Market Analysis: China, Thailand, Japan, India, and the Middle East
Updated: 3rd of March 2026
The global equine industry has seen steady growth in the past five years, with traditional markets in Europe and the United States maintaining large, mature horse sectors. Worldwide, industry summaries commonly cite the global equine industry’s annual economic impact at approximately $300 billion and around 1.6 million jobs, with Europe at roughly $133 billion and the United States at about $102 billion. These regions boast millions of riders and well-established equestrian sports structures. Europe maintains significantly higher rider participation levels than the Asian and Middle Eastern markets, as discussed in this report. Germany alone is frequently cited as having approximately 1.25 million horses and an estimated 2 to 3 million recreational riders, depending on methodology. The Fédération Equestre Internationale (FEI) registers several thousand active international riders annually across disciplines, with European nations accounting for the majority of FEI-registered athletes. By comparison, China’s reported rider base was approximately 682,560 in 2019 based on club membership data, while India’s federation membership is measured in the low thousands. Japan’s competitive equestrian base remains relatively small outside racing, and Thailand’s FEI-level participation numbers are limited to a small group of internationally active riders. The Middle East has expanded FEI-level representation significantly in endurance and showjumping over the past decade, though total participation remains modest relative to Europe.
China’s equine sector in particular has developed significantly over the past decade, especially following the 2008 Beijing Olympics, which spurred local interest in equestrian sports. Between 2015 and 2020, China experienced an equestrian “boom” as new riding clubs opened and more people took up riding as a leisure activity. Japan, by contrast, has a long history of horse racing but a declining horse population for other uses (only ~68,000 horses in 2022, the lowest in a decade). Still, Japan’s racing industry remains one of the world’s largest, and its breeding programs have produced internationally competitive racehorses in recent years. India’s equine industry has seen incremental growth – it has a well-established racing circuit dating back over 200 years, but equestrian sports remain niche outside military circles. Meanwhile, Thailand and the Middle East are emerging as new focal points.
Thailand has a modest horse industry today, yet plans are underway to transform it into a regional racing hub as Singapore’s turf club closes. In the Middle East, oil-fueled economies (notably the UAE, Saudi Arabia, and Qatar) have heavily invested in horses over the past five years, launching high-profile racing events and equestrian facilities that position the region as a growing global equine center. Despite the COVID-19 pandemic briefly disrupting events and international horse trade in 2020, these markets have rebounded quickly.
The past five years have set the stage for robust growth in Asia and the Middle East’s horse industries - growth that is now accelerating on the back of strategic investment and rising public enthusiasm.
Economic Impact
The economic contribution of the equine industry varies widely across these regions, but its significance is rising. Globally, horses contribute to a wide value chain – from breeding and farming to sports, tourism, and media – estimated at $300 billion annually. In mature markets this impact is substantial. In the UK, figures cited in parliamentary evidence reference approximately £8 billion in annual economic contribution and around 1 million horses. Other industry summaries reference figures closer to £5 billion annually. By comparison, the target regions are smaller in absolute terms, yet they are growing fast and creating new jobs and revenue streams. China’s equine market value has been cited in industry summaries at approximately $1.58 billion. China’s equine sector has expanded across multiple value chains, including riding instruction, horse importation, facility development, feed supply, and event hosting. Growth has been concentrated in major metropolitan areas where equestrian sport is positioned as a premium leisure activity. Revenue generation is closely linked to imported sport horses, international coaching expertise, and private club membership models, which have contributed to relatively high participation costs compared to European markets. 2019 was the first year China published comprehensive equine industry stats, and Chinese policymakers view the horse sector as a unique industry that spans primary, secondary, and tertiary sectors (breeding agriculture, manufacturing of gear, and services like tourism), with potential to create jobs and boost domestic demand.
In India, the economic footprint of horses comes largely from racing and traditional uses. The racing and breeding sector alone employs an estimated 50,000–60,000 people across India, from jockeys and trainers to grooms and farm workers. There are nearly 100 thoroughbred stud farms in India catering to racing, and ancillary industries (feed suppliers, farriers, leather goods makers) add further employment. For instance, Indian tanneries in Kanpur produce saddlery for export to Europe and the US. While exact GDP contribution is not well documented, the indirect impact on rural livelihoods (through horse breeding in regions like Punjab and Rajasthan) and on urban economies (via racecourse betting turnover and tourism at major derbies) is significant. Similarly, Thailand’s horse industry has been small but present, with industry activity concentrated primarily in racing and leisure riding prior to the 2020 African Horse Sickness outbreak. The 2020 outbreak resulted in more than 500 reported horse deaths and caused significant disruption to domestic equine activity, as movement restrictions were implemented nationwide for 90 days, affecting racing schedules, breeding operations, and equestrian tourism. The episode temporarily reduced economic activity across Thailand’s small but developing equine sector. Although Thailand’s current economic contribution is modest, plans for new racecourses and equestrian centers imply a future uptick in jobs and revenue through construction, hospitality, and betting-related income if wagering is legalized.
In the Middle East, horses are both a passion and an economic strategy. In the UAE, the equine sector is considered a “promising industry” and is supported by significant spending. Official statements in the UAE reference average annual spending by equestrian clubs of approximately AED 367 million, and around AED 2.1 billion annually for racehorse training. This investment trickles through to many parts of the economy, from salaries for trainers and veterinarians, to the construction of world-class facilities like Dubai’s Meydan Racecourse. Major horse events have a tourism impact as well: The Dubai World Cup functions as a tourism anchor event, with recent reporting citing attendance exceeding 60,000 spectators and 2025 figures reported at over 65,000. Contributing to local economies, events like these fill hotels and restaurants. In the UAE, equestrian sports contribute an estimated at around $2.4 billion to the sports sector. In Saudi Arabia, the government explicitly links equestrian development to Vision 2030 goals of diversifying the economy and boosting tourism. The creation of marquee events like the $20 million Saudi Cup (the world’s richest horse race) has begun to elevate Saudi Arabia’s international profile, aiming to attract overseas visitors and media attention. Qatar likewise leverages horses for soft power and economic benefit: it has invested heavily in racing and showjumping, sponsors global equine events, and is expanding its racing infrastructure. All told, the Middle East’s equine activities generate billions in indirect value, from luxury retail during big events to year-round employment at royal stables, even if direct GDP figures aren’t always reported.
