Pet Retail Market and Valuation Outlook
Appendix 35
Average Expenditure [BRL]
Source: Company's Data; Team 7
*0
117
35. Optionalities: Verticalized Health Plan (C)
In Brazil, only 91k animals have health insurance and we see this sub-segment with a high potential as the humanization of pets in the country increases. From
this point of view, Petlove together with Porto Seguro has already positioned itself to achieve a comfortable position in this market, reaching 1.5% market share
today. Based on our estimates, the market can reach BRL 3.8 bn in just 5 years.
20'
21E
22E
23E
24E
25E
Pets in Brazil
Health Plan Penetration
[mn of pets]
[%]
88
91
101
112
123
135
0.1%
0.3%
0.5%
0.8%
1.1%
1.5%
Pets w/ Health Plan
[mn of pets]
0.1
0.3
0.5
0.9
1.4
2.0
Average Spending per Health Plan
[BRL]
1,500
1,635
1,717
1,768
1,821
1,876
Brazilian Health Plan Market
[BRL mn]
137
446
867
1,584
2,464
3,799
Health Plan Penetration [%]
0.1%
0.2%
0.4%
0.6%
0.8% 1.0% 1.2%
1.4%
1.6%
1.8% 2.0%
500
46
91
182
273
364
455
546
637
728
819
910
700
64
127
255
382
510
637
764
892
1,019
1,147 1,274
900
82
164
328
491
655
819
983 1,147
1,310
1,474 1,638
1,100 100
200
400
601
801
1,001
1,201
1,300 118
237
473
710
946
1,183
1,500 137
273
546
819
1,092
1,365
1,700
155
309
619
928
1,238
1,900 173
346
692
1,037
1,383
2,100
191
382
764
1,147
1,529
1,401 1,602 1,802 2,002
1,420 1,656 1,893 2,129 2,366
1,638 1,911 2,184 2,457 2,730
1,547 1,856 2,166 2,475 2,785 3,094
1,729 2,075 2,421 2,766 3,112 3,458
1,911 2,293 2,675 3,058 3,440 3,822
Gross Margin
in Diagnostics
VCA
Animal Hospitals
+50% +15%
Gross Margin
in Pet Hospital
2,300 209
419
837
1,256
1,674
2,093 2,512
2,930 3,349 3,767
4,186
2,500
228
455
910
1,365
1,820
2,275 2,730
3,185 3,640 4,095
4,550View entire presentation