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The M&A outlook for consumer markets in 2026 is defined less by cyclical recovery and more by strategic repositioning. While growth remains uneven and deal activity selective, companies are using M&A to sharpen portfolios, secure critical capabilities and strengthen competitive positioning. Private equity is returning to public markets through take-privates, consolidation is accelerating in core categories, and capability-led acquisitions are blurring sector boundaries. In this environment, dealmakers who combine strategic focus with disciplined execution will be best placed to build structural advantage and capture long-term value. Read on for insights into global and Swiss consumer markets M&A trends.
By Mark Mallet, Partner, Consumer Markets Leader, PwC Switzerland
Consumer markets M&A enters 2026 on firmer ground than many anticipated, despite a still cautious consumer environment and uneven growth across categories. Consumer confidence remained subdued through much of 2025, with spending constrained and savings elevated. Against this backdrop, companies that have focused on cost discipline, operational efficiency and portfolio optimisation are now emerging in a stronger position, with renewed willingness to pursue strategic transactions.
This shift is already visible in the deal data. In 2025, global consumer markets M&A deal values rose by 41%, even as volumes stayed broadly flat, reflecting a market increasingly driven by fewer, larger and more targeted transactions. Strategic buyers and private equity sponsors led activity, particularly in the US, while Europe and Asia saw a steady flow of smaller brand- and channel-led deals. The result is a more selective M&A environment, where conviction and strategic fit matter more than deal volume.
Looking ahead, the outlook for 2026 is supported by a gradually improving macro backdrop. Growth expectations are stabilising, financing conditions are easing and regulatory uncertainty—especially in the US—has moderated. Public consumer companies remain widely viewed as undervalued, creating opportunities for take-privates, carve-outs and strategic resets. At the same time, AI, digital commerce and evolving consumer expectations are accelerating competitive change, making M&A an increasingly important tool for companies seeking to rebalance portfolios, acquire capabilities and position themselves for long-term advantage.
Key themes shaping consumer markets M&A in 2026
Despite a still selective deal environment, we see five structural forces supporting resilience and momentum in consumer markets M&A in 2026:
1. Portfolio focus and capital discipline
Consumer companies are actively reshaping portfolios by divesting subscale or non-core brands while concentrating capital on global, scalable platforms. This shift towards leaner operating models is accelerating spin-offs and disposals, supported by pockets of distress, particularly in Europe. These transactions may be smaller individually, but collectively they are improving capital efficiency, simplifying business models and reallocating resources toward higher-growth, higher-margin segments.
2. Private equity returns to public markets
Private equity is re-emerging as a key buyer through take-private transactions, targeting undervalued listed consumer companies with strong brands and stable cash flows. With ample dry powder and easing financing conditions, sponsors are focusing on businesses facing structural disruption or changing consumer behaviour, where operational improvement and repositioning can unlock value.
3. Scale-driven consolidation in core categories
Strategic buyers are accelerating consolidation to strengthen resilience, improve cost structures and gain operating leverage in demand-sensitive markets. This is most visible in grocery, beauty, pet care and logistics, where fragmentation and rising costs reinforce the case for scale. Supply chain resilience, cost pressure and value-oriented consumers are making consolidation a central competitive lever.
4. Capability-led M&A and sector convergence
Companies are increasingly using M&A to acquire critical capabilities rather than just market share. Technology, logistics, data and AI-driven customer engagement are becoming core strategic assets, prompting retailers and brand owners to buy rather than build. This is blurring boundaries between retail, logistics, healthcare, media and technology, as firms seek end-to-end control over fulfilment, customer insight and digital commerce ecosystems.
5. Founders reclaim brands in a strategic reset
Founder buybacks are emerging as a notable theme, as entrepreneurs repurchase brands from corporates or financial sponsors. These deals reflect portfolio rationalisation by large owners and renewed emphasis on authenticity, brand purpose and direct customer connection. In a market favouring focus over diversification, founder-led ownership is increasingly seen as a way to revive growth and sharpen brand identity.
Spotlight on Consumer markets M&A in Japan
Japan is emerging as one of the most dynamic consumer M&A markets globally, driven by governance reform, demographic change and accelerating portfolio restructuring among large corporates. Retail and consumer goods are benefiting from these structural shifts and from changing consumer behaviour, prompting acquisitions focused on digital capabilities, private-label development and international expansion.
