Giddy-up: Increased demand for thoroughbred horses has spurred on revenue growth
The Horse Farming industry has grown over the past five years, driven by increased demand for thoroughbred horses, boosting the average price paid per horse and service over most of the period. However, the onset of the COVID-19 pandemic is expected to have limited export demand and constrained racehorse trading and servicing operations. In addition, declining harness racing activity has reduced demand for standardbred horses over the past five years. Weaker demand for standardbred and other horses has also limited industry performance over the period. Overall, industry revenue is expected to increase at an annualised 1.3% over the five years through 2022-23, to total $1.5 billion. However, this trend includes an expected decline of 0.5% in the current year, due to an anticipated decline in real household discretionary incomes.
The industry engages in horse farming, which includes breeding thoroughbreds, standardbreds and other horse breeds. Thoroughbred and standardbred horses are mainly sold to trainers for the purpose of horse and harness racing, while other breeds are generally sold to the public for recreational purposes. Industry operators also offer agistment services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
Table of Contents
Methodology
LOADING...