Organic Food European Market

MarketLine Industry Profile
Organic Food in Europe

June 2020
Reference Code: 0201-0853
Publication Date: June 2020
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Industry Profiles
1. Executive Summary
1.1. Market value

The European organic food market grew by 9.9% in 2019 to reach a value of $49,453.7 million.
1.2. Market value forecast

In 2024, the European organic food market is forecast to have a value of $82,910.9 million, an increase of 67.7% since
2019.
1.3. Category segmentation

Fruit & vegetables is the largest segment of the organic food market in Europe, accounting for 23.6% of the market's
total value.
1.4. Geography segmentation

Germany accounts for 26.9% of the European organic food market value.
1.5. Market rivalry

Rivalry in the organic foods market is heightened by the lack of product differentiation, and negligible switching costs
for buyers. However, strong market growth serves to counteract this to some extent.
1.6. Competitive Landscape

The scale of this market in each European country varies considerably. France and Germany account for nearly half of
the European organic food market’s value; the UK - their closest peer in terms of GDP - has less than 6% market share.
However, the smaller markets are growing as organic food becomes more desirable and attainable.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................. 2
1.2. Market value forecast ...................................................................................................................2
1.3. Category segmentation ................................................................................................................2
1.4. Geography segmentation .............................................................................................................2
1.5. Market rivalry ................................................................................................................................ 2
1.6. Competitive Landscape ................................................................................................................2
2. Market Overview 7
2.1. Market definition ........................................................................................................................... 7
2.2. Market analysis ............................................................................................................................ 7
3. Market Data 9
3.1. Market value ................................................................................................................................. 9
4. Market Segmentation 10
4.1. Category segmentation ..............................................................................................................10
4.2. Geography segmentation ...........................................................................................................11
5. Market Outlook 12
5.1. Market value forecast .................................................................................................................12
6. Five Forces Analysis 13
6.1. Summary .................................................................................................................................... 13
6.2. Buyer power ............................................................................................................................... 14
6.3. Supplier power ........................................................................................................................... 15
6.4. New entrants .............................................................................................................................. 16
6.5. Threat of substitutes ...................................................................................................................17
6.6. Degree of rivalry ......................................................................................................................... 18
7. Competitive Landscape 19
7.1. Who are the leading players?.....................................................................................................19

Industry Profiles
7.2. Which players have been most successful in the recent past (1-3 years)? ...............................19
7.3. What new products/services/innovations have been launched in the market over the last year?19
8. Company Profiles 21
8.1. Carrefour SA .............................................................................................................................. 21
8.2. Tesco PLC.................................................................................................................................. 26
8.3. Metro AG .................................................................................................................................... 30
8.4. Aldi Einkauf GmbH & Co oHG....................................................................................................33
9. Macroeconomic Indicators 35
9.1. Country data ............................................................................................................................... 35
Appendix 37
Methodology............................................................................................................................................ 37
9.2. Industry associations ..................................................................................................................38
9.3. Related MarketLine research .....................................................................................................39
About MarketLine .................................................................................................................................... 40

Industry Profiles
LIST OF TABLES
Table 1: Europe organic food market value: $ million, 2015–19 9
Table 2: Europe organic food market category segmentation: $ million, 2019 10
Table 3: Europe organic food market geography segmentation: $ million, 2019 11
Table 4: Europe organic food market value forecast: $ million, 2019–24 12
Table 5: Carrefour SA: key facts 21
Table 6: Carrefour SA: Annual Financial Ratios 23
Table 7: Carrefour SA: Key Employees 24
Table 8: Carrefour SA: Key Employees Continued 25
Table 9: Tesco PLC: key facts 26
Table 10: Tesco PLC: Annual Financial Ratios 28
Table 11: Tesco PLC: Key Employees 29
Table 12: Metro AG: key facts 30
Table 13: Metro AG: Annual Financial Ratios 31
Table 14: Metro AG: Key Employees 32
Table 15: Aldi Einkauf GmbH & Co oHG: key facts 33
Table 16: Aldi Einkauf GmbH & Co oHG: Key Employees 34
Table 17: Europe size of population (million), 2015–19 35
Table 18: Europe gdp (constant 2005 prices, $ billion), 2015–19 35
Table 19: Europe gdp (current prices, $ billion), 2015–19 35
Table 20: Europe inflation, 2015–19 35
Table 21: Europe consumer price index (absolute), 2015–19 36
Table 22: Europe exchange rate, 2015–19 36

Industry Profiles
LIST OF FIGURES
Figure 1: Europe organic food market value: $ million, 2015–19 9
Figure 2: Europe organic food market category segmentation: % share, by value, 2019 10
Figure 3: Europe organic food market geography segmentation: % share, by value, 2019 11
Figure 4: Europe organic food market value forecast: $ million, 2019–24 12
Figure 5: Forces driving competition in the organic food market in Europe, 2019 13
Figure 6: Drivers of buyer power in the organic food market in Europe, 2019 14
Figure 7: Drivers of supplier power in the organic food market in Europe, 2019 15
Figure 8: Factors influencing the likelihood of new entrants in the organic food market in Europe, 2019 16
Figure 9: Factors influencing the threat of substitutes in the organic food market in Europe, 2019 17
Figure 10: Drivers of degree of rivalry in the organic food market in Europe, 2019 18

Industry Profiles
2. Market Overview
2.1. Market definition

Organic food is produce that has been independently certified to have been grown free of chemicals. Market values
are taken at retail selling price (RSP). For the purposes of this report, eggs have been classified as part of the meat,
fish and poultry segment.
Any currency conversions used in the creation of this report have been calculated using 2019 constant annual average
exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The European organic foods market saw continued strong growth in 2019, at a slightly higher rate than in the previous
year. In the forecast period growth is expected to continue on a strong trajectory, following a temporary slowdown in
2020.
The growth of the organic food market in Europe is part of a global trend that sees healthier eating weighing more
heavily on consumer’s budgets. Other leading factors include growing concerns over animal welfare in the meat and
poultry segment, and the demand for differentiated products in the prepared meals segment. Producers’ claims to
greater sustainability are also playing a role as awareness of the Climate Emergency declared in 2019 spreads across
the world.
The market had total revenues of $49.5bn in 2019, representing a compound annual growth rate (CAGR) of 10.3%
between 2015 and 2019. In comparison, the Asia-Pacific and US markets grew with CAGRs of 5.8% and 14.9%
respectively, over the same period, to reach respective values of $49.3bn and $15.8bn in 2019.
Organic foods are particularly diverse in Germany, Europe’s most lucrative market, making for a crowded and highly
competitive landscape. The market has been maturing for a few years, and the wide availability of organic products
has produced a spectrum ranging from mass-produced budget products to more highly-priced private labels. This has
enabled the market to maintain strong growth despite other signs of maturation. Supply has easily kept up; organic
farming land in Germany has increased by around 50% in five years, surpassing 10% of overall farmland in 2020.
Whilst being second to Germany in terms of total market value, the French organic foods market is sizeable, and was
one of the region’s fastest-growing in 2019. Grocery retailers like Lidl and Carrefour expanded their organic ranges in
2019, and the latter announced plans to extend the reach of its organic-only shops outside of Paris.