Deal values in Japan’s consumer sector rose by 24% in 2025, from $18.5bn to $23.0bn, with 11 transactions above $500m compared with seven the previous year. Cross-border interest is strengthening as the weak yen improves valuation appeal for foreign buyers from the US, Europe and Asia, many of whom favour minority stakes and joint ventures, particularly in retail and food and beverage. Private equity has also become more active, especially in grocery and specialty retail. Notable transactions include KKR’s sale of Seiyu in July 2025 and Bain Capital’s acquisition of York Holdings’ supermarket and specialty store divisions from Seven & i in September 2025, reflecting strong investor interest in assets exposed to long-term demographic and consumption trends.
Large Japanese conglomerates are using M&A to expand globally into higher-value consumer food segments. Mitsubishi strengthened its international position through Cermaq Group’s acquisition of salmon farming assets in Norway and Canada from Grieg Seafood, while Marubeni acquired US mochi ice cream brand Bubbies to scale its branded and ready-to-eat portfolio.
Hospitality and leisure are also expected to gain momentum in 2026, supported by the recovery in inbound tourism and a shift towards experience-led travel. Recent deals include Seibu’s acquisition of adventure tourism operator Oku Japan and Seibu Prince Hotels’ purchase of boutique group Ace Hotel, highlighting a move towards lifestyle and curated travel offerings.
By contrast, the restaurant sector faces structural pressure from declining domestic consumption, making outbound M&A an increasingly important growth lever. Transactions such as Colowide’s acquisition of Australia-based The Meat & Wine Co illustrate how Japanese operators are seeking to diversify revenues, access faster-growing markets and build scalable international platforms beyond the domestic market.
Consumer market M&A volumes and values in 2025
Global consumer markets M&A deal values increased by 41% in 2025, despite a 1% decline in deal volumes, driven by a rise in large transactions, with twelve megadeals (transactions over $5bn) compared with six in 2024. EMEA represented nearly half of global deal volume and recorded the strongest growth in activity, with volumes up 10% year-on-year. In Asia Pacific, volumes were flat, and in the Americas, they fell by 19%.
Although the Americas accounted for less than a quarter of deal volumes, they generated more than half of global deal values, which rose 89% year-on-year. This was mainly due to an increase in US-focused megadeals, including large corporate and private equity-led public-to-private transactions. By comparison, deal values rose more moderately in Asia Pacific (+11%) and EMEA (+4%).
From consumer health to travel to gaming: key sectors to watch in 2026
We expect the following key trends to drive M&A activity in the consumer markets sectors in 2026:
And what about M&A in the Swiss consumer markets?
In 2025, our outlook for consumer markets in Switzerland was focused on the following four key trends that would shape domestic dealmaking:
- Digital transformation and AI integration
- Portfolio optimisation and divestitures
- Inbound investment and cross-border M&A
- Consumer resilience amid economic fluctuations
For 2026, we see primarily a reprioritisation and refocus on three of our key global M&A structural drivers:
- Portfolio focus and capital discipline
- Scale-driven consolidation in core categories
- Capability-led M&A and sector convergence
While 2025 was a transition year, with the new US administration taking over and introducing tariffs into the global economy, 2026 can be seen as a shift “back to basics” when it comes to navigating economic and geopolitical uncertainty.
2026 started off with multiple disruptive geopolitical events, from Venezuela to the more recent events in the Middle East. This in turn has directly impacted the economic outlook for 2026, with an expected gross domestic product (GDP) growth of 1% according to SECO, well below the historical average of 1.8% since the 1980s.
Add to the mix both the impact of inflation, which is expected to be at 0.4% versus the December 2025 estimate of 0.2% by SECO, and the unemployment rate which is forecast to be at 3% on an annual average in 2026. Finally, looking at the Swiss property market for 2026, housing prices are expected to increase by approximately 3.1% for single-family homes and 2.8% for condominiums, according to Wüest Partner. Combining all these factors (geopolitical, economic, and housing market) into a single cocktail mix may lead to Switzerland experiencing its own affordability crisis similar to that of the US.
So, what does this mean for Swiss consumer market companies across the different sectors engaging in M&A activity?
Firstly, we see a continued focus on portfolio clean-up and capital discipline. We also observe disposals occurring across the board from companies such as Richemont, with the divestment of the watch brand Baume & Mercier at the start of the year, as well as Nestlé, which continues to focus on its “traditional core” by looking to exit its ice-cream business. In addition, the ongoing belt-tightening measures both companies are undertaking to free up capital are expected to support reinvestment into future growth areas.
