Pet Retail Market and Valuation Outlook

Highly Fragmented 11 Room for Consolidation Besides being a resilient high growth industry, pet retail is also fragmented... The Brazilian market is still highly fragmented, when compared... Product Sales by Channel in 21E; [%] ...despite showing a recent consolidation movement... Specialized Channels Evolution; [%] Megastores E-commerce Food Retailers Pet Shops and Vet Clinics Others Megastores E-commerce 6% 10% 17% 23% 7% 48% 29% 40% 6% 8% 4% 3% 21% 29% 2% 2% 13% 11% 15% 8% 8% 8% 6% 6% 13% 16% 18% Source: Euromonitor 16' 17' 18' 19' 20' 21E Overview | Promissing Industry | Assertive Hub-and-Spoke Strategy | Expansion to Outpace | Healthy and Solid Ecosystem | ESG | Valuation & Risks

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