Industry Profiles
The fruit & vegetables segment was the market's most lucrative in 2019, with total revenues of $11.7bn, equivalent to
23.6% of the market's overall value. The prepared food segment contributed revenues of $10.7bn in 2019, equating to
21.6% of the market's aggregate value.
Fruit and vegetables have long been the core of the organic foods market, and this is the leading segment in almost all
of the world’s top ten markets. Prepared food, meanwhile, has been on the rise globally as populations become
almost universally more urbanized and meal habits change in line with work-life balance.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 10.9% for the five-year period
2019-2024, which is expected to drive the market to a value of $82.9bn by the end of 2024. Comparatively, the
German market will increase with a CAGR of 7.7%, and the UK market will decline with a CARC of -2.6%, over the same
period, to reach respective values of $19.2bn and $2.1bn in 2024.
The impact of COVID-19 on the European organic food market is not expected to halt its impressive growth. Food
retail has compensated for the shutting down of hospitality sectors and generally grown during lockdowns, and
market leaders have pointed to a rising awareness of the perceived health benefits of organic food as a consequence
of the public health crisis. According to a survey conducted by GlobalData in 2018, health benefits were the primary
association of organic food for most consumers, ahead of a range of others.

Industry Profiles
3. Market Data
3.1. Market value

The European organic food market grew by 9.9% in 2019 to reach a value of $49,453.7 million.
The compound annual growth rate of the market in the period 2015–19 was 10.3%.
Table 1: Europe organic food market value: $ million, 2015–19
Year $ million € million % Growth

2015 33,386.0 37,391.3
2016 37,413.9 41,902.4 12.1%
2017 41,731.3 46,737.8 11.5%
2018 45,009.7 50,409.4 7.9%
2019 49,453.7 55,386.6 9.9%
CAGR: 2015–19 10.3%
SOURCE: MARKETLINE MARKETLINE
Figure 1: Europe organic food market value: $ million, 2015–19

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Fruit & vegetables is the largest segment of the organic food market in Europe, accounting for 23.6% of the market's
total value.
The Prepared food segment accounts for a further 21.6% of the market.
Table 2: Europe organic food market category segmentation: $ million, 2019
Category 2019 %
Fruit & Vegetables 11,651.4 23.6%
Prepared Food 10,676.3 21.6%
Dairy 10,141.3 20.5%
Meat, Fish & Poultry 6,631.2 13.4%
Beverages 5,435.8 11.0%
Bread & Grains 4,917.6 9.9%
Total 49,453.6 100%
Figure 2: Europe organic food market category segmentation: % share, by value, 2019

Industry Profiles
4.2. Geography segmentation

Germany accounts for 26.9% of the European organic food market value.
France accounts for a further 23.8% of the European market.
Table 3: Europe organic food market geography segmentation: $ million, 2019
Geography 2019 %
Germany 13,280.0 26.9
France 11,755.0 23.8
Italy 4,298.9 8.7
United Kingdom 2,406.5 4.9
Spain 2,402.6 4.9
Rest Of Europe 15,310.7 31.0
Total 49,453.7 100.2%
Figure 3: Europe organic food market geography segmentation: % share, by value, 2019

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2024, the European organic food market is forecast to have a value of $82,910.9 million, an increase of 67.7% since
2019.
The compound annual growth rate of the market in the period 2019–24 is predicted to be 10.9%.
Table 4: Europe organic food market value forecast: $ million, 2019–24
Year $ million € million % Growth

2019 49,453.7 55,386.6 9.9%
2020 52,164.7 58,422.8 5.5%
2021 59,697.5 66,859.3 14.4%
2022 65,625.4 73,498.3 9.9%
2023 73,589.5 82,418.0 12.1%
2024 82,910.9 92,857.7 12.7%
CAGR: 2019–24 10.9%
Figure 4: Europe organic food market value forecast: $ million, 2019–24

Industry Profiles
6. Five Forces Analysis

The organic food market will be analyzed taking retailers of organic food as players. The key buyers will be taken as
end-consumers, and organic farmers as the key suppliers.
6.1. Summary
Figure 5: Forces driving competition in the organic food market in Europe, 2019
Rivalry in the organic foods market is heightened by the lack of product differentiation, and negligible switching costs
for buyers. However, strong market growth serves to counteract this to some extent.
As individual consumers, buyers have limited power. However, consumer demand for organic food drives growth and
will likely increase choice as retailers stock a greater variety of organic products.
Suppliers are usually relatively small-scale farmers, whose influence on the market is fairly limited. However, many
have integrated forwards and sell directly to end-consumers, strengthening their position to an extent.
There is a strong threat from non-organic substitutes, which are cheaper to buy and are sold in greater volumes;
although most retailers stock these alongside their organic food products.
New entrants pose a strong threat, since switching costs are relatively low, and demand growth is robust.

Industry Profiles
6.2. Buyer power

Figure 6: Drivers of buyer power in the organic food market in Europe, 2019
Buyers in this market tend to be end consumers; there are a large number of them and they wield scant financial
muscle compared to the large players involved in this market, such as Tesco or Metro. However, some larger buyers
are present in this market, such as schools and some companies which offer food to their students/employees due to
the health benefits associated with the consumption of organic food items. In the German city of Nuremberg, for
example, every first grade student is provided a daily bag of organic fruit as part of a city council scheme to encourage
children to eat more healthily. Similarly, in the UK, a number of city and town councils across the country offer school
children either complete or partially organic meals. A council level buyer will have much stronger buyer power than
an individual consumer.
Price sensitivity is dependent on financial circumstances. Whilst most buyers will expect to pay a premium price for
organic food items, difficult financial conditions and the ease with which substitutes such as non-organic food items
can be purchased and consumed means that in times of financial instability, price sensitivity is higher than in times
when the economy and wage levels are growing at a healthy pace.
Buyer power is strengthened by increasing consumer demand, as retailers are forced to monitor new buyer behaviors
in order to predict the direction of future market expansion. The incentive for retailers to attend to consumer demand
is also bolstered by government moves to support the organic market – when supermarkets are forced to integrate
organic foods into their product range, they consult buyer demand to shape their organic offering.
Buyer power is also increased in this market by negligible switching costs: although the key segments of this market
(fruit and vegetables, prepared foods, dairy, beverages, bread and grains, meat, fish and poultry) are quite diverse,
there is only limited product differentiation within each category. This makes it easy for buyers to shop elsewhere,
and a number of retailers operate incentive schemes for frequent shoppers in an effort to counteract this.
Overall, buyer power is assessed as moderate.