Another facet of economic impact is equestrian tourism. Regions are increasingly using horse heritage and events to drive tourism receipts. For example, Saudi Arabia is developing the AlUla equestrian village (with racetracks, polo fields, and stables), with planning references indicating a target of more than 120,000 visitors annually by 2035, linked to hosting 64 major equestrian competitions. Such projects integrate culture, sport, and hospitality, indicating how horses can boost local economies beyond traditional metrics. In summary, while Europe and the US still dominate in sheer size of the horse industry, China, Thailand, Japan, India, and the Middle East are seeing growing economic benefits from equine pursuits – through job creation, contributions to GDP (China’s ~$1.6 billion, etc.), and enhanced tourism and cultural exports. These regions are recognizing the horse industry as not just a sport or leisure, but a driver of economic diversification and rural development.
Breeding and Sales Dynamics: Domestic & International Trade
Breeding patterns in these markets reflect a mix of longstanding traditions and new developments. Japan stands out as having a very mature domestic breeding industry, especially for Thoroughbred racehorses. As of 2021, Japan had 785 breeding farms with broodmares, of which 717 (over 91%) were concentrated in Hokkaido’s favorable climate. Japanese breeders have systematically improved bloodlines by importing elite stallions and mares since the 1980s, resulting in Japanese-bred horses that now win top races worldwide. With 251 Thoroughbred stallions at stud in Japan (61 imported, 190 locally bred), the country is largely self-sufficient in producing racehorses, and even exports some to other racing nations. This robust breeding sector supports an active sales market: annual foal crops are sold through well-attended auctions, and the domestic racehorse sales focus on quality replacements for an aging race population. Japan’s emphasis on breeding for speed and stamina (e.g. descendants of the famous stallion Sunday Silence dominating sire rankings) has paid off both in racing success and in sustaining a profitable bloodstock market.
India also has a well-established horse-breeding and sales framework centred on racing. The Indian Stud Book records Thoroughbred lineage and the country enforces a rule that only India-bred horses can race domestically. This protectionist rule has cultivated a local breeding industry with nearly 100 stud farms operating across the country. Indian breeders import quality stallions from abroad and breed them to domestic mares, aiming to produce classic winners for India’s Derby and Oaks races. While Indian-bred horses are generally not yet competitive internationally, the domestic sales market is active – yearling auctions supply the next generation of racehorses to the nation’s nine racetracks. However, breeding as a business in India faces challenges like high costs and limited economies of scale; many stud farms are passion projects of wealthy owners. There is also interest in indigenous breeds (like Marwari and Kathiawari horses) for domestic use – though these breeds are not part of the international sport market, they have niche export demand and cultural value. Trade-wise, India is largely self-contained: It imports stallions and feed supplements but exports few horses (government restrictions historically limited export of native breeds to preserve them). Thus, India’s breeding and sales dynamic is internally focused, with potential to grow if racing expands or if native breed tourism gains traction.
In China, breeding and trading dynamics are in flux. Historically, China had a large horse population, with research summaries referencing a decline in China’s horse population from approximately 11.50 million in 1978 to around 3.47 million in 2018. The main reason is that the culture is pivoting from utilitarian horses essential for agriculture and transport, to sport horses. Despite a growing interest in sport horses and breeding-related activities, domestic breeding is still limited. A key bottleneck is that mainland China bans pari-mutuel horse racing and betting, which removes the financial incentive structure that typically drives large-scale Thoroughbred breeding. Without a vibrant racing circuit, China’s breeding activity has focused on FEI-affiliated sports (show jumping, dressage, eventing) and leisure riding. Many wealthy Chinese riders have simply imported horses from Europe or Australia, as reflected in trade data – China was not a top exporter but was increasingly active in horse imports. However, the Chinese government recognizes this gap and has signaled plans to support local breeding to reduce reliance on expensive imports. For example, initiatives in regions like Inner Mongolia and Xinjiang seek to revive horse breeding, and there are pilot programs (in Hainan province’s free trade zone) that may introduce regulated racing and thereby stimulate a breeding industry. Currently, though, high-end competition horses in China are largely imported, and prices are steep – contributing to the high cost of equestrian sport in the country. On the trading front, Chinese buyers have become notable at international horse auctions, acquiring show jumpers and even racehorses to ship home. As equestrian sports gain popularity in China, expect more international trade (both imports of horses and expertise, and potentially future exports if Chinese breeding improves).
The Middle East is characterized by import-driven growth in its sport horse population, alongside preservation of historic bloodlines. Nations like the UAE, Saudi Arabia, and Qatar have relatively harsh climates for horse breeding (extreme heat and limited grazing), so they historically imported the majority of their sport horses. For flat racing, Gulf owners source Thoroughbreds from established breeding centers – a noted example: Thailand’s new racing venture anticipates 80%+ of its racehorses will be imported from Australia or New Zealand, following the model of Singapore. The UAE’s ruler, for instance, spends millions at European and North American yearling sales to acquire top bloodstock. As a result, the Middle East has some of the world’s finest racing horses, but bred elsewhere. Once in the region, these horses enter local stud in small numbers; there are a handful of Thoroughbred breeding farms (e.g. in Saudi and Dubai) but scale is limited. On the other hand, the Middle East is famed for breeding Arabian horses, an age-old tradition. Arabian horses are bred for endurance racing and show competitions – Qatar and the UAE host prestigious Arabian horse shows, and local breeders compete to produce champions with perfect phenotype.
