RL Hulett：2025年第一季度全球宠物行业并购市场研究报告（英文版）

Deal volume in the Pet sector increased 102.7% in Q1 to 152 deals from 75 in Q4 2024, and increased 12.6% from 135 deals in Q1 of the prior year. Q1 represents a reversal in the broader three-year downtrend in volume seen since a peak in Q1 2022 and is indicative of the generally positive market sentiment as we begin to have more clarity on the macro environment. Following the quarterly incline, annual deal volume is on pace to increase 61.3% to 608 deals in 2025, up from 377 in 2024. With a