Industry Profiles
6.3. Supplier power

Figure 7: Drivers of supplier power in the organic food market in Europe, 2019
Organic food has a close association with direct sales to the public. Relatively large quantities of organic food are sold
through farmers' markets directly to the consumer. This is a form of forward integration, which enhances supplier
power. However, this is not so much the case in most European countries, where most end-users will buy their
produce from large supermarkets such as Carrefour or Tesco; although in countries such as Germany and Poland,
buying bread in a traditional bakery is still common practice. This reduces supplier power as they are increasingly
reliant on these large players in order to reach the end-users who will consume their produce.
However, strict standards in the production process are integral to the credibility of the organic market. As a result,
retailers depend heavily on the quality of their suppliers. Retailers and suppliers therefore often have long-term
contracts, which increase supplier power.
Some retailers also strive to offer locally-sourced produce, severely limiting their choice of supplier, and further
driving up supplier power. A number of significant players in the organic market are also committed to an array of
ethical standards when dealing with their suppliers.
Suppliers are many in number, which means the risk of an oligopoly emerging is very small. It is theoretically possible
for players in this market to backwards integrate and operate as a supplier, which reduces supplier power to some
extent. However, most of the larger players in Europe still purchase their organic products from smaller suppliers as
the power imbalance between players and suppliers ensures that the players can gain favorable deals.
Meanwhile, the size of suppliers in the European market can vary immensely. For example, small local farmers will
witness reduced power in comparison to the larger players involved in retailing their products. However, there are
also present large suppliers in the European market, such as Cargill or the Louis Dreyfus Company, who are able to
negotiate with players on a more equal footing. Therefore, where smaller players witness reduced supplier power,
larger suppliers such as Cargill possess greater power.
Overall, supplier power is assessed as weak.

Industry Profiles
6.4. New entrants

Figure 8: Factors influencing the likelihood of new entrants in the organic food market in Europe, 2019
Relatively tight regulation in the organic market might serve to deter new entrants. The International Federation of
Organic Agricultural Movement (IFOAM) represents the worldwide body of organic agriculture and provides a
platform for global exchange and co-operation, although regulations differ regionally. The EU has set basic standards
for organic production and it is up to the individual member states to translate this into their own law.
On July 1, 2010, the EU introduced a compulsory organic logo and labeling system for pre-packaged food to indicate
that it has met the EU Organic Farming Regulation. It is voluntary for imported goods. As part of the regulation, the
product must bear the name of the last operator who handled the product (e.g. the producer, processor or
distributor) and the name or code number of their inspection body. In Germany, Bio-Siegel (eco-label) is the logo used
for organic products. The relaxing regulatory environment eases the manner in which farmers currently involved in
non-organic farming can switch over to organic farming, increasing the threat of new entrants as more suppliers result
in more opportunities for players as well.
Growing consumer interest in organic food products is having a significant impact on the wider German agricultural
sector. For example, in 2007, the organic agricultural area in Germany amounted to 865 ha. By 2019, this figure had
increased to 50% of all agricultural land in the country. In total, 12% of eggs and 8% of drinking milk consumed in
Germany is now organically produced. Strong growth in the German market serves to increase the threat of new
entrants.
The undifferentiated nature of the products involved also increases the threat of new entrants as players will
ultimately be selling the same or very similar items, such as milk, bread or vegetables. Scale is not necessarily an
impediment as players can enter the European market in a specific part of the country. However, expanding and
competing on a national level is very difficult and requires significant financial backing due to the size and power of
the incumbents.
Overall, there is a strong threat of new entrants.

Industry Profiles
6.5. Threat of substitutes

Figure 9: Factors influencing the threat of substitutes in the organic food market in Europe, 2019
The main substitutes to organic foods are their markedly cheaper non-organic equivalents. UK shoppers, for example,
on average pay 89% more for their organic products than for non-organic food items. In solely organic retailers,
organic products are marketed for their environmental benefits and nutritional quality, which limits the threat of
cheaper non-organic products.
Exclusively organic outlets tend to be much smaller and much less common than the large supermarket chains that
stock both organic and non-organic produce. An example in the German market is Metro, which via its stores sells not
only organic but also non-organic food items.
Another possible alternative to purchasing these types of products is subsistence farming, i.e., growing organic
agricultural produce for one’s own consumption. However, this activity has switching costs, it is time-consuming,
requires some degree of specialist knowledge, and incurs the cost of purchasing seeds, fertilizer, and gardening
products. In addition, many people do not have the land required to make this a viable option. Moreover, quantity
and quality of end produce is not guaranteed. Even those who can successfully produce some of their own organic
food are unlikely to grow everything they need to meet their own needs; they may still need to purchase some items
from market players.
The very high growth in the organic food market and increasing demand especially from the younger segments of
society means that the cost of switching is increased to some extent. However, the ease with which players can
market both organic and non-organic food items reduces the cost of switching.
Overall, given the prevalence of cheaper, non-organic alternatives, there is a strong threat from substitutes.

Industry Profiles
6.6. Degree of rivalry

Figure 10: Drivers of degree of rivalry in the organic food market in Europe, 2019
Players within this market range from small, specialized, local organic shops to large supermarket chains such as
Carrefour and Tesco. Therefore, the importance of organic food revenue differs depending on each market player's
level of specialization, with it being very low in the case of players such as REWE, which is extremely diversified,
operating discount stores, pharmacies, cosmetic stores and more.
Limited differentiation between organic products within each market segment and negligible switching costs serve to
drive up rivalry. Players can attempt to introduce new exotic fruits and vegetables to their stores. However, eventually
competitors will catch up on this if the sale of said new items take off.
This is, however, mitigated in instances where players offer a wider selection of products. For large supermarkets,
organic products contribute only a small percentage of overall revenue; most supermarkets also stock non-organic
food and an array of non-food products such as clothing, electricals and homeware. These other products make up
the bulk of these players' income, and so the diverse nature of their businesses limits rivalry between these players in
the organic market.
As perishable items, storage costs for food items such as meat and vegetables can be significant, especially for smaller
players. Higher storage costs lead to increased rivalry between players as their operating costs increase and as such
net profits come under greater pressure.
Very strong market growth also serves to ease the degree of rivalry amongst players, as revenues can be generated
without encroaching on other players’ shares of the market. Fast growth in the market has, however, served to
increase outside interest with Swedish company Midsona acquiring a 100% stake in Davert GmbH, a pioneer in the
German organic food market.
Overall, there is a moderate degree of rivalry in the European market.

Industry Profiles
7. Competitive Landscape
The scale of this market in each European country varies considerably. France and Germany account for nearly half of
the European organic food market’s value; the UK - their closest peer in terms of GDP - has less than 6% market share.
However, the smaller markets are growing as organic food becomes more desirable and attainable.
7.1. Who are the leading players?