This has created a specialized export market: Arabian show horses bred in the Gulf are sometimes sold to international buyers drawn by their prized bloodlines, and vice versa, with Arabian breeders also import horses from Western bloodlines to diversify. The international trade in horses sees the Middle East as a major buyer, with trade data sources reporting UAE horse imports at approximately $56.1 million in 2024 under broad HS classifications, with reported export values varying depending on classification scope. Conversely, its exports were around $6.9 million, often re-exports of horses or sales of locally trained endurance horses to other countries. A telling case is the endurance sector: enterprising breeders from South America (like Uruguay) sell endurance horses to Gulf buyers at double domestic prices, because a horse that might sell for $20,000 in Uruguay can sell for $40,000 in the UAE, given the high demand and willingness to spend on quality mounts. This dynamic, with the Gulf demand driving global horse trade, underscores how Middle Eastern investment propels the international market for performance horses.
Thailand’s breeding and sales side is currently minor, but on the cusp of change. With only a few thousand horses nationally, breeding has been limited to polo ponies and some racehorses. The Thai King’s stables and a few private farms maintain Thoroughbred and Arabian breeding programs, but Thailand historically imported many horses (including retired Australian racehorses for local racing or riding). However, as the country eyes becoming a racing hub, there is interest in developing a Thai Stud Book and improving local breeding. The Thailand Horse Racing Association has a Stud Book manager and is consulting on how to “raise the level of racehorses” domestically. In the short term, though, any expansion of racing will rely on imported stock, which presents a business opportunity for global bloodstock agents. Already, international breeders are scouting Thailand as a new client; for instance, Australian and New Zealand breeders anticipate increased sales to Thai owners as new racecourses come online. Thailand could also capitalize on Southeast Asia’s climate by breeding a regional type of racehorse or polo pony, but that will require significant investment and expertise transfer.
In summary, international trade trends reveal that Asia and the Middle East are net importers of quality horses, fueling sales at major auctions in Europe, North America, and Australia. Japan has moved from being an importer to an exporter of elite racehorses (a mark of its breeding success), whereas China, India, and Thailand still depend on imports to improve their stock. Global bloodstock flow is increasingly multi-directional: Affluent buyers from China and the Middle East have become prominent at auction rings, while expertise (trainers, bloodstock agents, veterinary know-how) is being traded as well, with Western professionals taking up roles in these emerging markets. Over the next decade, we can expect domestic breeding in these regions to grow as they seek more self-reliance – China has explicitly prioritized boosting breeding capacity – but the interdependency with global equine hubs (for genetics, technology, and trade) will remain strong.
Grassroots Participation and Athlete Pathways
Grassroots participation through riding schools, pony clubs, and equestrian clubs has been rising in all these regions, though from different starting points. In China, 2019 reports documented 2,160 registered riding clubs, with an average of 316 members per club and an implied total of 682,560 riders nationwide. The same reports indicated that approximately 18.59 per cent of clubs employed foreign instructors. Participation has been concentrated in urban centres where private equestrian academies serve youth and recreational riders, with growth driven by structured training programmes, Olympic discipline exposure, and increasing parental demand for extracurricular sporting activities. China has seen an explosion of riding clubs in recent years. These are remarkable figures, considering organized riding was relatively rare in China two decades ago. However, the rapid growth also highlights a gap, with nearly 19% of Chinese clubs relying on foreign instructors, indicating a shortage of locally trained coaches. Pony clubs (in the Western sense of structured youth riding organizations) are still emerging in China, but initiatives to introduce riding in schools and the formation of junior leagues are underway. The Chinese Equestrian Association, under the State General Administration of Sports, has been promoting youth riding camps and inter-club competitions, which is slowly normalizing equestrian sports among the younger generation. The challenge is to make riding affordable beyond the elite; currently, lessons in China can be several times more expensive than in Europe due to the cost of imported horses and instructors. Still, the foundation of club infrastructure built in the last 5 years provides a platform for wider participation if costs decrease over time.
India’s riding and equestrian club scene has historically been dominated by the military and police (many clubs are army riding centers dating back to the colonial era). In recent years, however, civilian interest has grown modestly, with new private riding schools cropping up in metro areas like Delhi, Mumbai, and Bengaluru. The Equestrian Federation of India (EFI) now has over 1,200 individual members and more than 300 affiliated clubs across the country. Many of these “clubs” are actually military units or police academies with equestrian programs (as the Army’s Remount and Veterinary Corps is deeply involved in the sport), but there is a rising number of private clubs as well. For example, riding academies offer lessons and horse boarding for enthusiasts, and some schools and colleges have equestrian teams. Pony Club culture (as seen in the UK) is not widespread in India, but some clubs run kids’ programs and small local shows. The member base remains small relative to India’s population – equestrian sport is still considered elitist and the EFI’s membership in the low thousands illustrates that – but it is growing. Significantly, India’s equestrians have started making a mark regionally (India won its first equestrian Asian Games gold medal in decades in 2023, sparking national interest), which may drive more youth to riding schools. The key will be expanding access beyond the Army’s domain and into civilian sports culture. Encouragingly, riding facilities are now part of some urban sports complexes and a few pony clubs have been modeled on international lines to teach children horsemanship. Going forward, India’s large youth demographic could be a reservoir of talent if riding becomes more accessible.
Japan has a bifurcated equine participation: On one hand, horse racing betting is extremely popular among the public; on the other, recreational riding is relatively niche. The Japan Equestrian Federation oversees Olympic disciplines and has a network of riding clubs, but the total number of registered riders is modest (likely a few thousand active competitors in dressage, showjumping, etc.). Japan’s total horse population is ~68,000, which includes racehorses, breeding stock, and some horses for riding clubs or rural work. The limited land availability and high cost of horse-keeping in Japan’s urban centers constrain widespread riding. Nonetheless, there are riding clubs (often in suburban areas or islands like Hokkaido) that cater to enthusiasts. University equestrian clubs are one avenue where youth get involved – several Japanese universities have riding teams that practice low-level jumping and dressage. Additionally, “Pony Parks” or petting farms exist, which allow children to ride ponies for leisure, albeit more as tourism than formal instruction. FEI-affiliated sports clubs in Japan focus on preparing riders for international competition; Japan regularly fields riders in the Olympics and Asian Games, which has created a small but dedicated community. Compared to the other regions, Japan’s riding school sector is stable but not high-growth – it’s a mature market with a plateauing number of participants (owing partly to an aging society and urbanization). However, the success of Japanese riders on the world stage (and the exposure from Tokyo 2020 Olympics equestrian events) has inspired some interest, and initiatives like riding therapy programs are adding a new dimension. In sum, Japan’s equestrian clubs provide quality training to a limited audience; the challenge is expanding the base beyond the traditional cohort of hobbyists and wealthy owners.
