Analysis of the Future Development Trend of the Pet Industry

Abstract

The pet industry is a very promising market that has risen in recent years. Its external influences on its development provide catalysts that should be identified. And due to the continuous growth of people's demand for pets, the pet economy has developed into a new economic form. The future development trend is the concerns of practitioners in the pet industry. This article highlights the main challenges through a political, economic, social, and technological (PEST) analysis. This article will focus on using data analysis to figure out the dynamics of the pet market. The results of the analysis show that the market economy of the pet industry will show a growing trend in the future. People's growing demand for pets and the support of modern technology have allowed the pet industry to develop more types of products. And with the development of society, the future market and products of the pet industry will further expand. Researchers can use the relevant data in this article to understand the future development trend of the pet industry.