Carrefour is one of the largest global consumer goods retailers. The company operates multi-format and omni-channel
retail platforms. It operates through a network of hypermarkets, supermarkets, convenience stores, and cash and
carry stores across the world. The company is targeting EUR5bn ($5.6bn) in sales for organic foods for the worldwide
business by 2022 as part of the ‘Carrefour 2022’ plan. The company has been creating partnerships with suppliers
upstream to generate the scale and security of supply necessary to achieve the goal.
Tesco is the largest supermarket retailer in the UK and one of the largest in Europe. The company has experienced
strong growth in recent years in terms of its organic food lines but faces growing threats from independent retailers
and other major supermarket chains. The company operates stores that offer grocery items, general merchandise, as
well as other non-food items such as electrical products, health and beauty products, and apparel and jewelry, among
others. The company operates 6,966 stores in nine countries across Europe and Asia.
REWE Group is a diversified retail and tourism business group in Germany. It operates retail stores under various
formats including supermarkets, consumer stores, specialist stores, discount stores, drug stores, partner stores and
online channels. The company’s product portfolio comprises food products, cosmetics, fragrances, DIY goods and
general merchandise through its various retail formats.
Aldi is a leading budget retailer in Germany that also operates across much of western and northern Europe. The
southern half of the company operates nearly 1,800 stores in Germany alone. Even though the company operates just
550 stores in the UK, the company is credited as having played a big role in creating more intensive competition in the
UK and elsewhere in Europe.
7.2. Which players have been most successful in the recent past
(1-3 years)?
Walmart has been taking a much greater interest in organic food in recent years thanks to the growing number of
consumers following vegetarian and vegan diets, as well as the rise of ‘flexitarian’ alternatives that are situated
between a more conventional diet and plant-based diets. The company is seeking to modernize its corporate image to
keep up with changing consumer trends, meaning much more attention and resources are now being ploughed into
creating organic food lines than has ever been the case before. Such are the economies of scale that Walmart can call
upon, the increased involvement in organic food production from the gigantic company will likely result in big changes
for the market collectively. The company has been ramping up its involvement in organic foods for a long time.
7.3. What new products/services/innovations have been launched

in the market over the last year?
During the past few years, German budget supermarket Aldi has made moves into organic food retail. The company
announced in early 2018 it would concentrate resources on developing organic ranges. The expansion meant the
organic range on sale rose from 240 products to 310 by the end of the year. For the most part, consumers who have
begun to make purchases of organic foodstuffs are buying fresh items such as milk, meat, fruit, vegetables and eggs.

Industry Profiles
Publicly stating the parameters under which items can be classified as organic has helped too. Growth has been
boosted by the rising popularity of vegetarian and vegan diets among the general population, focusing more attention
on where food comes from and how it is produced. Efforts to remove pesticides from non-organic products suggest
the company will carry on expanding the range of organic products. Aldi and other budget retailers can lay claim to
having been responsible for a large chunk of recent growth. Traditionally, organic food has been sold by retailers
catering for the middle-class market, but now budget retailers have moved in, the market is benefiting from
consumers enjoying a far greater degree of choice regarding organic foods and non-organic foods than ever before.
German based REWE has made progress towards making organic foodstuffs more sustainable by improving the
environmental credentials of packaging. The retailer announced plans to remove plastic from selected fruit and
vegetable categories in 630 of its supermarkets in April 2019. According to the company, the move will save 60,000kg
per year. For the growth of the organic food market, improving packaging is going to be very important in the years to
come. More consumers are buying organic foods in part due to increased environmental awareness. Consequently,
removing plastic from goods that do not explicitly require the material should help to grow consumption at the
supermarket chain.
Carrefour has been working to forge partnerships with suppliers so the company can reach its $5.6bn organic food
revenue target by 2022. In 2019, sales in this category grew by more than 25%, and the company reaffirmed its target.
The company has made agreements to source 1,200 tons of flour from three cooperatives (Agribio Union, Biograin
and Cavac), a grain mill and a processor company Biofournil. This enabled it to source all French flour from organic
suppliers from March 2018 onwards. Since then, the company has been working with the World Wildlife Foundation
to finance the conversion of farms to growing organic produce. The Carrefour Foundation is also working to reform
farming practices, underlining rising consumer interest in organic food. So far efforts have been focused on
accelerating the development of the specialized Greenweez brand – the leading online distributor of organic products
in Europe.

Industry Profiles
8. Company Profiles
8.1. Carrefour SA
8.1.1. Company Overview
Carrefour SA (Carrefour) is one of the largest global consumer goods retailers. The company operates multi-format
and omnichannel retail platforms. It operates through a network of hypermarkets, supermarkets, convenience stores,
and cash and carry stores across the world. Carrefour also retails merchandise through various e-commerce website
Carrefour.fr. The company provides an extensive portfolio of food and non-food products, including fresh, produces,
local specialties, consumer goods, clothing, consumer electronics, home furnishing goods, cultural goods. Carrefour
also offers various services such as ticket booking, floral service, home delivery, photo printing and track rental
services. The company’s operations spread across Europe, Latin America, and Asia. Carrefour is headquartered in
Boulogne-Billancourt, France.
The company reported revenues of (Euro) EUR77,917 million for the fiscal year ended December 2018 (FY2018), a
decrease of 3.8% over FY2017. In FY2018, the company’s operating margin was 1%, compared to an operating margin
of 0.9% in FY2017. The net loss of the company was EUR560 million in FY2018, compared to a net loss of EUR531
million in FY2017.
8.1.2. Key Facts
Table 5: Carrefour SA: key facts
Head office: 93 avenue de Paris, , Massy, Picardie, France

Telephone: 33141042600
Fax: 33155633901
Number of Employees: 363862
Website: www.carrefour.com
Financial year-end: December
Ticker: CA
Stock exchange: Euronext Paris
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Carrefour SA (Carrefour) operates a network of hypermarkets, supermarkets, convenience stores, and cash and carry
stores. It retails products through drive-in-points and online at Carrefour.fr. The company, through its stores, offers a
variety of fresh produce, locally sourced products, fast-moving consumer goods, essential non-food products, and
retail services. Carrefour sources its fresh produces directly from farmers, breeders, and producers. Under the local
products, the company offers products that are sourced from the country in which they are sold. Under the fast-
moving consumer goods, it offers daily use products such as grocery, liquid and hygiene/beauty. The company’s non-
food product includes household goods and general merchandise, apparel, and home appliances. Under the retail
services, the company offers a variety of value-added services ranging from financing solutions and entertainment to
pharmacy products and petrol. It offers ticket booking, photo printing, floral service, and truck rental services.
Carrefour also offers its customers finance, savings, and insurance services through over 1,000 agencies. These