Curious how Japan is rising in Olympic disciplines like eventing and showjumping? Explore the factors behind their quiet equestrian revolution in our article here.
Thailand has only a handful of riding schools and pony clubs, but they form the seed of a potentially larger base. Historically, equestrian sport in Thailand was a minor pursuit, with the Royal Bangkok Sports Club being the most prominent institution (hosting both horse racing and riding activities for over a century). Outside Bangkok, a few tourist areas offer riding (such as beach rides in Pattaya or trail riding in Chiang Mai’s hills) but these are leisure-oriented. There are some equestrian clubs that follow the English riding system – for example, the Thai Polo & Equestrian Club in Pattaya, which not only caters to polo players but also hosts international showjumping and dressage competitions annually. Thailand has had representation in FEI events and even the Olympics (e.g. Thai riders in showjumping), which has led to the formation of a national equestrian federation that supports some riding programs. Pony Clubs in the formal sense are limited; however, Thai elite schools occasionally run pony camps and there is growing interest among the youth, especially those who study abroad and return with riding experience. The key driver for expansion could be the planned racing and equestrian centers: If Thailand builds a large racecourse complex as proposed, it often comes with training tracks and riding academies that can double as public riding facilities. Additionally, the influx of expatriates and international businesses in Thailand has brought more foreign riders into the country, some of whom establish or coach at local riding schools. Membership numbers are currently low – perhaps only a few hundred active competitive riders in the country – but there’s enthusiasm to change that. The plans to professionalize horse racing also include broader equine education, which could trickle down to more riding schools and clubs for general horsemanship.
In the Middle East, equestrian clubs and riding schools have flourished under royal patronage. The UAE has numerous riding clubs (e.g. Emirates Equestrian Centre, Abu Dhabi Equestrian Club, Sharjah Equestrian Club) that offer lessons in showjumping, dressage, and endurance. These clubs often enjoy state-of-the-art facilities and are subsidized to encourage public participation. However, like elsewhere in this region, a lot of the focus has been on competitive excellence and hosting big events rather than mass membership. Still, initiatives have broadened access: For example, Dubai’s Equestrian Centre runs programs for school children and has “pony club” activities on weekends. The Emirates Equestrian Federation lists dozens of endurance stables and racing stables (87 racing stables noted in one report) and about 2,000 active endurance horses in the country. While endurance riding is a specialized sport, those numbers indicate a wide base of riders (especially from the local Bedouin communities) involved in at least one form of equestrian activity. Saudi Arabia and Qatar are catching up on the club front: Saudi Arabia in recent years has opened more riding academies and even started to include women – a notable shift, as young Saudi women are now training to be jockeys and riders, spurred by role models and dedicated championships. Riding schools in Saudi Arabia (like the King Abdulaziz Equestrian Center) are experiencing higher enrollment as equestrian sports gain social acceptance for both genders. Qatar’s Al Shaqab equestrian center is another example – a world-class facility that doubles as a national riding school and international competition venue. Across the Middle East, club membership is often exclusive (by invitation or expensive), but public interest is being kindled via spectator events and outreach. Pony clubs for youth are emerging – for instance, “Mahra” initiative in the UAE encourages children to start riding and caring for ponies, reflecting a cultural pride in horses and a desire to pass it to the next generation. The Middle East’s combination of top-down support and cultural affinity suggests that riding schools and clubs will continue to grow. The region is positioning not just to host events, but to develop home-grown riders: partnerships with foreign federations (e.g. French riding schools helping train Saudi riders) are helping raise instructional standards. As more Middle Eastern riders compete internationally, it will likely fuel even greater grassroots participation at clubs and academies back home.
The Horse Racing Market and Its Contribution
Horse racing is a cornerstone of the equine industry in several of these regions, though its status ranges from a major economic engine in some countries to virtually non-existent in others due to legal or cultural factors. Globally, horse racing market valuations vary depending on methodology and scope. Industry analyses valued the market at about $402 billion in 2022, with projections reaching $794 billion by 2030 at a compound annual growth rate of approximately 8.9 per cent. These figures typically reflect aggregated betting handle, industry revenues, media rights, and associated services rather than a single standardized metric, but are useful for comparison as we examine each region’s racing scene:
Japan
Japan’s horse racing market is one of the largest and most sophisticated in the world. Recent reporting places JRA betting turnover at approximately ¥3.333 trillion in 2024 and around ¥3.506 trillion in 2025, making it the highest betting turnover worldwide for horse racing. The latest figures indicate steady growth. This immense wagering activity contributes substantial tax revenue and funds for the racing industry. Racing in Japan is a well-oiled system: Roughly 15,000 races are held annually nationwide (including the JRA and local NAR circuits), and events like the Japan Cup draw international competitors.
The racing industry’s contribution includes prize money that is among the highest in the world. Japan’s racing is also a major employer with tens of thousands working as trainers, stable staff, and officials. It also spawns related industries, including broadcasting, betting technology, and breeding, as covered earlier. Unlike some countries, Japan does not allow on-track bookmakers, only pari-mutuel betting, and it has tightly integrated betting operations with state oversight, which has ensured that a significant portion of betting turnover recirculates into the economy and public funds. In terms of its contribution to sport, Japanese horse racing has put the country on the map, with Japanese racehorses and jockeys now frequently competing (and winning) abroad, enhancing Japan’s reputation in the global racing community.
