A Global Market Analysis: Horse Breeding and Sales
Over the past decade, the horse breeding and sales industry in the United Kingdom, Europe, and the United States has undergone notable shifts, with ripple effects reaching emerging markets in the Middle East and Asia-Pacific. Breeding practices, market dynamics, and sales methods have evolved due to technological advances, economic pressures, and increasing global interconnectedness. This report compiles updated data and insights from the last five years, comparing current trends to those of a decade ago, to illustrate how breeding output, market values, and sales channels have changed. The focus is strictly on horse breeding and sales – racing performance, veterinary issues, and general equestrian sports are excluded – allowing a detailed look at breeding programs and the business of buying and selling horses. Key metrics such as foal crop numbers, studbook registrations, auction prices, and economic impacts are highlighted to show where the industry stands now versus ten years prior. The findings draw on official studbook records, trade and economic reports, governing body statistics, and credible research to provide a comprehensive overview suitable for a detailed 3,000-word analysis. In summary, while the horse breeding sector remains a significant economic and cultural enterprise, it is also one in flux, adapting to new technologies and a more global market than ever before.
Breeding Output Trends: Now vs. Ten Years Ago
Horse breeding volumes in major sectors have shifted since the mid-2010s, with some segments contracting and others expanding. Below are key comparisons of breeding output around 2015 versus the most recent years:
Thoroughbred Foal Crops: In the United States (the largest thoroughbred breeding base), the annual registered foal crop declined from about 23,000 foals in 2015 to roughly 18,500 in 2022, continuing a steady downturn. The U.S. foal crop had enjoyed a modest recovery in the early 2010s after the 2008 recession, but since 2017 it has tapered off again. In Britain and Ireland – key thoroughbred producers for the European racing market – foal numbers have held steadier but still show slight declines. Great Britain registered 4,470 thoroughbred foals in 2020, a 6% drop from the previous year, while Ireland registered 9,182 foals in 2020, down 1% from 2019. A decade earlier (circa 2010–2012) these studbook figures were lower due to post-recession cutbacks, then rose to a peak around 2016–2017 before leveling. Today, Britain and Ireland produce ~13,500 thoroughbred foals annually combined, an output similar to the mid-2010s but not growing. The overall trend in traditional racing breed output is one of contraction in North America and maintenance with slight dips in Europe, reflecting cautious breeding by stud farms in response to market demand.
Warmblood Sport Horse Breeding: In contrast to racing thoroughbreds, European sport horse breeding (warmbloods for show jumping, dressage, eventing, etc.) has expanded or remained robust over the past decade. Western Europe remains the epicenter of warmblood production – over 80,000 sport horse foals are born each year, the vast majority in Europe. For example, the Dutch Warmblood studbook (KWPN) recorded 10,033 foals in 2016 and this grew to almost 11,500 foals in 2022. Approximately half of the KWPN foals are bred for dressage lines and half for show jumping, with a small subset for harness and Gelder horse types. This indicates a 15% increase in KWPN’s foal crop within about six years. Other major studbooks like Germany’s Hanoverian and Oldenburg societies also register many thousands of foals each year (e.g. on the order of 4,000–5,000 in major German books), with year-to-year fluctuations but no drastic long-term decline. By comparison, a decade ago (circa 2013–2015) these studbooks had slightly lower numbers; the warmblood breeding sector dipped in the late 2000s but recovered through the 2010s. Anecdotally, 2010–2018 saw rising prices and optimism in sport horse markets, spurring breeders to produce more foals, a trend that has continued into the early 2020s. Even the COVID-19 pandemic did not significantly depress sport horse foal registrations in 2020, according to the World Breeding Federation for Sport Horses (WBFSH) data. In summary, warmblood breeding in Europe has grown modestly since ten years ago and remains high-volume, supported by sustained demand for competition horses.
