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Product and Distribution Management 
Assignment 2: Market Analysis – Drugstore 
Industry 
Supervised by Nico Klenner 
 
 
 
 
 
 
 
 
 
 
 
 
By Cara Bengfort, Mateus Brasil de Jesus, Wolf Pekka Lechte, Nastassja Patricia Llop Slomma 
Due Date: 27th May 2021 
Scope: 2,418 words (incl. in-text references) 
 
 
 
 
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Table of Content 
 
List of Abbreviations .................................................................................................................... iv 
List of Figures ................................................................................................................................ v 
1. Introduction ........................................................................................................................... 1 
2. Market Analysis .................................................................................................................... 1 
2.1. Market Size ....................................................................................................................... 1 
2.2. Market Trends ................................................................................................................... 2 
2.3. Market Growth Rate and Profitability ............................................................................... 3 
2.4. Industry Cost Structure ..................................................................................................... 4 
2.5. Distribution Channels........................................................................................................ 5 
2.6. Key Success Factors .......................................................................................................... 6 
3. Conclusion ............................................................................................................................ 7 
4. References ............................................................................................................................. 9 
5. Appendix ............................................................................................................................. 11 
 
 
 
 
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List of Abbreviations 
CAGR – Compound annual growth rate 
e-commerce – Electronic Commerce 
e.g. – For example 
IRI – Information Resources GmbH 
 
 
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List of Figures 
Figure Page 
Figure 1: Michael Porter’s five forces of competitive analysis 3 
 
Figure 2: Cost structure in the retail trade of cosmetics and personal 5 
care products in Germany in 2018
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1. Introduction 
The following paper comprises a market analysis for the German drugstore industry. As 
the chosen company for the product innovation, dm-drogeriemarkt, is a drugstore 
company that mainly operates in Germany, the respective industry and country was 
selected instead of exploring other markets. 
First, the size and potential of the market is described. This is followed by a portrayal of 
the current trends in the German drugstore market, which display the overall growth or 
decline of a market, competitor activities and customer behavior over time. In the third 
part, the focus lies on the market growth rate and profitability to predict the future growth 
rate of the market. For that a forecast and the model of Porter’s five forces is used. Next, 
the industry cost structure of drugstores is presented with the help of a value chain 
analysis. An examination of the distribution channels concentrates on the efficiency of 
existing ones and the potential of emerging channels. The sixth part examines the key 
success factors of the drugstore industry. Lastly, a conclusion from all findings is drawn. 
2. Market Analysis 
2.1. Market Size 
The Federal Statistical Office estimates the industry’s net sales in Germany in 2018 at 
around 17.4 billion euros. The market research firm IRI has estimated drugstore sales for 
the year 2019 at about 17.7 billion euros. The total number of companies is decreasing, 