Industry Profiles
agencies provide payment card and extended warranties. Carrefour also created Market Pay, an authorized payment
institution. It is also involved in the business of property management.
The company operates stores under four formats: Hypermarkets, Supermarkets, Convenience stores, Cash and carry
stores.
Under the hypermarkets' format, Carrefour operates 1,384 stores including 452 stores in the Rest of Europe, 372
stores in Asia, 189 in Latin America, 247 stores in France, and 124 stores in other countries. These stores are
established within the sales area of 2,400 sq. m. to 23,000 sq. m., under the Carrefour banner. These hypermarkets
offer 20,000 to 80,000 products and involved in offering both food and non-food products such as groceries,
tableware, home decor products, consumer goods, gourmet foods, clothing, electronic goods, decorative products,
and cultural goods.
The company operates 3,319 supermarkets under the Market, Bairro and Supeco banners, which cover a retail space
of 1,000 to 3,500 sq. m. It operates 1,776 stores in the rest of Europe, 1,056 supermarkets in France, 147 in Latin
America, 267 stores in other countries and 73 stores in Asia. These supermarkets offer a wide range of fresh produce,
local products, and non-food categories.
Under the convenience store format the company operates 7,029 stores including 3,918 in France, 2,511 in the rest of
Europe, 516 in Latin America, 29 in Asia and 55 in other countries., under Carrefour city, Carrefour contact, Carrefour
express, Carrefour Bio, Carrefour Easy, 8 à Huit, Proxi and Carrefour Montagne banners, which cover a retail space of
60 sq. m. to 900 sq. m. These stores meet the daily needs ranging from budget meals to everyday essentials besides
providing home delivery services.
The cash and carry formatted stores offer a broad selection of food and non-food products at wholesale prices, along
with a package of customized services to restaurants and shop owners. It operates 379 cash and carry retail outlets
including 173 in Latin America, 144 in France, 49 in the rest of Europe and 13 in other countries.
The company also sells food and non-food products through various e-commerce websites including carrefour.fr,
carrefour.eu, carrefour.cn, carrefour.com.tw, carrefour.es, and ooshop.com. It develops e-commerce and m-
commerce solutions to enable its customers to shop anytime and anywhere, from a laptop computer and a
smartphone. Carrefour offers home-delivery services. It also offers multiple collection options to the customers
including ordering the products online and collecting the products in-store.
Geographically, the company classified its business operations into four segments: France, Rest of Europe, Latin
America and Asia.
As of December 2018, the company operated 12,111 stores of which 5,365 stores in France, 4,788 in Rest of Europe,
1,025 in Latin America, 474 in Asia and 459 in other countries with a total sales area of 17.6 million sq. m., across
France, Belgium, Spain, Italy, Taiwan, Poland, Romania, Argentina, Brazil and China. It also has partnerships in several
other countries.

Industry Profiles
Table 6: Carrefour SA: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % 3.33 -0.11 2.79 -8.41 -0.03
Operating Income Growth % -13.22 -12.95 -63.97 17.57 28.80
EBITDA Growth % -6.45 -7.33 -34.29 -1.97 43.33
Net Income Growth % -21.52 -23.96 -171.18
EPS Growth % 1.63 -9.70 -55.34 18.86 19.15
Working Capital Growth % -9.05 18.80 -28.40 5.50 -6.81
Equity Ratios
EPS (Earnings per Share) EUR 1.35 1.06 -0.70 -0.24 0.04
Dividend per Share EUR 0.70 0.70 0.46 0.46 0.23
Dividend Cover Absolute 1.93 1.52 -1.52 -0.53 0.18
Book Value per Share EUR 13.24 13.96 13.19 11.76 12.46
Profitability Ratios
Gross Margin % 22.85 22.83 22.49 21.78 21.70
Operating Margin % 2.83 2.47 0.86 1.11 1.43
Net Profit Margin % 1.24 0.95 -0.66 -0.76 1.52
Profit Markup % 29.62 29.59 29.02 27.85 27.71
PBT Margin (Profit Before Tax) % 2.18 1.81 0.31 0.76 0.97
Return on Equity % 10.18 7.16 -5.28 -6.11 11.35
Return on Capital Employed % 9.80 8.18 2.83 3.40 3.82
Return on Assets % 2.16 1.59 -1.10 -1.18 2.30
Return on Working Capital % -46.73 -44.59 -32.67 -16.44
Operating Costs (% of Sales) % 97.17 97.53 99.14 98.89 98.57
Administration Costs (% of Sales) % 17.89 17.96 18.08 17.29 16.06
Liquidity Ratios
Current Ratio Absolute 0.78 0.76 0.82 0.81 0.82
Quick Ratio Absolute 0.49 0.48 0.53 0.54 0.56
Cash Ratio Absolute 0.14 0.14 0.16 0.19 0.20
Leverage Ratios
Debt to Equity Ratio Absolute 0.99 0.96 1.01 1.11 1.37
Net Debt to Equity Absolute 1.05 0.97 0.93 1.03 1.30
Debt to Capital Ratio Absolute 0.50 0.49 0.50 0.53 0.58
Efficiency Ratios
Asset Turnover Absolute 1.74 1.68 1.68 1.56 1.51
Fixed Asset Turnover Absolute 6.48 6.18 6.11 5.76 5.22
Inventory Turnover Absolute 9.68 9.07 9.14 9.05 9.67
Current Asset Turnover Absolute 4.52 4.32 4.27 3.96 3.95
Capital Employed Turnover Absolute 3.46 3.32 3.27 3.06 2.67
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 7: Carrefour SA: Key Employees
Name Job Title Board

Abilio Diniz Director Non Executive Board
Alexandre Bompard Chairman Executive Board
Alexandre Bompard Chief Executive Officer Executive Board
Alexandre De Palma Executive Director, Spain Senior Management
Director Customers, Services and Digital
Amelie Oudea-Castera Senior Management
Transformation, E Commerce, and Data
Aurore Domont Director Non Executive Board
Charles Edelstenne Director Non Executive Board
Director Customers, Services and Digital
Claudia Almeida e Silva Senior Management
Transformation
Director Communication for the Group and
Dominique Benneteau-Wood Senior Management
France
Flavia Buarque de Almeida Director Non Executive Board
Francois Melchior de Polignac Director Merchandise, Supply and Formats Senior Management
Frederic Haffner Director Strategy and MandA Senior Management
Gerard Lavinay Director Italy Senior Management
Director Northern and Eastern Europe
Guillaume de Colonges Senior Management
(Belgium, Poland and Romania)
Director Assets, International Development
Jacques Ehrmann Senior Management
and Innovation
Jean-Laurent Bonnafe Director Non Executive Board
Director Human Resources for the Group and
Jerome Nanty Senior Management
France.
Lan Yan Director Non Executive Board
Laurent Vallee Secretary Senior Management
Director Financial Services and Hypermarkets
Marie Cheval Senior Management
France
Marie-Laure Sauty de Chalon Director Non Executive Board
Martine Saint Cricq Director Non Executive Board
Mathilde Lemoine Director Non Executive Board
Matthieu Malige Chief Financial Officer Senior Management
Nicolas Bazire Director Non Executive Board
Noel Prioux Director Latin America (Brazil and Argentina) Senior Management
Pascal Clouzard Director France Senior Management
Patricia Moulin Lemoine Director Non Executive Board
Philippe Houze Director Non Executive Board
Rami Baitieh Executive Director, Carrefour France Senior Management

Industry Profiles
Table 8: Carrefour SA: Key Employees Continued

Stephane Courbit Director Non Executive Board
Stephane Israel Director Non Executive Board
Thierry Breton Director Non Executive Board
Thierry Faraut Director Non Executive Board
Thierry Garnier Director Asia (China and Taiwan) Senior Management

