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The pet industry grew by 14% to $123 billion in 2021, and is expected to be recession-resistant, according to Packaged Facts, a division of MarketResearch.com.

According to a forecast from MarketResearch.com, the private 5G network market will grow at an average rate of 40 percent a year between 2021 and 2028, by which time it will be worth $14 billion.

Nick Cunningham, an analyst with The Freedonia Group, said that limiting the extent of the price hikes following the administration’s decision to ban Russian energy imports, “will be difficult to judge.”

David Sprinkle, analyst at Packaged Facts, speculates the cause behind this current wave of pet industry startups is two-fold.

In an article for Forbes, MarketResearch.com CEO Robert Granader describes the rise of the “homebody economy” and the growing demand for baking, gardening, home improvement, outdoor living, and pets.