Continuing with some more factoids about equine businesses…
- The horse industry is a key player in our economy as measured by the Gross Domestic Product (GDP) as it contributed approximately $25 billion to our economy. This is higher than the motion picture industry and even tobacco products.
- In California, racing contributes a little less than $2.5 million, recreation contributes almost $2 million, showing contributes about $1.5 million and “other” of $1 million to California’s economy. Total impact on California’s economy is about $7 million. The United States as a whole has a slightly picture than California. Recreation is the highest at $32 million, followed by showing at $29 million and then racing at $26 million and “other” at $15 million.
- Thoroughbreds is the most predominate breed in racing while other breeds (i.e. warmbloods, mixed breeds, other breeds) and quarter horses make the largest type in recreation and showing. Branding as “America’s Family Horse” seems to have helped separate quarter horses from other breeds. Is your breed or discipline marketing in increase their market share?
- There’s some potential here! How can you tap this to be more profitable?