and more than 90 percent of sales are generated by large companies with annual sales of 
more than ten million euros. Drugstores have enjoyed increasing popularity for years: 
their share of sales in the total drugstore trade was 45 percent in 2017 and increased by 
five percentage points in the previous five years alone. And even in food retailing, modern 
pharmacists hold their own (Hohmann, 2021). 
The drugstore market has increased even during the pandemic. Always innovating, be it 
with delivery systems or customer service and hygiene (Röttig, 2021), the sector is 
heating up, but the biggest difficulty is uncertainty. Drugstores are a sub-branch of the 
retail sector with a focus on cosmetics, and body and health products, where now 
Germany stands out for its competitiveness and the segregation between pharmacy and 
drugstore, which makes the market more diverse. 
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We can list the three large private companies that shape the industry in Germany. The 
market leader is dm-drogerie markt GmbH + Co. KG from Karlsruhe. It is followed by 
Dirk Rossmann GmbH from Burgwedel and Ulmer Müller Ltd. (officially registered in 
London). The Hamburg Budnikowsky ("Budni") network, which entered a strategic 
cooperation with Edeka in 2018 and is now expanding nationwide, is also of regional 
importance (Hohmann, 2021). With this, we can premeditate that dm being the industry 
leader enshrines itself in the implementation of new products and projects. 
2.2. Market Trends 
With digitalization, the market has become more dynamic, and customers have new 
shopping experiences, thus providing convenience in purchasing and sales operations as 
well as logistics. In this way, companies continuously optimize areas such as sourcing, 
logistics, back office, or internal communication with digital solutions. In the area of 
robotics, the digital pioneering spirit is also in demand: a service robot has been on the 
road at some Conrad branches for 10 years, and since October 2019, the sales robot 
"Alex" has been augmenting the branch team in Berlin Schöneberg (Treiß, 2021). 
Germany, until shortly before the pandemic, encountered problems and delays in the 
digitization of documents and processes compared to the rest of the world, but with the 
coming of the isolation, it became necessary to implement new technologies, one of which 
is digitization in the retail sector. 
Digitization can also help organize company processes efficiently and stable. In this case, 
digitalization is the means to increase the company's performance (Röttig, 2021). To 
improve and make retail services more attractive to customers, companies focus on 
service and product diversity and quality. For them, digitalization means maximum 
customer focus (Treiß, 2021). 
The corona pandemic has significantly accelerated the development of trade towards e-
commerce, and the given industry has fulfilled its performance promise. Hence, in the 
last year, e-commerce turned into a booming sector for the retail market. In Germany 
alone, e-commerce was worth 83.3 billion euros in the year 2020. With a significant 
growth of 14.6 percent over the previous year, the sector is establishing itself as one of 
the growth sectors during the pandemic and creating solutions to continue to stand out in 
the years to come (Ecommerce News, 2021). 
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2.3. Market Growth Rate and Profitability 
Porter's Five Forces model is a well-recognized management tool to analyze the 
profitability and attractiveness of today's industry, using the external perspective. Porter's 
five forces function as strategic pillars for a company. The idea is that if any pillar is 
modified, the company needs to reevaluate its strategic positioning in the market (Dobbs, 
2014). Porter's 5 forces analysis shows a company's position in the market, indicating its 
positive and negative points. This analysis is relevant for any business, regardless of its 
size and niche. It is divided into 5 main ideas, which are: “The threat of substitute 
products; Threat of entry of new competitors; Bargaining power of customers; Bargaining 
power of suppliers; Rivalry among competitors” (Indiatsy, 2014). 
 
