Nutraceuticals & Supplements Switzerland: 5.5–8× EBITDA, 514 Firms (2026)

1.0Market Snapshot

514: Enterprises in the two manufacturing classes that contain food supplements in 2024: 66 making dietetic foods (NOGA 10.86) and 448 making other food products n.e.c. (NOGA 10.89), which also covers bouillons, soups and yeast (BFS STATENT). No statistic counts supplement makers alone. The main specialist channel, drugstores (NOGA 47.75.01), had 339 enterprises.
7,065: People employed in 2024 in dietetic foods (521) and other food products n.e.c. (6,544), BFS STATENT. Drugstores employed a further 4,664 people. Multinationals such as dsm-firmenich and makers of complementary medicines such as Weleda are counted in other classes.
−1.3%: Change in employment in the two manufacturing classes in 2024 (BFS STATENT). Employment in other food products n.e.c. has fallen from 7,421 in 2022 to 6,544, while drugstore employment rose 4.1% in 2024.

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 514 nutraceuticals & supplements companies — Enterprises in the two manufacturing classes that contain food supplements in 2024: 66 making dietetic foods (NOGA 10.86) and 448 making other food products n.e.c. (NOGA 10.89), which also covers bouillons, soups and yeast (BFS STATENT). No statistic counts supplement makers alone. The main specialist channel, drugstores (NOGA 47.75.01), had 339 enterprises..

2.0Industry Overview

Market Scope

No official statistic measures the Swiss food supplement market. The closest are two manufacturing classes: BFS STATENT counted 66 enterprises making dietetic foods and 448 making other food products — a class that contains supplements but also bouillons, soups and yeast — with 7,065 employees in 2024. Their employment has fallen 12% since 2022. Distribution runs largely through pharmacies and drugstores; the drugstore channel has consolidated from 466 enterprises in 2011 to 339 in 2024, while its staff grew from 3,766 to 4,664.

3.0Industry Health Check (SWOT)

Key riskForeign regulators

Internal factors

Strengths4

Strong family-owned brands with pharmacy and drugstore distribution — Burgerstein (since 1972), Nahrin (since 1954)

Weaknesses4

No official market figure; the manufacturing classes mix supplements with other food products

External factors

Opportunities4

Ageing population and preventive health demand

Threats4

Foreign regulators: an FDA warning letter cut Similasan's US sales by about 90% in 2023

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Large groups reshape their portfolios

19.6%

dsm-firmenich reported continuing sales of EUR 9.03 billion in 2025 and an adjusted EBITDA margin of 19.6%. Its Health, Nutrition & Care segment (EUR 2.10 billion) grew 3% organically, driven by early-life nutrition and dietary supplements. The group sold its feed enzymes business to Novonesis for EUR 1.5 billion in 2025 and in February 2026 agreed to sell Animal Nutrition & Health to CVC for an enterprise value of about EUR 2.2 billion, keeping 20%.

Family brands and succession

Much of the Swiss branded segment is family-owned. Burgerstein was founded in 1972 by Lothar Burgerstein and his son and is led by the third generation. Nahrin in Sarnen has been family-owned since 1954. When Similasan's three founders wanted to exit in 2007, they sold the company to Michel Jüstrich, head of Nahrin, rather than to a corporate buyer.

Export and regulatory risk

90%

On 11 September 2023 the US FDA issued warning letters to makers of homeopathic eye drops. Similasan, which earned half its revenue in the US, saw US sales fall by about 90% and cut 27 of its 130 jobs in Jonen in October 2023. Products at the boundary between food, cosmetic and medicine carry regulatory risk in every export market.

Cosmetics outgrow medicines

6.2%

Weleda grew 2025 revenue 6.2% to a record EUR 484.6 million, but the growth came from natural cosmetics (+9.2% to EUR 401.9 million); its medicines revenue fell 6.3% to EUR 82.7 million and operating profit dropped to EUR 9.5 million from EUR 23 million as the company invested in modernisation.

Fewer, larger drugstores

The number of drugstore enterprises fell from 466 in 2011 to 339 in 2024 while their employment rose from 3,766 to 4,664 (BFS STATENT) — fewer but larger outlets and chains. For supplement brands, a listing with the remaining drugstore groups and pharmacies is the main route to Swiss consumers.

5.0Cost Structure Benchmark

80%

20%

Operating costs80%: raw materials, production, personnel, marketing, other
Adjusted EBITDA20%

Measured for one company: dsm-firmenich earned adjusted EBITDA of EUR 1.77 billion on continuing sales of EUR 9.03 billion in 2025, a 19.6% margin (shown rounded). Smaller brands differ widely — Weleda's operating profit was EUR 9.5 million on EUR 484.6 million of revenue in an investment year. No official statistic publishes a cost split for supplement makers; the previous edition's seven-line split was not measured and has been withdrawn.