Middle East (UAE, Saudi Arabia, Qatar)
In the Middle East, horse racing is less about betting turnover (since gambling is largely prohibited for the local population) and more about prestige, nation-branding, and tourism. Dubai, UAE established the Dubai World Cup in 1996, which by 2010 was the world’s richest horse race at $10 million purse. It has since been raised to $12 million, only recently surpassed by Saudi’s race. The UAE hosts a full racing season (flat racing at Meydan and Jebel Ali in Dubai, Abu Dhabi, Sharjah, etc.), but with no legal betting for residents, the funding comes from government and sponsorship. Despite that, the prize money levels in UAE races are the highest globally on average (circa 2010 an average UAE race offered €100k in prize, higher than any other jurisdiction). This indicates that racing is run as a “lucrative hobby and business” for the state and elites rather than a gambling enterprise. The contribution of racing in the UAE is thus indirect – it boosts the country’s sports tourism (thousands of international visitors come for marquee events), supports a luxury hospitality sector around big race days, and provides employment (each stable, of which there are dozens, hires grooms, riders, etc.). The UAE’s model has made it a global racing hub each winter, complementing the European racing calendar and drawing horses from around the world to compete. Saudi Arabia, a relative newcomer, launched the Saudi Cup in 2020 with a record purse (now $20 million to the winner). This instantly put Saudi on the racing map and aligns with their Vision 2030 to create high-profile entertainment that can attract global attention and tourists. Saudi also has a domestic racing circuit (at King Abdulaziz Racetrack in Riyadh and others) and a long tradition of Arabians racing, but it’s now rapidly professionalizing Thoroughbred racing. The Saudi Cup event weekend includes an International Jockeys Challenge (notably including female jockeys, which is groundbreaking in the kingdom). While locals cannot bet, international betting on Saudi races is facilitated through foreign betting pools, bringing some revenue and certainly prestige. Saudi racing’s contribution is measured by increased international engagement and internal social change – e.g. more Saudi women participating in racing careers as a result of the high-profile events. Qatar has a smaller racing scene in Doha (at Al Rayyan track), with no betting but strong state support. Qatar’s contribution to racing is often through sponsorship abroad (Qatar sponsors races like the Prix de l’Arc de Triomphe in France) and through high-profile ownership (Qatari owners have won some of the biggest races worldwide). This strategy brings soft power and international connections. In all, Middle Eastern racing contributes to the economy mainly via government spending turning into jobs and event-driven commerce, and contributes to national pride and international standing.
China
Mainland China currently has no legal betting on horse racing, and thus a very limited horse racing market. This is a crucial point: earlier attempts at horse racing in China (e.g. in Wuhan and Chengdu) have been strictly exhibition or lottery-based and never allowed open wagering. As a result, the kind of industry seen in Hong Kong (where horse racing betting is huge) has not materialized in the mainland. Horse-racing is effectively banned in mainland China since the Communist Revolution (aside from a brief experiment with a lottery in Wuhan in the 1990s). Thus, the contribution of horse racing to China’s economy is minimal today – there are no nationwide betting revenues or major race meets. However, there are signs of change: Hainan province has been authorized in principle to explore sports lotteries (including horse racing betting) as part of a free trade zone initiative. If China were to legalize and regulate racing, the market could boom given China’s population and enthusiasm for gambling (witness Macau casinos or underground betting). Even without betting, some Chinese cities hold racing-style events (Beijing’s Jinma Equestrian Park hosts club-level races, and Wuhan’s racecourse still operates as a training center). Hong Kong and Macau remain the outlets for Chinese horse racing fans – Hong Kong’s racing turnover rivals Japan’s, despite only ~18,000 horses, indicating the latent interest. In the near term, horse racing’s contribution in China is through related industries: the prospect of a future racing industry is already driving investment in training facilities (like the HK Jockey Club’s training center in Conghua, Guangdong, which hosts Hong Kong race meets without betting). Also, wealthy Chinese owners participate in overseas racing (e.g. owning horses in partnership in Europe), so there’s capital outflow as well. In summary, China’s horse racing sector is potential rather than actual – a sleeping giant that, if awakened by regulatory change, could become a major economic contributor (through gambling taxation, tourism at race events, and a stimulus to breeding). Until then, its absence is actually a challenge for China’s broader horse industry, as noted earlier: without racing to promote horse breeding, China struggles with high horse prices and slower industry growth.
India
Horse racing in India is a long-standing sport – over 200 years old with the first racecourse established in 1777. Today, racing is conducted on nine tracks under six turf authorities across India, making it fairly well spread geographically. Indian racing operates with a hybrid betting system: mostly pool betting (tote) and, in some places, licensed bookmakers on-course. Betting on horse racing is legal under a Supreme Court ruling that classifies it as a game of skill, but it is heavily taxed and strictly regulated by state governments. As a result, the formal betting turnover is relatively modest compared to global centers – estimates put total annual turnover around a few hundred million USD (far smaller than Japan or UK). An interesting facet is a significant black-market betting (illegal off-course bookies) which was noted to be on the rise in 2018, indicating unmet demand. The economic contribution of Indian racing includes the jobs mentioned (50-60k employed in breeding/racing), and a network of supporting industries (veterinary services, feed, transport, media coverage on racing days). Major racing events like the Indian Derby in Mumbai attract sponsorships from corporations and are social highlights, contributing to hospitality and tourism in those cities. However, racing in India faces challenges like high GST (Goods and Services Tax) on betting, which has driven some punters away or underground, thus limiting revenue that flows back to the sport. Despite that, India’s horse racing remains an important part of its equine sector – it essentially bankrolls the breeding industry and keeps many traditional skills alive (jockey training, farriery, etc.). Culturally, it’s more accepted as a sport of the elite, but efforts are being made to broaden its appeal and improve its image (for example, transparency measures to combat doping and improve horse welfare, responding to criticisms by animal welfare groups). Going forward, modernization (like introducing online betting or improving the tote system) could increase racing’s contribution by bringing wagering into the formal economy. If India can replicate even a fraction of Japan’s or Britain’s betting system efficiency, the market could grow substantially, given the country’s vast population of potential racing fans.