Industry Profiles
8.2. Tesco PLC
Tesco PLC (Tesco or 'the company') is a food and grocery retailer that operates a network of hypermarkets,
supermarkets and convenience stores. The company offers beverages, fresh food, bakery, frozen food, clothing, fuel,
grocery, garden and baby products. It also offers flowers and plants, toys, wine, home furnishings, technology and
gaming, household appliances, health and beauty products, sports and leisure, consumer electronics and electrical
goods. Tesco markets its products under the brand names of Tesco, Free From, Finest, Jack’s, Tesco Lotus, Tesco kipa,
Tesco Bank and F&F Clothing. It has business presence across Europe and Asia. The company is headquartered in
Welwyn Garden City, Hertfordshire, the UK.
The company reported revenues of (British Pounds) GBP63,911 million for the fiscal year ended February 2019
(FY2019), an increase of 11.2% over FY2018. In FY2019, the company’s operating margin was 3.4%, compared to an
operating margin of 3.2% in FY2018. In FY2019, the company recorded a net margin of 2.1%, compared to a net
margin of 2.1% in FY2018.
8.2.2. Key Facts
Table 9: Tesco PLC: key facts
Tesco House Shire Park, Kestrel Way, Welwyn Garden City, England, United
Head office:
Kingdom
Website: www.tescoplc.com
Financial year-end: February
Ticker: TSCO
Stock exchange: London Stock Exchange (LON)
Tesco PLC (Tesco or 'the company') is a retailing company that offers grocery items, general merchandise and other
non-food items. It also offers banking products and services. The company operates 6,993 stores with total area of
91.3 million sq. ft. in Europe and Asia.
The company operates through four reportable segments: The UK and Republic of Ireland (UK and ROI); Central
Europe; Asia; and Tesco Bank.
The company’s UK and ROI segment offers a range of products through a network of stores and online platform. It
also offers a wide array of financial services under the brand, Tesco Personal Finance. As of February 2019, the
segment operated 152 stores in Republic of Ireland with a retail space of 3.3 million sq. ft. It operated 3,635 stores in
the UK with a retail space of 46.9 million sq. ft., including 1,855 small stores, 797 large stores, 772 one stop outlets, six
dotcom-only outlets, eight Jack’s stores, 197 booker stores and 174 one stop franchise stores. In FY2019, the UK and
ROI segment reported revenue of GBP51,643 million, which accounted for 80.8% of the company’s revenue.
The Central Europe segment of Tesco operates stores with an area of 22.1 million sq. ft. across Hungary, Poland, the
Czech Republic and Slovakia. As of February 2019, the segment operated 895 stores, including 204 stores in Hungary,
353 stores in Poland, 150 stores in Slovakia, 188 stores in the Czech Republic and 99 franchise stores in Czech

Industry Profiles
Republic. In FY2019, the Central Europe segment reported revenue of GBP6,298 million, which accounted for 9.9% of
the company’s revenue.
The company’s Asia segment operates stores across Thailand and Malaysia with a retail space of 18.6 million sq. ft. As
of February 2019, the segment operated 2,038 stores, including 1,965 stores in Thailand and 73 stores in Malaysia. In
FY2019, the Asia segment reported revenue of GBP4,873 million, which accounted for 7.6% of the company’s
revenue.
The Tesco Bank segment provides insurance and banking services in the UK. It offers a range of personal banking
products that include personal loans, credit cards, mortgages and savings account. As of February 2019, the segment
served six million customer accounts. In FY2019, the Tesco Bank segment reported revenue of GBP1,097 million,
which accounted for 1.7% of the company’s revenue.

Industry Profiles
Table 10: Tesco PLC: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % -5.26 3.68 2.82 11.16
Operating Income Growth % -5.13 80.83 44.64
EBITDA Growth % -5.13 80.83 48.89
Net Income Growth % -128.99 5.13
EPS Growth % 29.33 30.33 86.78 -10.37
Working Capital Growth % -59.48 25.33 52.28 39.85
Equity Ratios
EPS (Earnings per Share) GBP -0.70 0.03 0.01 0.12 0.13
Dividend per Share GBP 0.01 0.03 0.06
Dividend Cover Absolute -59.96 4.04 2.26
Dividend Cover Absolute -59.96
Book Value per Share GBP 0.87 1.06 0.79 1.12 1.37
Gross Margin % 4.70 5.21 5.40 5.92 7.18
Operating Margin % -10.10 1.99 1.82 3.20 4.16
Net Profit Margin % -10.09 0.26 -0.07 2.10 1.99
Profit Markup % 4.94 5.49 5.71 6.29 7.73
PBT Margin (Profit Before Tax) % -11.13 0.37 0.26 2.26 2.53
Return on Equity % -81.19 1.60 -0.62 13.19 9.44
Return on Capital Employed % -23.56 4.12 3.85 5.55 7.40
Return on Assets % -25.97 0.31 -0.09 2.45 2.32
Return on Working Capital % -45.15 73.23 -33.69 -25.50 -32.61
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 11: Tesco PLC: Key Employees

Adrian Morris Group General Counsel Senior Management
Alan Stewart Chief Financial Officer Executive Board
Alan Stewart Director Executive Board
Alessandra Bellini Chief Customer Officer Senior Management
Alison Horner Chief Executive Officer Asia Senior Management
Alison Platt Director Non Executive Board
Andrew Yaxley Chief Product Officer Senior Management
Byron Grote Director Non Executive Board
Charles Wilson Chief Executive Officer Booker Senior Management
Christine Heffernan Director Communications Senior Management
Dave Lewis Chief Executive Officer Executive Board
Dave Lewis Director Executive Board
Deanna Oppenheimer Director Non Executive Board
Gerry Mallon Chief Executive Officer Tesco Bank Senior Management
Jason Tarry Chief Executive Officer UK and ROI Business Senior Management
John Allan Chairman Non Executive Board
Lindsey Pownall Director Non Executive Board
Mark Armour Director Non Executive Board
Matt Simister Chief Executive Officer Central Europe Senior Management
Melissa Bethell Director Non Executive Board
Mikael Olsson Director Non Executive Board
Natasha Adams Chief People Officer Senior Management
Robert Welch Secretary Senior Management
Simon Patterson Director Non Executive Board
Steve Golsby Director Non Executive Board
Stewart Gilliland Director Non Executive Board
Tony Hoggett Chief Operating Officer Senior Management
Trevor Masters Managing Director PEPCO Senior Management

