As millennials became old enough to hang out in bars about 15 years ago, the likes of Budweiser and Miller started to taste flat. Fancier drinks and craft beers cut into the brewing giants’ market shares. A gusher of mergers followed, culminating in the $104 billion acquisition of SABMiller by Anheuser-Busch InBev.
Kraft Heinz’s $143 billion bid for Unilever last week, although quickly aborted, is a sign that the attention of millennials and the potential for mergers have shifted to the food industry.