Figure1: Michael Porter’s five forces of competitive analysis (Martin Heubel, 2021) 
According to the forecast, a market volume of 14.93 billion euros will be reached in 2025; 
this corresponds to an expected annual sales growth of 8.08% (CAGR 2021-2025) thus 
the largest market segment is the "drugstore and health" segment, with an expected 
volume of 8.50 billion euros in 2021 and sales in the food and drugstore segment will 
total about 10.94 billion euros in 2021 as forecast (Statista, n.d.). 
Looking at the company we are analyzing, the retail/pharmacy segment leader dm in 
Germany in the 2019/20 financial year (as of September 30, 2020), dm Germany 
https://consulterce.com/about/
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generated sales of around 8.54 billion euros (or 57% of total market volume). This 
corresponds to an increase of 2.1 percent compared with the same period of the previous 
year. With total staff of 40,436 for dm in Germany, more than 3,300 young people are 
learning a formation at dm. Overall, the number of stores has increased by about 100 to 
3,765. Additional 60 dm stores were opened and reopened in Germany in the fiscal year 
2019/20 and another 262 stores were converted. Around 1,400 dm stores are currently 
state-of-the-art, with more to follow in the coming months. The average sales area of dm 
stores has grown to 627 square meters. As a family business, the company does not have 
to provide profit information (dm, n.d. b). 
Both categories in the food and drugstore e-commerce segment are experiencing growth 
and will represent the fastest developing product groups in the entire e-commerce 
landscape in the coming years. This development is mainly being driven by the 
investments made by traditional retailers in their own online sales channels and the fact 
that the large e-commerce companies are penetrating new markets to maintain their 
growth. While both categories have their challenges, it is true for the entire industry that 
customers no longer only buy electronics or fashion but also groceries, everyday products, 
and medicines online. 
2.4. Industry Cost Structure 
The industry of drugstores includes several different activities along its cost structure (see 
figure 2). In 2018, drugstores and perfumeries spent a total of 17.23 billion euros. With a 
remarkable value of almost 67%, the purchase of commodities takes up most of the costs. 
This is followed, with a large distance, by the staff cost without social insurance 
contributions (12.3%) and purchased services or other operating expenses (10.3%). The 
rent and leasing of the sales area as well as storerooms accounts for ca. 7% of the overall 
costs (6.9%). Next, there are the social insurance contributions (2.5%), such as the 
statutory health insurance, nursing care insurance, pension insurance, unemployment 
insurance and accident insurance. Minor costs in the industry for cosmetics and personal-
care products amount to purchases of raw materials, auxiliary supplies as well as 
operating materials (0.62%), and operational taxes and charges (0.42%), for example 
trade taxes (Hohmann, 2020). 
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Figure 2: Cost structure in the retail trade of cosmetics and personal care products in Germany in 2018 
(Hohmann, 2020) 
As drugstores offer both self-developed products as well as purchased ones, their primary 
activities in both cases include inbound logistics, operations, and outbound logistics as 
well as marketing and service. For their own products, drugstores can manage and 
improve their whole value chain whereas with purchased products from third parties they 
can impact marketing and sales and eventually the outbound logistics. The industry cost 
structure shows that the focus of process-improvement and elimination of non-value-
adding costs should lie on the purchase of commodities. Hence, companies in the 
drugstore market must actively use sourcing and procurement strategies (e.g. active 
supplier management, strategic partnerships, and reconfiguring supply specifications) to 
gain transactional efficiency at the lowest possible cost while keeping the risk of supply 
low (Deloitte, 2014). 
2.5. Distribution Channels 
Drugstore companies in Germany usually follow a multi-channel model. The reason for 
that is that they are intermediaries, meaning that they are legally independent from the 
manufacturing company and therefore sell the manufacturer’s products at their own risk. 
As already mentioned, drugstores do not only act as retailers, but they also sell their own 
product lines from their store brands through direct distribution (dm, n.d. a; Rossmann, 
n.d.). Furthermore, most of the German drugstore companies also operate in other 
European countries, which is why the strategy of indirect distribution is necessary (Lange, 
2020). 
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In recent years, the business world has been shaped by digitalization, though drugstore 
companies are still in the early works when it comes to the use of digital technologies and 
the provision of digital offerings. As customers now prefer hybrid shopping models, both 
online and offline, with different sales channels, drugstore companies as dm or Rossmann 
introduced their own online shops with a wider product range than in their stores, for the 
best customer experience (Unternehmer-gesucht.com, n.d.). Especially with the Corona 
crisis in the last year, companies had to advance their online presence way faster than 
they planned to. For dm for example, sales in their online shop doubled. As this showed 
the change in the customers’ purchasing behavior, the company introduced an own app 
as part of their omni-channel-retailing. Furthermore, drugstores created a “click and 
collect” service for online reservation or on-site pick-up. With the “express pick-up” by 
dm, products are already available after three hours in the selected store. The same 
concept works for pictures ordered online (dm, n.d.). 
To stay successful in the future, the drugstore industry needs to further customize its 