Thailand
Horse racing in Thailand has existed since the late 19th century, but it has traditionally been a limited affair. Until recently, Bangkok had two racecourses (the Royal Bangkok Sports Club and the Royal Turf Club at Nang Loeng). However, in 2018 the Royal Turf Club was closed by order of the Crown (its land repurposed into a public park). This left only the Royal Bangkok Sports Club (RBSC) conducting races, roughly twice a month, essentially as a private/members’ event. Betting in Thailand on horses is legal but was largely confined to on-course betting at these clubs. The scale was small, and with one track remaining, the industry nearly became a footnote. Now, however, Thailand’s racing market is poised for strategic expansion. Influential investors are pushing plans to build a new world-class racecourse in Bangkok, with capacity for 1,500 horses and regular weekly race meetings. A Memorandum of Understanding has been signed to secure land near Bangkok’s airport for this purpose. The vision, as articulated by backers, is to model the system on Hong Kong and Singapore, aiming to attract large local crowds (Thailand’s 72 million population is seen as a huge advantage). If successful, this could transform Thailand into a regional racing hub, potentially filling the void left by Singapore’s exit from the sport in 2024. Thai society has a known penchant for gambling, and proponents argue that if racing is run professionally and transparently, Thais “would support racing in droves”. The potential contribution of a revitalized Thai racing market includes domestic employment (from trainers to tellers), new tourism draws (imagine Bangkok as a destination for international racing enthusiasts), and tax revenue from legalized betting. Initial plans suggest prize money at the new track could start at levels similar to Malaysia and then grow to approach Singapore’s former levels within a few years. Regulatory frameworks (like obtaining a betting license and totalisator system) are being pursued alongside construction, indicating a holistic approach to make racing a viable industry. Additionally, there are talks of building multiple tracks regionally and creating a Thai racing circuit. If these plans come to fruition by, say, 2026-2027, Thailand’s horse racing could swiftly move from a minimal contributor to a significant player in the economy, with spillover benefits to breeding, training, and even international simulcasting of Thai races. For now, racing’s contribution in Thailand remains modest, but it’s an area to watch for strategic growth.
In summary, horse racing’s contribution to these regions is very uneven: Japan and the Middle East are major contributors in different ways (Japan via massive betting turnover and self-sustaining industry; Middle East via state investment yielding high-profile events and associated economic activity), India and (potentially) Thailand are moderate contributors with room to grow (if regulatory and infrastructure challenges are addressed), and mainland China currently contributes little via racing due to legal bans (though that represents an untapped opportunity). Each market’s racing sector also influences its broader equine industry: Where racing is strong (Japan, UAE, Saudi, India to an extent), it underpins breeding, training, and public interest; where it is absent or weak (China, Thailand historically), other segments like equestrian sports must carry more of the load to sustain the horse economy. A notable point of context is how these compare to global hubs: For instance, Britain’s racing industry contributes around £4 billion in gross output with extensive employment and is a model of an integrated betting-sport ecosystem. The emerging markets are aiming, each in their own way, to capture some of that scale or at least leverage racing to spur economic and social benefits.
Challenges and Strategic Opportunities
Despite rapid expansion across China, Thailand, Japan, India, and the Middle East, the equine industry in these regions remains structurally uneven. Growth has been driven by investment, prestige, and rising participation, yet long term sustainability depends on resolving regulatory, infrastructural, financial, and cultural constraints. Each constraint, however, presents a corresponding strategic opportunity.
Regulatory Frameworks and Market Structure
Legal frameworks around racing and wagering remain among the most influential determinants of market scale.
In mainland China, the prohibition on pari mutuel betting restricts the formation of a self sustaining racing economy and limits incentives for domestic Thoroughbred breeding. Without wagering revenue, large scale racecourse development and bloodstock investment remain constrained. This regulatory limitation simultaneously defines the industry’s most significant growth lever. Pilot reforms in Hainan suggest that any structured relaxation, even in designated zones, would immediately stimulate capital deployment in racing infrastructure, breeding, and digital wagering systems.
India operates within a permitted but heavily taxed betting environment. Periodic legal challenges and governance instability, including temporary de recognition of the national federation, have affected long term planning. High Goods and Services Tax rates reduce formal turnover and compress racing margins. Greater regulatory clarity, professionalised governance structures, and modern digital betting platforms represent clear pathways to expand formal wagering participation and increase reinvestment into the sport.
Thailand’s regulatory landscape has historically limited racing expansion. Gambling sensitivity remains politically significant. However, structured licensing frameworks and transparent operational oversight tied to the new Bangkok racecourse project provide an opportunity to establish a modern regulatory model from inception rather than reforming legacy systems.
In the Middle East, gambling prohibitions require racing to operate without domestic betting revenue. State patronage and sponsorship have produced globally significant prize money and events, yet long-term sustainability depends on diversified commercial models. Expanded media rights, tourism integration, and international simulcasting offer mechanisms to supplement state support while maintaining regulatory alignment with local law.
Infrastructure, Financial Sustainability, and Operational Capacity
Equine infrastructure remains uneven and capital-intensive. In India and Thailand, many riding facilities and racecourses require modernisation. Several Indian racecourses, including Kolkata and Chennai, operate with aging infrastructure. Outside metropolitan centres, access to all-weather arenas, advanced veterinary hospitals, and structured training environments remains limited. Addressing these deficits through targeted capital investment would expand geographic participation and strengthen athlete development pipelines.
China has experienced rapid club expansion, yet facility quality varies significantly. Beyond flagship venues in Beijing and Shanghai, many clubs lack certified instructors, professional footing, and international standard competition arenas. Historic racecourses remain underutilised. Investment in standardisation, accreditation systems, and high-quality regional hubs would reduce disparities and support sustainable growth.
