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As pet ownership keeps going up, the demand for pet-related products and services also has grown.

As reported by Reuters, as COVID-19 rapidly spread across the United States, demand for TCM among the general population skyrocketed. Some immunity-boosting Chinese herbs, together with TCM granules, were quickly sold out.

As the money flowed in, many companies have prioritized customer acquisition over profitability by offering deep discounts or free small-ticket deliveries. This has resulted in exponential expansion of the market with an annual growth rate of over 40 percent, said Eric Hor, associate partner of global consultancy Prophet.

As the Chinese market grows bigger and more mature, immeasurable purchasing power will be created, which will provide wider markets both for China and the world, Wang added.

Asa Hutchinson, governor of Arkansas, said he applauded both presidents for working hard to narrow the differences and reach the agreement.