P&G, Unilever, and PepsiCo Spend Billions as Wellness M&A Accelerates

Quick Facts

Procter & Gamble agreed to acquire supplement brand Thorne for $3.8 billion, expected to close in Q4 2026.
The U.S. supplement market was valued at $69 billion in 2024 and is projected to reach $87 billion by 2028.
CPG deal values more than doubled in Q1 2026 compared to the prior year, reversing a four-year decline, according to PwC.

Procter & Gamble is paying $3.8 billion for supplement brand Thorne, the largest wellness acquisition of 2026 so far. The all-cash deal, sourced from private equity firm L Catterton, is expected to close in the fourth quarter of 2026.

Thorne was founded in 1984 and went public in late 2021 at a $525 million valuation. L Catterton took it private in 2023 for $680 million. The P&G deal represents a 77% return for the investor in roughly two years.

P&G CEO Shailesh Jejurikar called Thorne a well-run operation. Paul Gama, CEO of P&G Health Care, cited growing consumer interest in self-care and prevention as the strategic driver. Thorne joins a P&G healthcare portfolio that already includes Metamucil, Align Probiotic, New Chapter, Oral-B, and Vicks.

Thorne was also reportedly pursued by UK-based Haleon and Unilever before P&G closed the deal, according to the Financial Times. The brand’s appeal rests on its practitioner-channel strength, NSF Certified for Sport credentials, and personalization-driven marketing.

A Pattern, Not an Outlier

The Thorne deal is one of several major wellness acquisitions in the past 18 months. Unilever acquired greens supplement brand Gruns in April 2026 for an estimated $1.2 billion. Gruns was founded in 2023, making it one of the fastest acquisitions in consumer goods history.

Unilever Wellbeing CEO Jostein Solheim said Gruns stands out for products that consumers genuinely enjoy and consistently use. The deal expands Unilever’s supplement portfolio, which already includes Nutrafol, SmartyPants Vitamins, and Olly Nutrition.

PepsiCo paid $1.95 billion for prebiotic soda brand Poppi in May 2025. PepsiCo CEO Ramon Laguarta framed the purchase as part of a broader portfolio shift toward products that fit consumer wellness priorities. PepsiCo also acquired Siete and Sabra in recent years for similar reasons.

The Numbers Behind the Deals

The global wellness economy reached $6.8 trillion in 2024, a 7.9% increase from the prior year and double its size since 2013. The U.S. supplement market alone hit $69 billion in 2024 and is forecast to reach $87 billion by 2028, according to Nutrition Business Journal.

Functional beverages reached $134 billion in 2024 and are projected to hit $231 billion by 2033. PwC’s 2026 Voice of the Consumer survey found 82% of consumers are interested in nutrition, supplements, and personal-care products to support health goals.

PwC’s U.S. Deals 2026 Midyear Outlook found CPG deal values more than doubled in Q1 2026 compared to the same period the year before. The reversal ends a four-year decline in deal activity, driven largely by mega-deals.

What This Means for Brands

Legacy CPG companies are playing catch-up. In 2024, global sales for premium food and beverage brands rose 3% while mainstream brand volumes fell 1%. Large incumbents are acquiring rather than building because breakout wellness brands have demonstrated they can scale fast and hold consumer loyalty.

For DTC founders in the supplement, functional food, and wellness space, the acquisition environment is active. Buyers are paying premium multiples for science-backed brands with strong retention, practitioner credibility, or category-defining products. The window appears open, and strategic buyers are competing for the same assets.