10% year-over-year (2024–2025), transaction activity remains strong, with approximately 70% of deals being cross-border. At the same time, valuation multiples have normalized following the peak levels seen during the pandemic. In the veterinary services segment, for example, the average EV/EBITDA multiple currently stands at around 10.2x.

Overall, the report provides a comprehensive overview of the most important market trends, valuation dynamics and strategic developments shaping the global pet care industry.

Essential reading for anyone looking to understand the pet care market and stay ahead of the curve.