Alexa Anthony, CEO of Magic AI Corp -- Creator of Stable Guard, has graciously shared this important information about the equine industry with us. Thank you, Alexa!
The Big Picture
Equestrians are part of a huge industry! The economic impact is much larger than many people think—take a look at the stats:
- The equine market directly contributes $40 billion to the US GDP.
- There is a $122 billion indirect contribution, and the industry also provides nearly 1 million jobs.
- Annually, the industry revenue is estimated to grow 1.1 percent—that may not sound like too much, but for being a very niche group in the United States, it amounts to significant revenue.
- It's important to also note that the industry is so large because of the animals themselves—there are approximately 7 - 11 million horses in the United States!
The Average Show Horse Owner
- Personally owns more than 2 horses, typically valued at $10,000 or more each.
- Attends 6 or more shows per year, each costing more than $800 in show bills, totaling to more than $1,000 in monthly expenses per each horse.
If you are familiar with the industry, you may notice that these are conservative estimates.
While the average show horse owner sounds like a small group of individuals, 2.5 million households own one or more horses and 67% view their horses as members of the family! Some key takeaways include that riders tend to be younger, owners lean toward a higher income, and women dominate the industry! #GIRLPOWER
A rundown of just some equine-related costs:
Monthly board and training costs 40 percent of the population at least $1,000 to $2,000 per horse. These bills do not include additional costs of vet, farrier, or hauling bills.
There is a small percentage of the population that pays $5,000 or more per horse for monthly board and training costs!
The farrier bills can cost $200 - $300 per month
Vet bills can cost up to $500 per month or more
Tack and equipment can cost up to $500 on average as well
Insurance is an important factor for horse owners
Approximately 21.7 percent of all horse owners said that they insured their horses, which typically costs $1,000 to $2,000 per year on average, but as we know with horses, this amount fluctuates.
A Growing Industry:
With technological and medical advances comes new equipment and horsemanship approaches.
While "old school horsemanship" holds strong among equestrians, almost 70% of participants embrace "high-tech" therapy products.
- The most popular products include Theraplate and Magnetic Blankets.
Technology also allows for easier barn management through various new applications available to smartphone users.
Increasing popularity in these avenues contributes to the overall growth of the equine industry and its effects on the US economy.
Now that we've gone over the details, we want to know what you think of these numbers? Do you think they're accurate, or do you perceive certain aspects of the industry costing more or worth more? Were you aware of the large economy of the industry?