The wellness M&A hot streak shows no signs of slowing down

CPG Playbook // August 10, 2026 The wellness M&A hot streak shows no signs of slowing down By Gabriela Barkho Thorne Acquisitions in 2026 are proving to be all about health and wellness. Last week, Procter & Gamble announced its acquisition of supplement brand Thorne for $3. 8 billion, part of a wave of high-profile acquisitions in the wellness space.

It’s another strong signal that large CPG conglomerates are increasingly seeking out science-backed, high-growth brands to add to their portfolios as consumer priorities shift toward longevity, functional health and the nutritional demands of the growing GLP-1 user base. The Thorne buyout is the latest high-profile supplement acquisition of 2026.

Earlier this year, three-year-old gummy multivitamins startup Grüns was acquired by Unilever for an undisclosed figure. The P&G deal comes after a series of ownership shifts for Thorne, including an IPO in 2021. Since then, the company, founded in 1984, was taken private by L Catterton in a deal valued at $680 million.

According to Thorne, its annual revenue surpassed $500 million in 2025. Mike Ross, PwC’s U. S. consumer markets deals leader, said that as consumer behavior shifts toward better-for-you products, large CPG conglomerates are adapting their portfolios by acquiring buzzy wellness brands.

“We’re seeing CPG companies becoming much more intentional about what belongs in their portfolios, and just as importantly what doesn’t,” Ross said. This is especially true as GLP-1 adoption and broader wellness behavior push demand toward high-protein, fiber-rich, hydration-focused and portion-controlled products.

As consumers place greater emphasis on these lifestyle changes, Ross said companies are actively reviewing brands that may not be in line with these emerging priorities. Meanwhile, major strategics are looking to acquire brands with credible, science-backed wellness positioning.

“That’s why we’re seeing more divestitures of non-core assets alongside acquisitions that strengthen long-term positioning in health, wellness and better-for-you categories,” Ross said. As such, strategics continue to be interested in functional health categories like longevity solutions, supplements and GLP-1-geared nutrition.

Ross said investors increasingly view these as long-term shifts in consumer behavior rather than short-lived wellness trends. Ross pointed to a recent PwC report on GLP-1 consumer trends, which shows that weight-loss drug adoption in particular is strong among U. S. households. GLP1-1 penetration doubled over 18 months.

What’s more, 80% of current GLP-1 users — and 74% of lapsed ones — report having to piece together their own wellness routines with a variety of products. As for what big CPG is looking for in an M&A target, Ross said that revenue growth still matters along with a strong presence in e-commerce, drug and club channels.

“One capability that’s becoming increasingly valuable is first-party consumer data,” Ross said. Moreover, he said that as AI changes how consumers discover and purchase products, companies that have strong direct relationships with their customers and understand their behaviors are commanding a premium.

“It is no longer just about whether a product sells on a shelf; it is whether the brand shows up in an AI-generated shortlist, a social commerce feed or a subscription basket,” Ross said. High-growth brands like Thorne and Grüns are prime examples.

Rachel Hirsch, founder and managing partner of Wellness Growth Ventures, said these splashy M&A deals come as no surprise amid a confluence of factors. “We’re living through the most nutrient-deficient period in modern history,” Hirsch said, referring to shrinking access to natural, whole foods at affordable prices.

That has led to an over-reliance on convenient and processed foods among the average consumer. She added that ultra-processed food and the rapid adoption of GLP-1s mean supplementation is only going to grow. “And where demand grows, M&A inevitably follows,” she said.

As for the multi-billion-dollar deals, Hirsch said they are due to the category itself having fundamentally changed. “We’re moving toward a future where people need more supplementation, not less,” Hirsch said. With brands becoming part of consumers’ daily health routines, she said, “strategic buyers are willing to pay up for the few scaled, trusted assets.”