Global Pet & Equine Market Opportunity?
The global pet care market size was estimated at $131.7B in 2016 and is expected to grow with CAGR of 4.9% from 2016 to 2025. We project hemp derived CBD will significantly disrupt the $3B glucosamine based supplement market.
In the U.S. there are approximately 9.2 million horses. This horse industry contributes approximately $39 billion in direct economic impact to the U.S. economy, and supports 1.4 million jobs on a full-time basis based on the American Horse Council’s National Economic Impact Study (2005). They also stated that when indirect and induced spending are included, the industry’s economic impact reaches $102 billion. Kentucky alone is home to 242,400 horses with a total value of Kentucky’s equine and equine-related assets estimated at $23.4 billion. Kentucky’s equine industry had a total economic impact of almost $3 billion based on the Kentucky Equine Survey (2012).
In fact, the senior horse demographic is of increasing importance as numbers continue to rise. Senior horses are generally referred to as those ≥ 15 years old. Based on the recent statistics from the 2016 USDA NAHMS study, senior horses (≥20 years) comprise approximately 11.4% of the equine population in the United States. Furthermore, among equine facilities in the United States, 44.6% possessed one or more senior horse (≥20 years) (USDA, 2016). These senior horses are frequently ridden for pleasure or kept as companion animals, while some continue engaging in athletic competitions and breeding into their late teens and twenties.