Secondly, when looking at consolidation in core categories, we see a lot of movement in the Swiss retail space. While Migros continues to execute on its core divestment strategy launched in 2025 and has exited all 25 Alnatura retail outlets, we observe its major domestic rival Coop looking to expand its sustainability range and its organic and Fairtrade product offerings. Both have focused on the “organic” offering within their own product assortments, which in turn has led to increased competition to strengthen the resilience of their respective supply chains. In addition, in the transportation and logistics space, we continue to see players such as MSC Cargo (Medlog) and Kühne & Nagel expanding their last-mile delivery capabilities globally to tap into the continued e-commerce boom.
Finally, when looking at the third trend around sector convergence, we primarily see companies continuing to allocate capital into digital and AI capabilities. In the traditional retail space, companies such as Manor are closing selected stores to reinvest in upgrading existing top-performing sites, with a focus on enhancing the consumer experience through digital technologies. Similarly, the Swiss premium sportswear brand On has focused on its direct-to-customer channels by opening brand houses in metropolitan areas.
Announced date |
Target |
Industry |
Transaction type (stake) |
Buyer |
Seller |
Deal value (in USD m) |
19.12.2025 |
Wella International Operations Switzerland Sarl |
Consumer Products: Household and Personal Care |
Sale (25.8%) |
KKR & Co Inc |
Coty Inc |
750 |
18.12.2025 |
SCOTT Sports SA |
Consumer Products: Durables and Apparel |
Sale (46.7%) |
Youngone Holdings Co Ltd |
Beat Zaugg (Private Individual) |
18 |
08.12.2025 |
Galderma Group AG |
Consumer Products: Household and Personal Care |
Sale (10%) |
L'Oreal SA |
Abu Dhabi Investment Authority Ltd-ADIA; EQT AB; Auba Investment Pte Ltd |
4,788 |
23.11.2025 |
sea chefs Holding AG |
Hospitality and Leisure |
Sale (50%) |
Bernhard Schulte GmbH & Co KG |
|
n.a. |
16.11.2025 |
Swiss-Trade GmbH |
Consumer Products: Household and Personal Care |
Sale (100%) |
Nolex AG |
Private individuals |
n.a. |
16.11.2025 |
Lifeforce GmbH |
Consumer Products: Household and Personal Care |
Sale (100%) |
Belvedere Nachfolge Gmbh |
|
n.a. |
25.09.2025 |
Weisse Arena AG |
Hospitality and Leisure |
Sale (n.a.) |
Finanz Infra AG |
|
63 |
08.09.2025 |
SPAR Handels AG |
Retail: Food, Beverages and Drugs |
Sale (100%) |
Tannenwald Holding AG |
SPAR Group Ltd |
96 |
05.09.2025 |
Brasport Group |
Consumer Products: Durables and Apparel |
Sale (20%) |
EJ Holding SA |
|
n.a |
28.08.2025 |
Allwyn International AG |
Hospitality and Leisure |
Sale (4.27%) |
J&T Investicnias |
Kkcg SE |
583 |
Source: PwC analysis, Mergermarket, S&P Capital IQ, S&P Capital IQ Pro.
Note: The overview only includes deals where the target was headquartered in Switzerland.
Looking back at the end of 2025, we can be cautiously optimistic about deal activity going forward in 2026. While the overall geopolitical and economic landscape remains challenging, those strategic buyers who actively navigate this uncertainty with boldness and strategic focus can turn uncertainty into opportunity.
“We continue to see Switzerland’s consumer markets M&A in 2026 being fuelled by strong inbound investment, as global buyers seek stability and market access. For the first half of 2026, we anticipate companies will further optimise their portfolios through strategic divestitures. Despite geopolitical tensions and potentially lower consumer spending, Switzerland’s relatively low unemployment and low inflation compared to other markets continue to make it an attractive investment hub.”
Mark Mallet, Partner, Consumer Markets Leader, PwC SwitzerlandExplore our industry insights on global M&A in 2026.
Gain a deeper understanding of the forces reshaping dealmaking—from AI-driven transformation and megadeals to a more polarised M&A market—and what they mean for strategy, value creation and execution.
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Mark Mallet