U.S. food giants got a little smaller in 2025.

After years of amassing expansive portfolios, some companies are now slimming down to better focus their businesses in the face of slowing consumption. Both Kraft Heinz and Keurig Dr Pepper announced intentions this year to break up, while Unilever split off its ice cream unit.

Still, even as some companies slimmed down their portfolios, others relied on M&A to grow their presence in new categories or trendy segments such as health and wellness. PepsiCo's $2 billion Poppi acquisition and Hershey's deal for LesserEvil popcorn helped the food giants diversify their offerings and better reach younger consumers by playing into emerging trends.

Corporate spinoffs also paved the way for some food companies to get even bigger. Mars and Ferrero closed on acquisitions of a splintered Kellogg, positioning them to be more formidable competitors in 2026.

Food Dive rounded up some of the biggest M&A deals and announcements of 2025. With sales continuing to remain sluggish, companies are likely to continue buying and selling brands next year to better position their portfolios for growth.