advertisement for each individual customer and anticipate the customers’ needs based on 
data analytics. Further technology innovations are necessary to involve customers 
actively in the sales process and to execute the value chain in a more effective way 
(Deloitte, n.d.). 
2.6. Key Success Factors 
There are several reasons behind the current success of the drugstore market. In Germany, 
the industry holds the second place in the customer monitoring for consumer goods, with 
a high score of 1.86, showing the high satisfaction and popularity amongst customers 
(Treckmann, 2020). Drugstores form a significant point of purchase for customers. From 
personal care and cosmetic products to health, household, pet, and photo supplies,they 
offer everything. Moreover, new product ranges include organic foods and sustainable 
products (Lange, 2020). 
In established industrialized countries such as Germany, further growth can only be 
achieved by enticing market shares and customers from competitors. Therefore, industries 
in retailing deliver a lot of innovations to attract additional customers with new products 
(Gelfarth, 2019). Since the bankruptcy of the former German market leader Schlecker, 
dm and Rossmann have tried to penetrate the new gap for themselves. Both chains opened 
simultaneously hundreds of new stores and focused on their strategy of discount 
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drugstores. Especially, as supermarket chains such as Edeka, who teamed up with the 
drugstore Budnikowsky, as well as large online retailers such as Amazon aim to gain the 
same market share (Schierack, 2017). 
To stay relevant to customers, the stores’ assortment is constantly adjusted and replaced 
with new products, offering items of current and potential interest to customers. 
Compared to online retailers, they only have limited space offers and must continuously 
examine the products needs of their customers. Companies like dm and Rossmann have 
created their own online shops that gives them the opportunity to offer a much wider 
range of products. Furthermore, companies in the industry use successful marketing 
strategies to attract customers, especially younger ones. An effective method is e.g. 
advertising through social media accounts for beauty products or collaborations with 
influencers or startups. A distinguished characteristic of drugstores is the possibility to 
try out and advise on products (especially beauty products), providing customers a unique 
shopping experience that online shopping cannot provide (Ehrhardt, 2019). 
3. Conclusion 
All in all, this paper provided an analysis of the drugstore market to give insights on the 
industry itself, customers, competitors, and other variables. 
The leading drugstore companies have adapted successfully to the changing customer 
requirements of online purchasing, but also have been forced to do so due to the impact 
of corona on customer behavior. The drugstore industry has a future if it is willing and 
able to invest heavily into product innovations to stay relevant in an even more global 
market due to digitalization and since brands must constantly customize their products. 
Nevertheless, it remains to be seen whether the drugstore industry can survive in this truly 
global environment and keep its competitive advantage. With global competitors, such as 
Amazon, that due to its size benefit from logistical-/marketing economies of scale, global 
experience, and big data analytics, it will be challenging for German drugstore companies 
to hold their market position and keep their customers. The acceleration of e-commerce 
due to corona might show already what the future of the drugstore business could look 
like as its product offering becomes even more a commodity and the potential customer 
will be just driven by price. The disruption of global supply chain due to corona has 
demonstrated that the focus on cost minimization and reduction of inventories might be 
the wrong approach to operate in this new environment. Drugstore companies hence also 
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need to rethink their supply chain strategy to be able to meet future risks and reduce their 
vulnerability by using emerging digital supply networks. 
For a product innovation in the drugstore industry, more precisely for the company dm, 
it might be the right answer to the rising commoditization to position oneself in niche 
markets with differentiated products. To survive in the future, they might change their 
strategy by focusing on certain markets and trends, and by offering services in 
combination with (individualized) products. To foster this new market approach, they 
could collaborate with start-up companies that can provide cutting edge technologies to 
shape and change the drugstore business of the future. 
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5. Appendix 
 
Drugstore industry overview 
(https://de.statista.com/themen/1643/drogerien-in-deutschland/#dossierSummary) 
 
Drugstore industry structure 
(https://de.statista.com/themen/1643/drogerien-in-deutschland/#dossierSummary) 
https://www.rossmann.de/de/rossmann-marken
https://lebensmittelpraxis.de/zentrale-management/29741-dm-drogerie-markt-die-werte-der-gesellschaft-veraendern-sich.html
https://lebensmittelpraxis.de/zentrale-management/29741-dm-drogerie-markt-die-werte-der-gesellschaft-veraendern-sich.html
https://locationinsider.de/digitalisierung-des-handels-die-wichtigsten-trends-2021/
https://www.unternehmer-gesucht.com/ratgeber/einzelhandel/
https://de.statista.com/themen/1643/drogerien-in-deutschland/#dossierSummary
https://de.statista.com/themen/1643/drogerien-in-deutschland/#dossierSummary
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Impact of the coronavirus on customers’ online purchasing behavior 
(https://de.statista.com/infografik/22198/entwicklung-des-e-commerce-umsatzes-in-deutschland/) 
https://de.statista.com/infografik/22198/entwicklung-des-e-commerce-umsatzes-in-deutschland/