6.0Top Nutraceuticals & Supplements Companies in Switzerland

Name	Location	Key Facts
dsm-firmenichCHE-441.853.769	Kaiseraugst AG	DSM-Firmenich AG: global nutrition, health and beauty group headquartered in Kaiseraugst. 2025 continuing sales EUR 9.03 billion, adjusted EBITDA EUR 1.77 billion (19.6%); Health, Nutrition & Care EUR 2.10 billion. Selling Animal Nutrition & Health to CVC (agreed February 2026).
WeledaCHE-105.966.347	Arlesheim BL	Weleda AG: natural cosmetics and anthroposophic medicines, about 2,200 employees worldwide. 2025 revenue EUR 484.6 million (+6.2%): cosmetics EUR 401.9 million (+9.2%), medicines EUR 82.7 million (−6.3%); operating profit EUR 9.5 million.
Burgerstein (Antistress AG)CHE-107.799.362	Rapperswil-Jona SG	Antistress AG (Burgerstein Vitamine): micronutrient supplements, more than 80 products in Switzerland. Founded in 1972 by Lothar Burgerstein and his son; family-owned, led by the third generation.
NahrinCHE-101.894.080	Sarnen OW	Nahrin AG: food and nutrition products sold mainly through direct sales; family business since 1954.
SimilasanCHE-107.980.789	Jonen AG	Similasan AG: homeopathic remedies, known for eye drops. Sold in 2007 by its three founders to Michel Jüstrich of Nahrin. After an FDA warning letter in September 2023 its US sales fell by about 90% and it cut 27 of 130 jobs.

dsm-firmenich

CHE-441.853.769

Kaiseraugst AG

DSM-Firmenich AG: global nutrition, health and beauty group headquartered in Kaiseraugst. 2025 continuing sales EUR 9.03 billion, adjusted EBITDA EUR 1.77 billion (19.6%); Health, Nutrition & Care EUR 2.10 billion. Selling Animal Nutrition & Health to CVC (agreed February 2026).

Weleda

CHE-105.966.347

Arlesheim BL

Weleda AG: natural cosmetics and anthroposophic medicines, about 2,200 employees worldwide. 2025 revenue EUR 484.6 million (+6.2%): cosmetics EUR 401.9 million (+9.2%), medicines EUR 82.7 million (−6.3%); operating profit EUR 9.5 million.

Burgerstein (Antistress AG)

CHE-107.799.362

Rapperswil-Jona SG

Antistress AG (Burgerstein Vitamine): micronutrient supplements, more than 80 products in Switzerland. Founded in 1972 by Lothar Burgerstein and his son; family-owned, led by the third generation.

Nahrin

CHE-101.894.080

Sarnen OW

Nahrin AG: food and nutrition products sold mainly through direct sales; family business since 1954.

Similasan

CHE-107.980.789

Jonen AG

Similasan AG: homeopathic remedies, known for eye drops. Sold in 2007 by its three founders to Michel Jüstrich of Nahrin. After an FDA warning letter in September 2023 its US sales fell by about 90% and it cut 27 of 130 jobs.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Family-owned brands, and a buyer pool that includes other families

514: enterprises in the two manufacturing classes that contain supplements, 2024 (BFS STATENT)
339: drugstore enterprises in 2024, down from 466 in 2011 (BFS STATENT)
−90%: Similasan's US sales after the FDA warning letter of September 2023
5.5–8.0×: EBITDA deal multiples (ValIndex multiples table)

Below the multinationals, Swiss supplement and complementary-health brands are mostly family-owned: Burgerstein in its third generation, Nahrin since 1954. Succession sales happen — Similasan's founders sold to the Jüstrich family of Nahrin in 2007 when they stepped back — and buyers look for brand strength, pharmacy and drugstore listings and regulatory standing in export markets. Large groups are also sellers as they refocus, which brings assets to market. ValIndex's multiples table puts nutraceutical companies at 5.5–8.0× EBITDA in transactions and 4.0–6.0× on statutory valuations.

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Valuation Snapshot

Nutraceuticals & Supplements business valuation in Switzerland

Statutory Multiple (EBITDA): 4.0 - 6.0×
Deal Multiple (EBITDA): 5.5 - 8.0×
Market Trend: Rising

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Central Switzerland

LUOWNWZGSZUR

1,604 employees in the two manufacturing classes, the most of any region, and 817 in drugstores. Nahrin and the Similasan holding company are registered in Sarnen (OW).

Eastern Switzerland

SGTGARAIGRSHGL

1,264 manufacturing employees and 721 in drugstores. Burgerstein (Antistress AG) is based in Rapperswil-Jona (SG); Biotta in Tägerwilen and Alpinamed in Roggwil (TG).

