The overall equine market in the United States has declined about 4 per cent annually since 2009, a comprehensive market research report reveals.
Market research company Packaged Facts has announced its US Equine Market, 2nd Edition report.
Declining horse ownership levels brought on by years of recessionary conditions have resulted in years of declining sales, the report says.
Since 2009, according to its estimates, the overall equine market has declined by about 4 percent annually.
However, as the economy slowly recovers, things should be looking up for the industry, it says, noting that the US remains by far the country with the largest horse population in the world.
Estimating 2013 US retail sales in the industry at $23.3 billion, the report estimates the size and composition of this hard-to-pinpoint market and forecasts growth trends.
Packaged Facts believes the market is approaching a new, more modest plateau, with the heavy declines of recent years moderating somewhat going forward. By its projections, sales will level out at $US20.4 billion by 2017.
It said the supplies category accounted for 56 percent of all equine sales in 2013, with food accounting for the largest portion of that, with 47 percent of the whole. Services accounted for 44 percent of sales, with non-veterinary services accounting for the majority, at 36 percent of the whole.
The report notes also that the cost of one of the largest equine-related expenses, feed, has risen dramatically due to soaring hay prices.
More information: http://www.packagedfacts.com/Equine-Edition-8198982/