Beauty and Personal Care M&A – Q1 2026

2025 merger and acquisition (M&A) activity was off to a slow start due to macroeconomic uncertainty from shifting tariff regulation and a volatile geopolitical environment. Global M&A activity regained momentum in Q3, with deal count increasing by 5% quarter-over-quarter and deal value growing by 23% quarter-over-quarter. Beauty and Personal Care M&A showed a modest decline in deal volume in 2025 but a higher median deal value, demonstrating that quality deals of size were still getting done last year. M&A activity was primarily driven by strategics, accounting for ~60% of deal volume in 2025.

Key Takeaways

• Consumers are increasingly paying more for science-backed products and personalization, especially in skincare and haircare
• 2026 will see continued growth in wellness (beyond the aesthetics), personalization and tech
• M&A activity in Beauty and Personal Care is expected to rebound in 2026 as macro conditions improve and strategics continue to expand their portfolios
• Rate cuts and high levels of dry powder among private equity groups will likely drive add-on acquisitions, particularly in digital and DTC platforms

For more information, please contact Sophea Chau, Senior Managing Director, at 617.603.8963.