The European, and particularly the German, bakery market is undergoing structural change. Ongoing consolidation, rising cost pressures and succession challenges are shaping market developments. At the same time, discount bakery chains continue to gain market share, while specialized bakery concepts benefit from changing consumer preferences.

Our latest market analysis examines the key developments in the bakery market and the dynamics of M&A activity across Europe. It focuses on the growing importance of strategic buyers, the continued predominance of domestic transactions and current valuation levels.

Between 2020 and 2026 YTD, strategic buyers accounted for 69% of the analyzed transactions. Median transaction multiples stood at 10.0x EV/EBITDA and 1.4x EV/Sales.

The publication also reviews selected transactions from recent years and examines the development of BrotWert Group as an example of a buy-and-build strategy in the German bakery market.

Looking ahead, market consolidation is expected to accelerate further. Strategic buyers and financial sponsors may unlock additional growth opportunities through geographic expansion, add-on acquisitions and operational efficiencies.

Read our latest market analysis to explore the trends, transactions and valuation perspectives shaping the bakery market.