增长放缓下的主动调整：百事、可口可乐与百威英博等巨头的2025年并购取舍

农食网01-02

2025年，全球饮料行业的并购活动呈现出一个清晰特征：大型企业不再追求简单扩张，而是围绕增长质量、资本回报率以及区域布局，对业务组合进行更具选择性的调整。烈酒、葡萄酒等成熟品类成为资产出售的集中领域，而功能性饮料、健康汽水以及新兴市场业务，则吸引了更多资金流入。交易节奏贯穿全年，并在年末明显加快。在软饮料领域，PepsiCo成为最受关注的买家之一。3月，该公司以19.5亿美元收购美国益生元汽水品牌...

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GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","BK4610":"咖啡茶饮","SG9999011175.SGD":"Nikko AM Global Dividend Equity Dis SGD-H"},"translate_title":"Active adjustment amid slowing growth: 2025 M&A trade-offs for giants such as PepsiCo, Coca-Cola and AB InBev","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BUD":1.88,"PEP":1.93,"KO":1.91},"content_text":"2025年，全球饮料行业的并购活动呈现出一个清晰特征：大型企业不再追求简单扩张，而是围绕增长质量、资本回报率以及区域布局，对业务组合进行更具选择性的调整。烈酒、葡萄酒等成熟品类成为资产出售的集中领域，而功能性饮料、健康汽水以及新兴市场业务，则吸引了更多资金流入。交易节奏贯穿全年，并在年末明显加快。在软饮料领域，PepsiCo成为最受关注的买家之一。3月，该公司以19.5亿美元收购美国益生元汽水品牌Poppi。这笔交易将PepsiCo直接带入快速增长的“更健康汽水”赛道。Poppi在2024年的年销售额已超过5亿美元，在年轻消费者中具备较高品牌辨识度。市场普遍认为，这一收购反映出传统碳酸饮料增长放缓背景下，巨头通过并购获取新消费动能的策略选择。相比之下，The Coca-Cola Co.在2025年的资本动作更为审慎。公司一方面通过装瓶体系重组加码新兴市场布局。10月，Coca-Cola HBC以26亿美元收购Coca-Cola Beverages Africa 75%的股权，使其业务版图扩展至包括埃塞俄比亚、肯尼亚和南非在内的14个非洲市场，成为全球第二大可口可乐装瓶商。另一方面，Coca-Cola也被曝正在评估其英国咖啡连锁品牌Costa Coffee的未来去向，显示其对非核心零售资产持开放态度。在酒精饮料行业，Anheuser-Busch InBev在年末采取了更具进攻性的策略。12月，这家全球最大啤酒制造商宣布，将以最高约4.9亿美元收购美国硬饮料品牌BeatBox 85%的股份。这一交易被视为百威英博进一步押注高增长、低酒精或即饮酒精饮品市场的举措，以应对传统啤酒消费结构变化。烈酒巨头的策略则更多体现为“减法”。Diageo全年多次出售资产，包括在非洲、澳大利亚和美国的部分业务。年末，该公司以23亿美元将其肯尼亚业务出售给Asahi Group Holdings，成为2025年饮料行业规模最大的资产处置交易之一。公司管理层此前已明确表示，将通过削减成本和出售非核心资产，提高资本使用效率，并为未来增长腾出空间。Pernod Ricard和Campari的动作方向与Diageo高度一致。Pernod Ricard出售部分威士忌和葡萄酒资产，Campari则以1亿欧元出售Cinzano等品牌，持续聚焦其认为更具增长潜力的核心烈酒品牌。咖啡和功能饮料同样是资本关注的重点。8月，Keurig Dr Pepper宣布以157亿欧元收购JDE 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