In the Middle East, infrastructure quality is high, but the climate imposes operational cost pressures. Maintaining turf tracks and polo fields in desert environments requires intensive water management. Indoor and night competition scheduling increases energy expenditure. As international competition and horse transport expand, quarantine capacity, transport logistics, and veterinary infrastructure must scale accordingly. Standardised vaccination verification, traceability systems, and digital identification frameworks, including the FEI HorseApp passport system, strengthen movement control and compliance oversight while supporting international participation.
Financial sustainability remains closely linked to infrastructure. China’s reliance on imported sport horses elevates participation costs and restricts accessibility. India’s ownership and training costs limit middle-class entry. Many clubs operate on narrow margins. Expanding domestic breeding, diversifying revenue through sponsorship and tourism, and integrating technology-driven income streams would stabilise club economics and reduce import dependency.
Human Capital, Cultural Positioning, and Welfare Governance
Professional expertise and cultural legitimacy are equally central to long-term industry development. China continues to rely on foreign instructors, with nearly 19% of clubs employing international trainers in 2019. Specialised equine veterinary capacity remains limited. India produces many veterinarians, yet few specialise in equine sports medicine. Professional farriers remain scarce in several markets. Japan and the Middle East have mitigated gaps through imported expertise, though long-term sustainability depends on domestic training pathways. Establishing structured certification systems for trainers, veterinarians, officials, and administrators would build institutional depth and reduce reliance on expatriate professionals.
Cultural perception influences participation expansion. In China, equestrian sport is often viewed as elite and externally influenced. In India, Olympic disciplines remain closely associated with military or historic aristocratic institutions. Racing periodically encounters public scrutiny related to gambling and welfare concerns. In the Middle East, while equestrian heritage is strong, broad audience engagement beyond elite circles remains a priority. Expanding youth academies, integrating riding into educational institutions, and promoting inclusive participation models strengthen domestic legitimacy and widen the consumer base.
Welfare governance underpins international credibility. Doping scandals in Indian racing and prior international scrutiny of endurance practices in the Gulf demonstrate the reputational risk of inadequate oversight. Strengthened testing regimes, transparent disciplinary systems, structured retirement pathways, and preventive health frameworks not only mitigate risk but position these jurisdictions as credible global partners. Biosecurity preparedness and coordinated veterinary response systems are integral to sustaining cross-border competition.
Tourism, Sponsorship, Technology, and Global Integration
Beyond structural reform, commercial expansion opportunities are increasingly intertwined with tourism, sponsorship, and innovation.
Equestrian tourism is developing across several regions. Heritage horse safaris in Rajasthan, desert riding experiences in the Gulf, and Thailand’s potential destination riding facilities illustrate the commercial potential of integrating sport with cultural tourism. Saudi Arabia’s AlUla equestrian village targets 120,000 annual visitors by 2035, reflecting the scale of ambition. Expanding hospitality integration around major racing events enhances revenue beyond race day.
Corporate sponsorship remains underdeveloped in several Asian markets. Structured national leagues in China or India could attract premium brand partnerships similar to global showjumping circuits. Thailand’s racecourse expansion provides scope for international commercial alliances.
Technology adoption offers further leverage. In markets where betting is legal, digital wagering platforms and analytics can expand formal turnover. In non-betting jurisdictions, streaming platforms, fantasy formats, and digital engagement tools create alternative monetisation channels. China’s equine healthcare market is projected to grow from 117.5 million US dollars in 2023 to 244 million US dollars by 2030, demonstrating demand for veterinary technology, telemedicine, and data-driven stable management systems.
Greater integration with global circuits reinforces competitive positioning. The Middle East hosts major international racing and showjumping events. China and Thailand have the potential to expand FEI-level competition calendars. Cross-regional partnerships enhance knowledge transfer and elevate standards.
Future Trend Projections (2025–2032)
The trajectory of the equine industry across China, Thailand, Japan, India, and the Middle East through 2032 will be shaped not only by regulatory and structural reform, but by where capital is deployed. Strategic investment in breeding, infrastructure, technology, and human capital will determine which regions accelerate and which plateau.
Continued Growth and Market Maturation
All these regions are expected to see growth in their equine industries, though at varying paces and from very different structural starting points. China’s horse industry is poised for significant expansion if policy support materialises. By 2030, China could potentially relax laws to allow pilot pari-mutuel racing in Hainan or other zones, which would be transformative. Even if full betting is not legalised, the Chinese government’s continued focus on sports participation and leisure consumption suggests equestrian sport will receive further institutional backing. Riding club numbers could expand substantially, and the rider population may surpass one million participants over the coming decade.
To support this expansion sustainably, investment in domestic breeding and training infrastructure will be critical. Establishing modern stud farms, potentially through joint ventures with European sport horse and Thoroughbred breeders, would reduce reliance on costly imports and improve affordability for riding schools and competition circuits. Alongside breeding, purpose-built equine training centres with arenas, schooling tracks, and veterinary facilities could accelerate the development of riders, instructors, farriers, and veterinarians. China is likely to continue building an integrated horse industry chain combining breeding, education, competitions, and tourism. If domestic breeding initiatives scale successfully, the national horse population could rise from approximately 3.6 million toward previous levels, with a higher proportion dedicated to sport. Investors positioning capital in breeding farms, equestrian parks, and human capital development may benefit significantly should regulatory reform unlock additional racing or wagering activity.
Japan, by contrast, will likely maintain a steady and mature trajectory. Its racing industry will continue to thrive, potentially achieving even higher turnover through advanced online betting systems and sophisticated fan engagement platforms. By 2030, Japan may further internationalise its racing calendar through reciprocal races and expanded overseas participation, reinforcing its position among the leading global markets by betting handle.
Japan’s growth is less about structural reform and more about innovation and refinement. Opportunities lie in advanced analytics, artificial intelligence-driven betting tools, immersive race viewing technologies, and equine healthcare innovation. As a world leader in breeding excellence, Japan may increasingly export bloodstock, with Japanese horses appearing more frequently among global auction top sellers. While the leisure horse segment may continue to contract without targeted urban engagement strategies, niche expansion through premium riding experiences or international partnerships remains possible. Japan functions as a testbed for high-standard innovation, where products and systems proven domestically can often scale globally.