Bern

53 manufacturing enterprises with 1,134 employees and 54 drugstores with 485 employees.

Zurich

98 manufacturing enterprises — the most of any canton — but only 1,077 employees, and 44 drugstores with 424.

Western Switzerland

VDGEFRNEVSJU

1,006 manufacturing employees and 35 drugstores with 235 — drugstores are far less common in French-speaking Switzerland.

Northwestern Switzerland

BSBLAGSO

785 manufacturing employees and 1,976 in drugstores, the largest drugstore employment of any region. dsm-firmenich (Kaiseraugst AG), Weleda (Arlesheim BL) and Similasan (Jonen AG) are based here.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 108600 dietetic foods, 108900 other food n.e.c., 477501 drugstores)dsm-firmenich — full year 2025 results (12 February 2026): continuing sales EUR 9,034m, adjusted EBITDA margin 19.6%Weleda — Geschäftsjahr 2025: Rekordumsatz EUR 484.6m (press release)Burgerstein Vitamine — Firmengeschichte (founded 1972, third generation)Nahrin — Geschichte: Familienunternehmen seit 1954 Bilanz — Similasan: Stete Tropfen (9 November 2007): sale by the founders to Michel Jüstrich Blick — Umsatz in den USA um 90 Prozent eingebrochen: Similasan (13 October 2023)Nau.ch — Wegen FDA-Warnbrief: Similasan kürzt in Jonen AG 27 Stellen (29 October 2023)Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|9 sources cited

9.0Frequently Asked Questions

▶How much is a nutraceutical or supplement company worth in Switzerland?

ValIndex's multiples table puts Swiss nutraceutical companies at 5.5–8.0× EBITDA in transactions and 4.0–6.0× EBITDA on statutory valuations. Branded companies with strong pharmacy and drugstore listings sit at the upper end; contract producers and companies with a single export market or regulatory exposure sit lower, as Similasan's loss of about 90% of its US sales in 2023 showed.

▶What drives the value of a Swiss supplement brand?

Buyers price: (1) brand strength and listings with pharmacies and drugstores; (2) product classification — food supplement or authorised medicine — and the regulatory file behind it; (3) export exposure and standing with foreign regulators such as the FDA; (4) own production versus contract manufacturing; (5) dependence on the founding family; (6) direct and online sales.

▶How big is the Swiss nutraceutical sector?

No official figure measures the market. BFS STATENT counts 66 enterprises making dietetic foods and 448 making other food products — a class that contains supplements but also bouillons and soups — with 7,065 employees in 2024, plus 339 drugstores with 4,664 employees. The largest company, dsm-firmenich in Kaiseraugst, had continuing sales of EUR 9.03 billion in 2025.

▶How does succession work for Swiss supplement companies?

Many Swiss brands are family-owned: Burgerstein is in its third generation and Nahrin has been family-owned since 1954. Succession often ends in a sale to another owner family or a strategic buyer — Similasan's three founders sold to Michel Jüstrich of Nahrin in 2007. Buyers need the regulatory files and the key customer listings to transfer with the business.

▶What are the key trends in Swiss nutraceuticals?

Five trends: (1) large groups reshape portfolios — dsm-firmenich sold feed enzymes and is selling Animal Nutrition & Health to CVC; (2) family brands face succession; (3) export and regulatory risk, shown by Similasan's US collapse after the 2023 FDA warning letter; (4) cosmetics outgrow medicines at Weleda; (5) fewer, larger drugstores — 339 in 2024 against 466 in 2011.

▶What are the main risks when buying a Swiss supplement company?

The main risks are: (1) regulatory — health claims and the boundary between food, cosmetic and medicine; (2) foreign regulators, above all the FDA; (3) dependence on a few retail listings; (4) key-person and family dependence; (5) import and online price competition. Due diligence should check product registrations, claims, export exposure and customer concentration.

▶What margins do nutrition companies earn?

No official cost split exists. Published results give a reference point: dsm-firmenich earned an adjusted EBITDA margin of 19.6% in 2025 on continuing sales of EUR 9.03 billion. Smaller brands vary widely — Weleda earned an operating profit of EUR 9.5 million on EUR 484.6 million of revenue in an investment year.

▶Where are Swiss nutraceutical companies located?

Central Switzerland has the most manufacturing employment in the two supplement-related classes (1,604), with Nahrin and Similasan's holding company in Sarnen. Eastern Switzerland follows (1,264), home to Burgerstein, Biotta and Alpinamed, then Bern (1,134) and Zurich (1,077). Northwestern Switzerland has the most drugstore employment (1,976) and the headquarters of dsm-firmenich and Weleda.

Nutraceuticals & Supplements