Industry Profiles
8.3. Metro AG
METRO AG (Metro) is a wholesaler and retail group that offers food and non-food products under METRO, Makro and
Real brand names. The company serves hotel and restaurants, bars, catering companies, independent retailers,
service providers and authorities. It also provides real estate, hospitality digital services, logistics, information
technology, advertising and procurement services through Metro Properties, Metro Logistics, Metro Systems, Metro
Advertising, METRO-NOM and Metro Sourcing. The company also manages food service distribution (FSD) related
activities through Classic Fine Foods, Pro a Pro and Rungis Express. Metro has business presence in Germany, Western
Europe, Eastern Europe and Asia-Pacific. Metro is headquartered in Dusseldorf, Germany.
The company reported revenues of (Euro) EUR29,476 million for the fiscal year ended September 2018 (FY2018), a
decrease of 1.4% over FY2017. In FY2018, the company’s operating margin was 2.8%, compared to an operating
margin of 2.8% in FY2017. In FY2018, the company recorded a net margin of 1.2%, compared to a net margin of 1.1%
in FY2017. The company reported revenues of EUR7,551 million for the third quarter ended June 2019, a decrease of
48.9% over the previous quarter.
8.3.2. Key Facts
Table 12: Metro AG: key facts
Head office: Metro-Strasse 1 , Dusseldorf, Germany

Website: www.metroag.de
Financial year-end: September
Ticker: B4B
Stock exchange: XETRA
METRO AG (Metro) is an international wholesale and food retail group. It operates through Metro Cash & Carry and
Real brands.
The company operates through six reportable business segments: METRO Germany, METRO Western Europe (excl.
Germany), METRO Russia, METRO Eastern Europe (excl. Russia), METRO Asia and Other.
As of September 2019, it operated 103 wholesale stores in Germany and 575 wholesale stores internationally,
including 240 stores in Western Europe (excluding Germany), 94 stores in Russia, 195 stores in Eastern Europe and 46
stores in Asia. The company operates in 35 countries across Eastern and Western Europe, Asia and International.

Industry Profiles
Table 13: Metro AG: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % -3.78 -2.53 -18.18 -10.40 1.08
Operating Income Growth % -13.91 41.74 -31.67 -14.53 16.29
EBITDA Growth % -9.43 24.59 -28.04 -12.79 11.30
Net Income Growth % 535.00 99.21 -35.77 2.77 -137.72
EPS Growth % 1273.80 104.04 -48.34 -2.16 -21.99
Working Capital Growth % -76.23 94.74 17.10 -45.01 -16.17
Equity Ratios
EPS (Earnings per Share) EUR 0.70 1.39 0.99 0.98 1.12
Dividend per Share EUR 0.70 0.70 0.70
Dividend Cover Absolute 1.41 1.40 1.59
Book Value per Share EUR 7.21 7.95 8.71 8.35 6.41
Gross Margin % 18.87 19.12 17.36 16.85 17.01
Operating Margin % 2.29 3.34 2.79 2.66 3.06
Net Profit Margin % 0.68 1.38 1.09 1.25 -0.47
Profit Markup % 23.26 23.64 21.00 20.26 20.49
PBT Margin (Profit Before Tax) % 1.24 2.45 2.25 2.15 2.62
Return on Equity % 9.71 17.52 10.28 11.01 -5.42
Return on Capital Employed % 10.14 15.47 11.25 10.95 10.34
Return on Assets % 1.42 2.91 2.05 2.16 -0.76
Return on Working Capital % -29.72 -107.63 -78.34 -45.72 -82.24
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 14: Metro AG: Key Employees

Alexandra Soto Director Non Executive Board
Andrea Euenheim Chief Human Resources Officer Senior Management
Angela Pilkmann Director Non Executive Board
Angelika Will Director Non Executive Board
Christian Baier Chief Financial Officer Executive Board
Edgar Ernst Director Non Executive Board
Eric Poirier Chief Operating Officer HoReCa Cluster Senior Management
Eva-Lotta Sjostedt Director Non Executive Board
Fredy Raas Director Non Executive Board
Gwyn Burr Director Non Executive Board
Herbert Bolliger Director Non Executive Board
Jurgen B. Steinemann Chairman Supervisory Board Executive Board
Liliana Solomon Director Non Executive Board
Manfred Wirsch Director Non Executive Board
Marco Arcelli Director Non Executive Board
Michael Heider Director Non Executive Board
Olaf Koch Chairman Executive Board
Olaf Koch Chief Executive Officer Executive Board
Peter Kupfer Director Non Executive Board
Rafael Gasset Chief Operating Officer Trader Cluster Senior Management
Silke Zimmer Director Non Executive Board
Stefanie Blaser Director Non Executive Board
Susanne Meister Director Non Executive Board
Thomas Dommel Director Non Executive Board
Werner Klockhaus Vice Chairman Executive Board
Xaver Schiller Director Non Executive Board

Industry Profiles
8.4. Aldi Einkauf GmbH & Co oHG
Aldi Einkauf GmbH & Co. oHG (Aldi) is a discount supermarket chain based in Germany. The company operates retail
stores under Aldi Nord and Aldi Sud divisions. The store chain offers similar kind of merchandise across its store
network. Its product offerings include a comprehensive range of branded and private label food and non-food
products along with a wide array of grocery items. The company offers various services such as travel, photo service,
flower service and mobile application. It operates in Australia, Austria, Belgium, Denmark, France, Germany, the UK,
Hungary, Ireland, Luxembourg, the Netherlands, Poland, Portugal, Slovenia, Switzerland, and the US. Aldi is
headquartered in Essen, Germany.
8.4.2. Key Facts
Table 15: Aldi Einkauf GmbH & Co oHG: key facts
Head office: Eckenbergstrabe 16 + 16A , Essen, Nordrhein-Westfalen, Germany

Website: www.aldi.com
Financial year-end: April
Aldi Einkauf GmbH & Co oHG (Aldi) is a discount grocery store chain operator based in Germany. The company
principally conducts business operations under two divisions: Aldi Nord and Aldi Sud.
Aldi Nord operates through 31 individual regional companies consisting of 2,300 stores in Northern and Eastern
Germany. The division’s international operations are spread across Denmark, the Netherlands, Belgium, Luxembourg,
France, Spain, Portagal and Poland. It operates 850 stores in France, followed by 490 stores in the Netherlands, 430
stores in Belgium, 250 stores in Spain, 220 stores in Denmark, 100 stores in Poland, 40 stores in Portugal, and 10
stores in Luxembourg.
Aldi Sud is represented by 30 independent regional companies throughout western and southern Germany. These
regional companies are responsible for about 50 to 70 branches. It operates through over 5,000 stores in Germany,
Ireland, the UK, Australia, Austria, Hungary, the US, Switzerland and Slovenia. It operates stores under Aldi Sud banner
in Germany, Aldi Suisse in Switzerland and Hofer in Austria and Slovenia. The company operates stores in 4,000 to
5,000 sq. ft. sales area featuring cut boxes on the shelves and very rudimentary displays. The store chain’s product
offerings primarily include a comprehensive range of food, beverages, sanitary articles, toilet paper and other
inexpensive household items.
Aldi operates regional distribution centers usually located away from urban areas, but nearer to an autobahn to
facilitate transporting merchandise to individual stores. Aldi offers majority of the products under its own store labels,
besides offering a comprehensive range of branded and private label products such as MucciMucci, Biocura beauty,
Biscotto, Brionne France, Chateau, ConfifruchtMarmelinchen, Conradl, Eldena, Eskimo, Feurich, Fishfinesse, Fjorden’s,
FruchtOase, Gletscherkrone, Goldahren, Golden seafood, Gourmet fruits de Mer, Gut Bio, Gut drieeichen and
Guldenhof. It also offers other branded products comprising Landbeck, Mama mancini, Markus kaffee, Milsa +, Moser
roth, Nusskati, Pure fruit, Quellbrunn, River, Rolfees, Ruckforth, Satessa, Schovit, Sonniger, Sontner, Solde, Tamara,
Trader Joe’s, Wellissa, Westminster tea, Wiesgart, All Seasons, Jack‘s Farm, Meierkamp, Milsani, Moreno,
Nordholmer, Ofterdinger, Proformance ISO light, Rookhus, and Ursi. The company provides special offers on more
expensive products such as electronics, appliances and computers.