India’s Slow but Steady Rise
Over the next decade, India’s equine sector may gradually open up and modernise. Improved governance at the national federation level, alongside stronger compliance with sports regulatory frameworks, would enhance credibility and allow more effective promotion of equestrian disciplines nationwide. Public-private partnerships could expand riding schools and regional equestrian centres, particularly if equestrian sport is integrated into initiatives such as Khelo India.
On the racing front, digitalisation and regulated online betting represent a key potential inflection point. If authorities implement transparent digital wagering platforms integrated with live streaming and analytics, Indian racing could attract younger audiences and broaden participation beyond physical racecourse attendees. Long-discussed expansion into new metropolitan areas, such as the proposed racecourse near Delhi, remains plausible within the period.
Investment opportunities align closely with these structural shifts. Upgrading existing racecourses with modern turf systems, lighting, and spectator facilities would improve commercial viability. Expansion of academies in second tier cities could broaden the participation base beyond traditional urban centres. Ancillary services, including equine veterinary clinics, farrier training workshops, feed production, and racing data systems present additional growth potential. By 2032, India may increase its Thoroughbred foal crop and begin limited export participation in regional markets. Indigenous breeds such as the Marwari could gain greater international recognition if export norms evolve, supporting rural economies and breed conservation.
Relative to Japan and the Gulf states, India’s growth is likely to be incremental rather than capital-intensive, yet its demographic scale and heritage offer meaningful long term potential.
Thailand as a Regional Racing Hub
If current plans remain on track, Thailand will have a new modern racecourse in Bangkok by the late 2020s, with structured racing and betting operations that could position it as a hub in Southeast Asia. Attractive purses and regulatory clarity may draw owners and trainers from neighbouring markets. By 2030, Thailand could host international racing carnivals or federation events, raising its regional profile.
The development opportunity extends beyond the racecourse itself. Investment in stabling infrastructure, quarantine facilities, training centres, and domestic breeding operations will be necessary to support sustainable growth. Early establishment of Thoroughbred breeding farms could position investors advantageously if incentives for locally bred horses are introduced. Technology providers supplying betting systems and digital wagering platforms will play a foundational role in the ecosystem.
Thailand’s equestrian sports may grow alongside racing due to improved infrastructure and visibility. Its established tourism sector provides scope for integrated equestrian experiences, including destination riding resorts, polo facilities, and international showjumping events. Retail supply chains, veterinary services, and equestrian equipment distribution are also likely to expand. While Thailand is unlikely to compete directly with Japan or the Middle East in scale, it can consolidate a strong regional niche within ASEAN, particularly if development is coordinated and professionally managed.
Middle East Consolidation and Global Influence
The Middle East’s trajectory through 2032 points toward consolidation of its position as a global equine powerhouse. Saudi Arabia and the United Arab Emirates will likely continue investing heavily in high-profile racing and equestrian events. Prize money levels may increase further, and coordination between major events could enhance international branding.
Unlike Japan’s wagering-based system, Gulf racing operates largely without domestic betting revenue, relying instead on state backing and sponsorship. Continued diversification into tourism integration, expanded media rights distribution, and commercial event packaging will be important to reinforce long term sustainability. Investment in world-class equine veterinary hospitals and research facilities could further position the region as a centre of excellence in horse care and performance science.
Female participation is expected to increase across disciplines, reflecting broader social reforms. Welfare governance and sustainability will remain critical priorities, particularly given past scrutiny in endurance disciplines. Technological innovation, including advanced cooling systems and monitoring technologies, may reinforce safety standards. Domestic breeding capacity in selected Gulf states may expand, with ambitions to produce internationally competitive homebred champions.
In competitive terms, the Middle East will continue leveraging financial scale and event prestige. Its long-term challenge remains broadening domestic participation and deepening commercial self-sustainability beyond state support.
Global Integration and Competition
By 2032, distinctions between these regional industries and the global equine economy will be increasingly blurred. Seasonal movement of horses and riders between Europe, the Middle East, and Asia is likely to intensify. International ownership syndicates will become more common, and cross-border collaboration in breeding and training will expand.
This integration increases competitive pressure. Regions will compete not only on prize money but on governance standards, welfare credibility, and organisational excellence. China and India will need to demonstrate international event management quality to attract elite competitors. Japan will continue competing through institutional maturity and breeding strength. The Middle East will compete through scale and investment capacity. Thailand will compete through regional agility and strategic positioning.
Investment in cross-regional data systems, equine logistics, and collaborative training programmes will become increasingly important as the global calendar integrates further.
Socio-Economic Impact and Acceptance
By 2032, the equine industry is likely to be more embedded within the socio-economic fabric of these regions. In China, formal recognition within national planning frameworks would reinforce legitimacy. In India, inclusion of equestrian sport within mainstream educational systems could broaden participation and reduce elitist perceptions. In the Middle East, equestrian achievement will continue functioning as both cultural heritage and soft power projection.
Animal welfare and ethical treatment will increasingly define industry reputation across all regions. Stricter anti-doping frameworks, harmonised medication standards, and expanded retraining programmes for retired racehorses may become baseline expectations. Welfare leadership will be closely linked to competitive positioning.
In summary, the period from 2025 to 2032 should see these regions transition from emerging participants to structurally influential pillars of the global equine industry. China represents scale contingent on regulatory reform and domestic capacity building. India is positioned for gradual institutional strengthening. Thailand may emerge as a regional hub. Japan will remain a mature leader in racing and breeding. The Middle East will continue shaping global standards through investment, event production, and innovation.
The interplay of these developments will influence global horse valuations, seasonal competition flows, and capital allocation decisions. Stakeholders who invest strategically in breeding, infrastructure, technology, and human capital during this formative period may shape not only regional growth but the evolving balance of the global equine economy.
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