There are many young people these days who are choosing to wait longer to start their family. In the meantime, these millennials are raising pets instead. This means that they will be looking for the latest and most advanced pet products on the market. This has made life very good for the technology companies based in Silicon Valley that make products for pets. It seems like there is a new pet product coming on the market every day. There were more than $200 billion worth of pet products sold around the world last year. This number is only going to keep rising.
Many more young people have children than old people these days. According to a report by Forbes.com, millennials and people from Generation Z are treating their pet like their child. They are waiting until they are in their 30s in many cases to start their family. Young people are also into technology much more than older people would be. Because of this, there was more than half a billion dollars poured into startup companies that create pet technology. The people and companies who invested this money clearly believe there are huge profits to be made. It would seem they are right. The amount of people buying pets is only going to rise.
The range of pet products that are in various stages of development is quite impressive. There are apps that allow people who walk dogs for a living to find fast and easy transportation to and from their job. There is also a system that will help pets to receive stimulation while they are alone. This is important because animals can become very restless until their owner comes home. There is so much money being invested into the pet technology industry right now that the opportunities for entrepreneurs are practically endless. There are many ways for people to make money if they choose the right products to invest in.
There are also plenty of venture capitalists who are looking closely at many pet tech startups and trying to decide which one they will fund. People will always want to have pets. Therefore, there will always be a demand for pet products. This is why there are new startups focusing on pet products that are being created every day. There are literally billions of dollars at stake and every company wants to get their piece of the pie. It remains to be seen how big this industry can get.