Total food industry merger and acquisition (M&A) deals in July totaled $2.46 billion, according to GlobalData, UK.

The value marked an increase of 3,214.6% over the previous month, and a rise of 7.8% when compared with the last 12-month average, which stood at $2.28 billion.

Comparing deals value in different regions of the globe, Middle East and Africa held the top position, with total announced deals in the period worth $1.8 billion. At the country level, South Africa topped the list in terms of deal value at $1.8 billion.

In terms of volumes, Europe emerged as the top region for food industry M&A deals globally, followed by North America and then Asia-Pacific.

The top country in terms of M&A deals activity in July was the United States with eight deals, followed by Spain with six and Japan with four.

At the end of July, food M&A deals worth $11.83 billion marked a decrease of 57.5% year on year.

The Top 5 food industry M&A deals accounted for 96.3% of the overall value during July. The combined value of the Top 5 food M&A deals stood at $2.36 billion, against the overall value of $2.46 billion recorded for the month.