Investment Rating - The report indicates a significant market opportunity in the home and personal services marketplaces, suggesting a positive outlook for investment in this sector [6][8]. Core Insights - The global spend on home and personal services exceeds $2 trillion, with less than 1% currently sourced via online marketplaces, indicating substantial growth potential [8][16]. - The market is characterized by a fragmented supply structure, with many suppliers having excess capacity and a desire for new customer acquisition [19][31]. - Consumer trust remains a barrier, but innovative monetization strategies and specialized niche offerings can help overcome this challenge [6][8][67]. Market Overview - The home and personal services market is vast, with a total addressable market potential exceeding $800 billion across the US and Europe alone [9][10]. - The market is projected to grow steadily at approximately 4% per annum from 2017 to 2024 [13][14]. - Home and personal services remain underpenetrated by online marketplaces, with an estimated penetration rate of less than 2% [15][16]. Growth Opportunities - If penetration increases to levels seen in other verticals (around 20%), the potential market opportunity could reach approximately $100-$150 billion [16][17]. - The report identifies several routes to success, including focusing on recurring and standardized jobs, which can achieve positive customer acquisition cost to lifetime value ratios [8][31]. Challenges - Key challenges include attracting and retaining quality suppliers, creating consumer engagement hooks, and monetizing while keeping both buyers and sellers on the platform [36][39][40]. - The report highlights the importance of building trust and providing value to both consumers and suppliers to drive platform growth [66][67]. Case Studies - The report features case studies of companies like Mittanbud and Bark, which have successfully navigated the challenges of the marketplace by focusing on consumer trust, effective lead generation, and innovative monetization strategies [41][50][60].

Investment Rating - The report indicates a cautious optimism in the investment landscape for 2025, with a significant increase in deal-making activity anticipated, particularly in Europe and the Americas [7][8]. Core Insights - Dealmaking activity showed clear signs of recovery in 2024, particularly in sectors such as media, technology, and travel, while sectors exposed to inflationary pressures remained more cautious [2][3]. - Global private equity dry powder reached an all-time high of $2.6 trillion, indicating significant pent-up spending power ready to return to the market [7]. - The need for robust commercial insights underpinning investment decisions has become increasingly critical in the evolving market environment [8]. Summary by Sections Private Equity - The appetite for investing in high-quality assets with strong fundamentals remained strong across all sectors [4]. - On the sell-side, there was a greater focus on exit planning and identifying value creation opportunities well before exit [5]. B2B/Services - Strong deal flow was observed in acyclical industries, particularly in infrastructure services and energy transition themes [15][16]. - Professional services firms saw increased interest, with accounting buy-and-build platforms emerging as a key area of activity globally [16]. Consumer Goods - The Consumer Goods sector experienced a subdued M&A landscape, with deal volumes approximately 20% down compared to 2022 [23]. - Investors are hopeful for a recovery in 2025, driven by wage growth outpacing prices, which may restore consumer confidence [25]. Retail & Leisure - The Retail & Leisure sector displayed a polarized year, with buoyant activity in leisure and travel assets, particularly foodservice [31][32]. - An acceleration of deal activity is expected in 2025, with key themes including scalable foodservice propositions and sports-related assets [34]. Media - 2024 was a strong year for media M&A, with a significant increase in deal value, particularly in online marketplaces and advertising sectors [39][40]. - An abundance of exits is anticipated in 2025, especially in advertising and marketing services [41]. Technology and Digital - The technology sector saw significant deal flow, particularly in cloud IT and enterprise software, with a strong pipeline of activity expected into 2025 [47][51]. - Investors are closely monitoring opportunities in cloud-based data platforms and vertical software, with a focus on under-digitized industries [52]. General Trends - Sustainability and ESG considerations remain high on investor agendas, despite some governments watering down commitments [10]. - Generative AI is expected to play a crucial role in transforming investment strategies and operational efficiencies across various sectors [11][44].

Investment Rating - The report indicates a need for new strategies to drive growth in the Global 50, reflecting a cautious investment outlook due to recent economic challenges and shifts in consumer behavior [2][4]. Core Insights - The Global 50 experienced a significant decline in growth, with overall growth dropping to 2.7% in 2023, marking the first decline in organic volumes in a decade at -0.9% [2][4]. - Companies are focusing on emerging markets such as Latin America, India, and Southeast Asia to offset slow growth in China [2][4]. - Profit margins remain stable but below pre-COVID levels, necessitating AI-driven productivity gains to restore historical margins [2][4]. Summary by Sections Growth Trends - The Global 50's grocery revenue growth slowed dramatically after inflationary pressures, with a notable decline in organic growth rates [5][6]. - The overall growth rate in local currency from 2019 to 2023 was 3.8%, with organic growth significantly impacted by divestitures and currency fluctuations [8][15]. M&A Activity - M&A activity in 2023 was subdued, with only $22 billion in transactions, reflecting a cautious approach as companies divested non-core assets [2][4][19]. - The acquisition of Kellanova by Mars signals a potential shift towards more confident deal-making, contingent on regulatory approvals [4][19]. Profitability and Costs - Profit margins for the Global 50 remained below pre-COVID levels, with slight recovery in gross margins offset by rising operating costs, particularly in marketing and labor [22][25]. - Companies increased marketing investments to maintain competitiveness despite declining revenues, with marketing costs rising to 41% of total revenue [28][29]. Strategic Focus - Companies are actively refining their portfolios, pursuing strategic acquisitions in high-growth niche markets while divesting non-core assets [52][66]. - There is a strategic shift towards emerging economies to tap into new growth opportunities and diversify market risks [54][79]. AI and Technology - Major FMCG firms are leveraging AI to optimize supply chains, enhance marketing decisions, and drive product innovation [54][81]. - Companies are assessing the implementation of AI applications to balance potential benefits with associated risks [91][96]. Performance of Key Players - Notable performers include Mondelez, which achieved 14% growth through strong brand focus and acquisitions, and Saputo, which delivered over 20% growth by investing in core brands [4][48]. - The report highlights that despite a challenging environment, some companies have successfully driven growth through various strategies [4][49].