Where are CPG brands finding growth as shoppers trade down?

Inflationary pressures and shifting consumer preferences are reshaping the Food & Beverage landscape across Latin America:

  • Hard Discount Surge: Hard discount sales in Mexico reached USD 38.8 billion in 2024, growing at multiples of total retail.

  • Brand Polarization: Private label share gained +1.0pp in Mexico as mainstream brands lost ground, driving CPG manufacturers toward contract manufacturing and scope deals.

  • M&A Rebound: Global CPG M&A reached USD 4.9 trillion in 2025 (+40% YoY), with 83% of strategic deals focused on scope and capability acquisition.

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