Quarter Horses and Other Breeds: In the United States, the American Quarter Horse population constitutes a major segment of horse breeding not directly mirrored in Europe. The AQHA (American Quarter Horse Association) registered about 59,655 new quarter horse foals in 2019, which then jumped to 81,213 new registrations in 2020. (This spike in 2020 may partly reflect administrative catch-up or breeders’ timing; it was an unusually high figure compared to the recent norm of ~60–70k foals per year.) Even with some year-to-year volatility, the Quarter Horse stud book remains the world’s largest by breed, with an estimated 2.8 million Quarter Horses alive worldwide (the vast majority in North America). However, the quarter horse sector has its own long-term challenges: AQHA membership has declined from a peak of 353,000 in 2004 to about 226,000 members in 2020, indicating fewer people engaged in breeding and showing than in past decades. Compared to ten years ago, annual QH foal registrations are slightly down (for instance, AQHA registered ~87k foals in 2010, dropping to the 60–80k range in recent years), aligning with the general contraction in the U.S. horse owner base. Other breed segments show mixed trends: Arabian purebred breeding, for example, has become more niche in the West but enjoys patronage in the Middle East (for endurance and show). Native and pony breeds in Europe (Connemaras, Welsh, etc.) maintain small but stable breeding communities. Overall, breeding activity in non-Thoroughbred, non-warmblood sectors has either held steady or declined slightly compared to a decade ago, often tied to shifts in recreational riding popularity and economic factors in each region.
Advancements in Breeding Practices and Technologies
Breeding practices have modernised considerably in the last decade, introducing new techniques and tools that were limited or nonexistent ten years ago. Selective breeding has become more high-tech and internationally collaborative, especially in the sport horse world, while the thoroughbred industry balances tradition with incremental scientific progress. Notable advancements include:
Artificial Insemination (AI) and Global Semen Distribution: In sport horse breeding, the use of artificial insemination with transported semen (fresh chilled or frozen) is now routine and nearly universal. Breeders in 2025 can easily breed a mare in the UK with semen from a top stallion in Germany or the US and vice versa, something that by 2015 was already common but has since become even more efficient with improved semen freezing technology and courier logistics. Warmblood studbooks embrace AI to maximize genetic options; for instance, a popular KWPN stallion might inseminate hundreds of mares across different countries in one season, a scale impossible via live cover. (By contrast, thoroughbred racing breeders are still bound by the live cover rule, which mandates in-person mating – a practice unchanged over the decade due to international rules for thoroughbred registries. This remains a stark difference in breeding practice between the racing and sport horse sectors.
Embryo Transfer and Multiple Offspring from Elite Mares: The late 2010s saw greater use of embryo transfer (ET) and related reproductive tech in sport horses. Top performance mares, especially in show jumping and dressage, no longer interrupt their competition careers to carry foals; instead, embryos are flushed and implanted into surrogate mares. This allows one prized mare to produce several foals in a single year, significantly accelerating the spread of her genetics. Ten years ago, ET was known but less widespread; today it’s commonplace for high-value mares. Moreover, advanced reproductive techniques like ICSI (intracytoplasmic sperm injection) – fertilizing an egg in vitro – are employed for mares or stallions with fertility issues or when using limited frozen semen. As a result, the overall reproductive yield of elite horses has increased compared to a decade prior. For example, it’s not unheard of now for a jumping mare to have, say, 8–10 foals over a few years via ET, something that was rare in 2015. Some studbooks and the FEI have monitored this trend; while there is currently no universal limit, discussions have arisen about the ethics of producing numerous foals from one mare per year (since all those offspring could end up competing against each other). Nonetheless, ET and ICSI remain valuable tools extending the influence of top bloodlines in sport breeds.
Genetic Testing and Health Screening: Breeding programs have become more scientifically vigilant about genetic diseases and traits. A prime example is the response to Warmblood Fragile Foal Syndrome (WFFS), a lethal genetic connective tissue disorder identified in warmbloods. In 2018, when it became clear that WFFS was present at low frequency in the global warmblood population, studbook authorities reacted swiftly. The Dutch KWPN society decided to test all actively breeding stallions for the WFFS mutation and publish their status, to help breeders avoid carrier-to-carrier matings. Other studbooks in Germany, North America, and elsewhere followed with similar recommendations or requirements. This level of proactive genetic screening was not in place in 2015 – it arose from late-2010s research and reflects greater integration of veterinary genetics into breeding decisions. Beyond WFFS, breeders now commonly test for traits like coat color genetics, performance-related genes (though still an emerging science), and other hereditary conditions (e.g. HYPP in Quarter Horses, PSSM in various breeds). The 2020s have thus brought improved transparency about genetic health, whereas a decade ago many of these tests were either unavailable or not widely used.
Data-Driven Selection and Breeding Values: Most major studbooks have refined their use of performance data to inform breeding choices. The concept of estimated breeding values (EBVs) or genetic indices for traits (such as show jumping scope or dressage movement) has been honed with larger datasets over the past ten years. Organizations like the WBFSH and national registries now share more competition results and kinship data, giving breeders quantitative tools to compare stallions. For example, the Hanoverian Verband annually publishes breeding value rankings for stallions based on the performance of their progeny; in 2021 these rankings were eagerly analyzed by breeders to select crosses. Compared to 2015, the analytics behind breeding are more sophisticated, aided by software and ever-growing databases of results. While traditional eye assessment and gut instinct remain important, breeders today increasingly blend art and science – a notable shift from a decade prior when data analysis was less accessible.
