Market and valuation update for the CM sector

Industry
02/09/25

This edition of the Swiss M&A Report is aimed at anyone interested in the M&A environment in the Consumer Markets (CM) sector in Switzerland.

In addition to an overview of the general transaction environment in the Swiss CM sector, the publication delivers comprehensive insights into the past and current valuation levels of eight sub-sectors within consumer products, retail, and hospitality & leisure, covering the entire Swiss CM market, as well as sector-specific growth rates and margins.

Current M&A environment in the Swiss CM sector

September 2025

Explore our latest Consumer Markets M&A Report for key insights on trends, valuations, and sector dynamics. Global Consumer Markets deal values were supported by a few large transactions, but overall activity remains subdued amid tariff tensions and weak consumer sentiment. In Switzerland, Consumer Markets deal volumes stabilized in H1 2025 but stayed well below last year’s levels. Corporate buyers dominated with 73% of transactions, and over half were cross-border, confirming Switzerland’s strong international appeal.

Valuations remain under pressure, significantly below the 5-year average. Looking ahead, early signs of resilience are emerging: Strategic buyers focus on scale and digital capabilities, while selective high-value deals show long-term confidence. Portfolio optimization and tech-driven value creation could support a recovery in H2 2025.

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Past reports

March 2025

Welcome to the March 2025 edition of our Consumer Markets Report. In this update, we explore recent trends in global and Swiss M&A activities within consumer sectors.

Globally, despite a 19% drop in deal volumes for 2024, deal values—including megadeals—rose by 18% compared to 2023. This reflects a strategic shift toward more selective acquisitions. In Switzerland, deal volumes saw a slight 1% increase from 2023 to 2024, maintaining stability even during challenging times.

Our report offers insights from PwC's expert advisors, detailing transaction environments and valuation trends across key consumer subsectors. PwC continues to lead as a trusted M&A advisor, providing comprehensive services throughout the transaction lifecycle.

This report aims to help you navigate current market dynamics, facilitating informed decisions and strategic planning for the year ahead. Explore the opportunities in consumer markets with us.

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July 2024

The Swiss consumer market sector reveals a nuanced landscape shaped by both challenges and opportunities. Between 2022 and 2023, M&A activity experienced a modest 1% decrease in volume and a more significant 21% drop in value, mirroring broader market trends. Q1 2024 saw a slight decline in deal flow, marking the weakest start in recent history. Throughout this time, corporate buyers have been more active than private equity investors, adding to the sector's resilience. Despite a lower share of cross-border deals due to reduced global activity, Swiss consumer market assets remain attractive. Stabilising valuation levels and a cautiously optimistic outlook suggest potential for a rebound.

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Swiss M&A Report

Market and valuation update for the CM sector

Contact us

Sascha Beer

Partner, Corporate Finance / M&A Leader, Zurich, PwC Switzerland

+41 58 792 15 39

Lasse Stünitz

Partner, M&A / Corporate Finance, Zurich, PwC Switzerland

+41 58 792 4928

Andreas Schmuckli

Senior Manager, Corporate Finance / M&A, Zurich, PwC Switzerland

+41 58 792 29 76

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