For a long time, plant-based food was the laggard of the food industry, too activist, too expensive, too processed. In 2025, it became one of the rare consumer goods segments to deliver growth while the rest of the aisle was losing ground.
678 million euros of revenue in France, up 9.2% in value, while overall volumes of fast-moving consumer goods fell by 0.3% in 2024. The balance of power is shifting, and the SMEs and mid-cap companies of the sector are on the front line of a capital movement that is only just beginning.
Three drivers that change everything
The first driver is the consumer. The historical target was urban and from higher socio-professional categories. It is now widening to the 18 to 49 age bracket, shifting the topic from an ethical fight to an everyday grocery trade-off. 53% of French consumers say they have reduced their meat consumption over the past three years, according to Réseau Action Climat. It is the core target of fast-moving consumer goods that is shifting.
The second driver is economic. Beef prices rose by 17% between January 2020 and August 2023 according to INSEE, then by a further 10% between November 2024 and November 2025. Over the same period, plant-based manufacturers that have invested in their facilities are bringing their prices down, as illustrated by HappyVore, which claims a 12% decrease over three years from its plant in the Loiret region. The price gap that used to deter consumers from switching is narrowing.
The third driver comes from distribution. The Plant-Based Coalition led by Carrefour with Danone, Unilever, Bel, Andros, Bonduelle, Nutrition & Santé and Savencia is targeting 3 billion euros of revenue by 2026. Shelves are becoming more professional, and the window to secure listings is now.
A dual market that shapes the capital reading
The market is not homogeneous, it is dual. Plant-based drinks and ultra-fresh dairy alternatives are mature segments where private labels account for 184 million euros, up 12.7% in volume. The industrial challenge prevails over the brand challenge, which pushes deals towards a logic of scale and shared production facilities. Conversely, meat substitutes and plant-based cheeses remain a terrain for specialist brands, where consumers trust pure players more than private labels. Valuations are more attractive there, and that is where most of the M&A flow is concentrated.
A European catch-up that opens a strategic window
Consumption of meat alternatives accounts for 10% of the meat market in Germany and the United Kingdom, compared with 1% in France, which recorded the highest European growth in the sector in 2025, at 15.7%. This momentum is drawing in foreign players and pushing French pure players to anticipate their internationalisation, as illustrated by La Vie, which is now present in 8,200 points of sale in France and the United Kingdom. Domestic market capture and exportable platform are becoming the two central axes of upcoming deals.
Three M&A patterns at work among SMEs and mid-cap companies
- The strategic carve-out from family-owned mid-cap companies. In 2024, Olga, with 300 million euros of revenue, carried out a two-step refocusing supported by Auris Finance. Its Traiteur Végétal division was sold to Ariv, a company created by Michel Charrier and Marc Bouetté, while its Fromagers de Tradition division, including the Hardy & Segré workshops, was acquired by Laiteries H. Triballat, owners of Rians. Olga can now concentrate its resources on Vrai and Sojade. A textbook case for executives of multi-business mid-cap groups, with each asset finding a shareholder whose strategic core it now matches.
- Consolidation among pure players. In January 2025, Jay&Joy acquired Les Nouveaux Affineurs, in a deal financed by a 2 million euro fundraising round from Demeter and sector business angels. Jay&Joy doubles its industrial capacity and establishes itself as a French leader in plant-based cheese. The deal foreshadows the trajectory of pure players seeking to move beyond the craft stage to reach European scale.
- Strategic positioning by large groups. In March 2026, Standing Ovation raised 34.2 million dollars, with Danone Ventures coming on board alongside Bel, a shareholder since 2022. The Paris-based SME, which produces casein through precision fermentation, validated the industrial scale-up of its technology with Bel at the end of 2025. A partnership model built in stages that secures financing, market access and a long-term exit route.
What to watch in 2026
The trade-off between the Plant-Based Coalition and retailers’ own private labels will determine the margins of national brands and their capacity to finance external growth. The profitability trajectory of pure players (Umiami, La Vie, HappyVore as leader with more than 20% market share) will pave the way for the first exit or industrial acquisition deals. A possible downturn by 2027 would accelerate consolidation from the bottom up.
Plant-based food is now a fully-fledged capital playground.
For executives of SMEs and mid-cap companies, the question is no longer whether to act, but when and with whom.