Industry Profiles
Table 16: Aldi Einkauf GmbH & Co oHG: Key Employees

Chuck Youngstrom Co-President-ALDI US Senior Management
David Behm Co-President-ALDI US Senior Management
Jason Hart Chief Executive Officer ALDI US Senior Management
Laura Bauer Vice President Greenwood Division Senior Management
Max Hofmarksrichter Director Non Executive Board
Niall O’Connor Group Managing Director, Aldi Ireland Senior Management
Rayk Mende Managing Director Corporate Responsibility Senior Management
Torsten Hufnagel Chief Executive Officer Senior Management

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 17: Europe size of population (million), 2015–19
Year Population (million) % Growth

2015 321.4 0.8%
2016 323.8 0.8%
2017 326.3 0.8%
2018 328.9 0.8%
2019 331.4 0.8%
Table 18: Europe gdp (constant 2005 prices, $ billion), 2015–19
Year Constant 2005 Prices, $ billion % Growth

2015 15,276.3 3.2%
2016 15,739.0 3.0%
2017 16,161.3 2.7%
2018 16,559.0 2.5%
2019 16,929.6 2.2%
Table 19: Europe gdp (current prices, $ billion), 2015–19
Year Current Prices, $ billion % Growth

2015 18,313.5 5.1%
2016 19,223.8 5.0%
2017 20,145.1 4.8%
2018 21,077.3 4.6%
2019 21,993.9 4.3%
Table 20: Europe inflation, 2015–19

Industry Profiles
Year Inflation Rate (%)

2015 2.0%
2016 2.1%
2017 2.3%
2018 2.3%
2019 2.2%
Table 21: Europe consumer price index (absolute), 2015–19
Year Consumer Price Index (2005 = 100)

2015 123.9
2016 126.4
2017 129.3
2018 132.2
2019 135.1
Table 22: Europe exchange rate, 2015–19
Year Exchange rate ($/€)

2015 0.9013
2016 0.9040
2017 0.8855
2018 0.8475
2019 0.8929

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. Organic Europe
Stiftung Ökologie & Landbau, Weinstraße Süd 51, D-67098 Bad Dürkheim, DEU
Tel.: 49 6322 98 97 00
Fax: 49 63 2298 9701
www.organic-europe.net
9.2.2. International Research Association for Organic Food Quality and Health
c/o University of Kassel, Faculty for Organic Agriculture, Iris Weiland, Nordbahnhofstr. 1a, D – 37213 Witzenhausen,
DEU
Tel.: 49 5542 981712
Fax: 49 5542 981713
www.organicfqhresearch.org
9.2.3. Research Institute for Organic Agriculture (FiBL)
Ackerstrasse 113, Postfach 219, CH-5070 Frick, CHE

Tel.: 41 62 865 72 72
Fax: 41 62 865 72 73
www.fibl.org
9.2.4. Soil Association
Bristol House, 40-56 Victoria Street, Bristol, BS1 6BY, GBR

Tel.: 44 117 314 5000
Fax: 44 117 314 5001
www.soilassociation.org
9.2.5. Fédération Nationale d'Agriculture Biologique (FNAB)
40, rue de Malte, F - 75011, Paris, FRA

Tel.: 33 1 4338 3869
Fax: 33 1 4338 3970
www.fnab.org

Industry Profiles
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Organic Food

Organic Food in the United States
Organic Food in Asia-Pacific
Organic Food in the United Kingdom
Organic Food in Japan

Industry Profiles
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© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive Landscape

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1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Category segmentation ................................................................................................................2

1.4. Geography segmentation .............................................................................................................2

1.5. Market rivalry ................................................................................................................................ 2

1.6. Competitive Landscape ................................................................................................................2

2.1. Market definition ........................................................................................................................... 7

2.2. Market analysis ............................................................................................................................ 7

3.1. Market value ................................................................................................................................. 9

4.1. Category segmentation ..............................................................................................................10

4.2. Geography segmentation ...........................................................................................................11

5.1. Market value forecast .................................................................................................................12

6. Five Forces Analysis 13

6.1. Summary .................................................................................................................................... 13

6.2. Buyer power ............................................................................................................................... 14

6.3. Supplier power ........................................................................................................................... 15

6.4. New entrants .............................................................................................................................. 16

6.5. Threat of substitutes ...................................................................................................................17

6.6. Degree of rivalry ......................................................................................................................... 18

7.1. Who are the leading players?.....................................................................................................19

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8.1. Carrefour SA .............................................................................................................................. 21

8.2. Tesco PLC.................................................................................................................................. 26

8.3. Metro AG .................................................................................................................................... 30

8.4. Aldi Einkauf GmbH & Co oHG....................................................................................................33

9.1. Country data ............................................................................................................................... 35

9.2. Industry associations ..................................................................................................................38

9.3. Related MarketLine research .....................................................................................................39

About MarketLine .................................................................................................................................... 40

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Table 2: Europe organic food market category segmentation: $ million, 2019 10

Table 3: Europe organic food market geography segmentation: $ million, 2019 11

Table 4: Europe organic food market value forecast: $ million, 2019–24 12

Table 5: Carrefour SA: key facts 21

Table 6: Carrefour SA: Annual Financial Ratios 23

Table 7: Carrefour SA: Key Employees 24

Table 8: Carrefour SA: Key Employees Continued 25

Table 9: Tesco PLC: key facts 26

Table 10: Tesco PLC: Annual Financial Ratios 28

Table 11: Tesco PLC: Key Employees 29

Table 12: Metro AG: key facts 30

Table 13: Metro AG: Annual Financial Ratios 31

Table 14: Metro AG: Key Employees 32

Table 15: Aldi Einkauf GmbH & Co oHG: key facts 33

Table 16: Aldi Einkauf GmbH & Co oHG: Key Employees 34

Table 17: Europe size of population (million), 2015–19 35

Table 18: Europe gdp (constant 2005 prices, $ billion), 2015–19 35

Table 19: Europe gdp (current prices, $ billion), 2015–19 35

Table 20: Europe inflation, 2015–19 35

Table 21: Europe consumer price index (absolute), 2015–19 36

Table 22: Europe exchange rate, 2015–19 36