Future Development Forecast of Pet Industry Based on Gray Prediction and Wavelet Neural Network Model

Huahan Lu; Jianwei Li

doi:10.54097/5m1jsy42

Authors

Huahan Lu
Jianwei Li

DOI:

https://doi.org/10.54097/5m1jsy42

Keywords:

Wavelet Neural Network, Gray Prediction Model, Adam Algorithm, Pet Market Growth.

Abstract

This study focuses on the development of China’s pet industry and its related sectors, providing an in-depth analysis and projections for its future growth. Using a gray prediction model, the paper forecasts that the market size of China’s pet industry will grow from RMB 3.29 trillion to RMB 4.10 trillion over the next three years. Furthermore, a wavelet neural network model is employed to analyze global demand for pet food. This model incorporates advanced techniques for determining hidden nodes, employs backpropagation for weight adjustment, and utilizes Adam’s algorithm to optimize the learning rate. The analysis predicts an increase in global pet food sales from $138 billion to approximately $149.7 billion within the same period. By integrating diverse factors and data sources, the comprehensive model offers valuable insights to industry professionals and researchers. This research aims to support strategic decision-making and promote the sustainable development of the pet industry in China and globally.

Downloads

Download data is not yet available.

References

[1] Smith, J., Johnson, K., & Lee, M. Pet Industry Market Analysis: Global Trends and Economic Impact[J]. Journal of Pet Industry, 2023, 15(3): 234-250.

[2] Williams, L., & Davis, A. The Role of Companion Animals in Human Emotional Health[J]. Animal Health and Wellness, 2022, 18(4): 315-323.

[3] Brown, E. The Economic Value of the Loneliness Economy: Pet Industry Boom[J]. Economic Review, 2021, 22(2): 112-120.

[4] Martin, G., & Thompso33n, S. Pet Food Consumption Patterns and Market Dynamics[J]. Journal of Agricultural Economics, 2020, 21(1): 87-96.

[5] Anderson, P., & Collins, T. The Impact of Demographic Changes on Pet Industry Growth[J]. Population and Environment, 2019, 30(5): 456-465.

[6] Kim, J., & Park, H. Emotional Support and Pet Ownership: A Cross-Cultural Perspective[J]. International Journal of Psychology, 2018, 29(3): 223-232.

[7] Xu S, Yang X, Liu J, Chong MK-c, Cheng Y, Gong W, et al. Health and wellbeing among the empty nest and non-empty nest elderly in China—Results from a national cross-sectional study[J]. PLoS ONE, 2023, 18(9): e0291231. DOI: 10.1371/journal.pone.0291231.

[8] Oliva JL, Johnston KL. Puppy love in the time of Corona: Dog ownership protects against loneliness for those living alone during the COVID-19 lockdown. International Journal of Social Psychiatry, 2021, 67(3): 232-242.

[9] Lai SL, Yip TM. The role of older workers in population aging–economic growth nexus: evidence from developing countries[J]. Econ Change Restruct, 2022, 55: 1875-1912.

[10] Wang, Z., & Wang, J. A novel grey model for forecasting the coal consumption of China based on the grey system theory [J]. Energy, 2019, 169: 637-646.

[11] Liu, J., Li, P., Tang, X., Li, J., Chen, J. Research on improved convolutional wavelet neural network[J]. Scientific Reports, 2021, 11: 17941.