Merger and acquisition activity in the Food & Beverage industry in 2015 has stabilized after a robust level of activity in 2014. Although the number of transactions is down slightly year over year, transaction values have been significantly higher as strategic buyers acquire trending specialty food & beverage companies. Strategic buyers continue to dominate the M&A landscape, as exemplified by massive deals between Kraft & Heinz, Applegate & Hormel and Mondelez & Enjoy Life Foods. The shift in consumer attitudes towards food & beverage consumption has led directly to the valuation boom in niche industries including natural products, craft beer and protein focused food products.