Cloning and Niche Innovations: Cloning technology, while still rare, has seen a handful of high-profile uses in the past five years, indicating a change from a decade ago when it was largely experimental. In elite show jumping and polo, clones of exceptional horses have been produced to stand at stud. For instance, the show jumper mare Ratina Z and the legendary gelding Gem Twist each had clones made, which were used for breeding (Gem Twist’s clone, Gemini, sired foals in the late 2010s). Polo ponies, highly valued for their performance, have been cloned in South America with those clones competing or breeding. The FEI lifted its ban on clones competing in sanctioned events in 2013, so by the late 2010s clones could even enter the sport arenas. Nonetheless, cloning remains costly and limited to a few owners; it has not appreciably increased the overall breeding population but represents how far technology can go. Additionally, researchers are exploring gene editing (though none is legally applied in horse breeding yet) and advanced embryo sexing, which could be future frontiers. In summary, today’s breeding practices leverage reproductive tech and genetics to a degree unmatched ten years ago, especially in the sport horse domain, while the thoroughbred world maintains more traditional methods but benefits indirectly from improved veterinary knowledge and broodmare management techniques.
Market Dynamics and Economic Impact
The economics of horse breeding and sales have shifted since 2015, influenced by global financial trends, industry-specific interventions, and changing demand from various markets. The market dynamics in the UK, EU, and US exhibit both common themes (a polarization between high-end and low-end markets) and region-specific developments. Below are key points on how the market and its economic impact have changed:
Industry Scale and Value: The horse breeding and equestrian industries remain a significant economic force, especially in Europe and the US. Recent estimates put the annual economic value of Europe’s combined sport horse, racing, and breeding industries at €52.1 billion, supporting about 210,000 direct full-time jobs and over 500,000 total jobs when indirect roles are included. This underscores that Europe’s equine sector is the largest in the world, a status it also held a decade ago, though the value has grown with inflation and increased activity. In the UK, the thoroughbred breeding industry alone contributes over £375 million in gross value added (GVA) to the economy and supports 8,000 direct and 13,000 indirect jobs. This figure (from a 2023 economic impact study) is on par with or slightly above the last study in 2014, showing that breeding still makes a strong economic contribution. However, the distribution of that economic activity has been changing, as subsequent points illustrate.
Profitability Challenges for Breeders: Despite the impressive top-line economic figures, many breeders (especially small-scale operations) have struggled with profitability in recent years. In Britain, analyses in 2022 found that the majority of thoroughbred breeders operate at a loss, and that proportion has risen since 2014. The costs of stud fees, feed, labor, and regulatory compliance have increased, while the market for mid-tier horses has not kept pace in price. This means only the top few sales might recoup profits, and breeders who don’t produce a star often lose money on a foal. The report warned that if current trends continue, more breeders will exit the industry, risking a decline in Britain’s foal crop and its status as a world-leading source of racehorses. A similar squeeze is observed in the US: the thoroughbred broodmare band in North America has shrunk (fewer mares being bred each year) as many marginal breeders left after years of declining foal crops. Those that remain tend to be larger, well-capitalised farms or hobby breeders with other income. Industry consolidation is thus a trend – compared to a decade ago, there are fewer small independent breeders and more concentration of breeding stock in big operations, especially in the thoroughbred sector.
Globalisation of Demand: One positive market dynamic for those selling quality horses is the increasingly global pool of buyers. International trade in horses has long been common, but the last five years have seen even greater cross-border investment, particularly from the Middle East and Asia. For instance, at Europe’s premier bloodstock auctions, it’s routine now to see significant purchasing by buyers from the Gulf states (Qatar, UAE, Saudi Arabia) and growing participation from East Asia (Hong Kong, Japan, even mainland China). The world’s most prominent buyers have been driving competition for top horses, as noted in Keeneland’s 2024 sale report. This global competition pushes prices up for the best stock (as discussed in the sales section below) and has economic implications: wealthy international buyers inject capital into the UK/EU/US markets, often outbidding domestic buyers. A decade ago, Middle Eastern entities like Godolphin and Coolmore (Irish but international) were already dominant, but now newer players (e.g. Saudi interests or Chinese partnerships) add to the mix. As an illustration, Irish Thoroughbred exports to the UK were worth over €330 million in 2018 (public auction sales alone, excluding private deals), with UK buyers accounting for 75% of those purchases – a testament to the interconnected trade within Europe. The trend extends to sport horses: European warmblood sellers have found eager clients in America, the Middle East, and increasingly Asia, far more than was the case ten years back.
