Pet Retail Market and Valuation Outlook

Appendix 28 六 107 | 28. Petz and Cobasi: Market Share Physical Market Share Petz -Cobasi 6.1% 5% 4.9% 4.8% 5.4% 4.4% 4.8% 3.3% 3.1% 3.9% 2.9% 2.4% Pet Industry Evolution 50.5 45.5 41 37 33.1 27.8 23.5 20.8 18.6 16.9 15' 16' 17' 18' 19' 20' 16' 17' 18' 19' 20' 21E 22E 23E 24E 25E

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