Market Segmentation – High End vs. Lower End: The gulf between the top-tier market and the average horse market has widened. At the high end (elite racehorses, Olympic-level sport horses, breeding stock with top pedigrees), demand and prices are extremely strong in the 2020s – arguably stronger than they were in the mid-2010s. New record prices are being set for yearlings, stallion prospects, and competition horses, fueled by that global demand and by affluent investors viewing horses as luxury assets. Meanwhile, the lower end of the market (ordinary riding horses or racehorses without standout potential) has seen stagnant or even reduced prices, adjusted for inflation. This polarization means greater economic risk for breeders: hitting the “home run” with a star foal is lucrative, but anything less might not even break even. Back in 2015, this dichotomy existed but has since intensified. For example, British breeders of National Hunt (jump racing) horses have voiced concerns that only the top 5% of foals fetch profitable prices, while others often sell below cost – a pattern more pronounced now. Similarly, in the sport horse realm, a talented young jumper might sell for six figures, but an average-bred riding horse finds a soft market. This has led some breeders to diversify or specialize to survive – either targeting the high-end niche with quality or scaling down to produce just for local amateur markets, rather than competing at auctions.
Policy and Regulatory Impacts: Government and regulatory changes in the last five years have also influenced market dynamics. A major factor for the UK and EU has been Brexit, which introduced new friction in horse movement between Britain and the continent from 2021 onward. Breeding stock (stallions, mares, and foals) now face additional veterinary certifications and border checks when moving between UK and EU, which has added cost and complexity. This particularly affects British breeders who traditionally sold many young horses to continental Europe or shuttled stallions across the Channel. Industry groups have lobbied for streamlined “high health horse” corridors to mitigate this, noting that over 80% of cross-border Thoroughbred movements between Ireland, France, and Britain are for breeding purposes, and any hurdles could hamper breeding plans. While a comprehensive solution is still in progress, the immediate effect post-Brexit was a slight drop in UK-to-Europe sales and some breeders relocating mares to Ireland or France to keep access to EU stallions. In the big picture, Britain’s share of the European breeding market could diminish if these trade obstacles persist. Elsewhere, policies such as the Great British Bonus (a prize incentive scheme launched in 2020 to reward winning British-bred fillies) aim to stimulate domestic breeding by making fillies more valuable. Early analysis suggests it has indeed raised sale prices for British-bred fillies, providing some relief to breeders. In the U.S., no singular policy shift as dramatic as Brexit occurred, but ongoing tax law considerations (like write-offs for horse investments) and interstate transport rules constantly tweak the operating environment. Overall, compared to ten years ago, breeders and sellers face a more complex web of international regulations, but also benefit from targeted programs intended to shore up breeding numbers.
In summary, the economic landscape for horse breeding in 2025 is one of high stakes and global reach. The industry’s gross value is huge and even growing, thanks to vibrant high-end demand and international investment. Yet profitability for many breeders is thin, prompting a mix of consolidation and innovation to adapt. Market dynamics have shifted toward an increasingly worldwide marketplace – a British yearling might just as easily be sold to a buyer from Newmarket or New York or Dubai today – whereas a decade ago the buyers were slightly more localized. These forces set the stage for how horses are now sold and traded, as explored next.
Challenges Facing the Horse Breeding and Sales Market
Despite the ongoing success and economic significance of the global horse breeding and sales industry, it faces several critical challenges that could impact future growth and sustainability.
The broader global economy plays a major role in shaping the health of the horse market. Periods of inflation, recession, or geopolitical instability reduce discretionary income, limiting investment in non-essential sectors such as horse ownership and breeding. As horse keeping is inherently expensive, economic downturns tend to shrink the buyer pool, especially for mid- and low-tier horses. For example, the 2008 recession led to a dramatic contraction in breeding across the United States and parts of Europe, and current inflationary pressures have renewed similar concerns. In markets like the UK and US, breeders report heightened caution among buyers due to cost-of-living pressures.
Rising Breeding Costs
The cost of producing horses has escalated significantly in the past decade. Veterinary expenses for advanced reproductive techniques, routine care, and disease prevention have increased, as have insurance premiums. Feed prices are another major concern, driven by global supply chain disruptions, climate variability, and inflation. Labour shortages in rural areas compound the issue, as many breeding farms struggle to find and retain qualified grooms and technicians. These rising costs compress profit margins and have forced many smaller breeders out of the industry, leading to consolidation and a reduction in foal crops.
Animal Welfare Concerns
The industry faces increasing scrutiny over animal welfare, particularly regarding breeding ethics, foal management, and racehorse aftercare. The widespread use of embryo transfer and high-volume breeding from elite mares has prompted questions about genetic diversity and the wellbeing of surrogate mares. Public pressure has grown for greater transparency and ethical oversight in both the sport and racing worlds. Racehorse aftercare programmes, once seen as optional, are now a critical component of maintaining public trust and social license. Organisations such as Retraining of Racehorses (UK) and the Thoroughbred Aftercare Alliance (US) have become essential pillars of the industry, yet challenges persist in funding and ensuring long-term care for all retired horses.
Regulatory Hurdles
International trade in horses remains subject to complex and varying regulations, especially regarding quarantine, disease control, and biosecurity. The global spread of diseases such as Equine Influenza or African Horse Sickness periodically results in heightened restrictions, disrupting the movement of horses across borders. Post-Brexit regulatory divergence between the UK and EU has added layers of paperwork and veterinary certification requirements, causing delays and additional costs. Meanwhile, differing standards in passport systems, CEM testing protocols, and import/export controls create logistical burdens that affect even routine transactions. Harmonising these regulations and ensuring high health standards without impeding trade remains a major challenge.
While these challenges are not insurmountable, they require coordinated industry response, investment in sustainability and welfare, and policy advocacy to ensure the long-term viability and reputation of the horse breeding and sales market.
Sales and Auction Trends in the 2020s
Perhaps the most visible changes in the last five years have been in how horses are sold – with auctions hitting record prices and new sales methods (like online platforms) emerging. Comparing the mid-2010s to the mid-2020s, it’s clear that horse sales have become more dynamic, tech-enabled, and globally accessible. Major auction houses in the UK, EU, and US report higher averages and grosses than ten years ago, while digital marketplaces have opened up beyond the traditional live auction format.
Record-Breaking Auction Markets
At the elite end, auction prices for both thoroughbred racehorses and sport horses have surged to unprecedented levels. A prime example is the Keeneland September Yearling Sale in Lexington, Kentucky – the world’s largest yearling auction. In 2014–2015, Keeneland’s total sales gross hovered around $275–280 million for about 2,700 horses sold. Fast forward to 2024, the Keeneland September Sale grossed an all-time record $411.8 million with 2,735 horses sold, surpassing even its pre-2008 peaks. The average price in 2024 was $150,548 – a record high, and the median price of $70,000 tied the sale’s record, reflecting broad strength in the middle market. Notably, 36 yearlings sold for $1 million or more at that sale, the most seven-figure horses in a single year since 2005. For context, a decade earlier the number of million-dollar yearlings at any given sale was far fewer (in the mid-2010s, often only 10–15 horses would reach that threshold at Keeneland). The upper echelon of the thoroughbred yearling market has therefore expanded significantly in value. Drivers of this trend include intense competition among major racing operations (many backed by Middle Eastern or American billionaire owners) and the fact that a proven sire or exceptional female family will attract global bidding. Even during the uncertainty of 2020, top sales held relatively strong, and by 2021–2022 the thoroughbred auction market roared back with double-digit growth, reaching these new highs.
European bloodstock auctions have mirrored this upswing. At Tattersalls (Newmarket, UK) and Goffs (Ireland), premier yearling and breeding stock sales in 2021–2022 also saw record averages. As an illustration, Irish Thoroughbred public auction sales totaled over €330 million in 2018, and that figure has grown with some recovery in 2021 post-COVID. Individual sale toppers in Europe regularly exceed 1–2 million guineas (Tattersalls) or euros (Arqana in France), which, while not unheard of in 2015, have become more common. The broodmare market also hit headlines: elite broodmares and race fillies off the track have fetched record sums. For instance, in late 2017 the broodmare Marsha sold for 6 million guineas at Tattersalls, a European record at the time; by 2021, that level was approached again by others. The trend is clear – more money is concentrated in bloodstock at the very top end.
In the sport horse auction scene, the growth is equally remarkable. Germany’s P.S.I. Auction (Performance Sales International), a long-running elite auction for dressage and jumping horses, achieved a new record in December 2022 when a 6-year-old showjumping mare Chyazint sold for €4 million, the highest price in P.S.I’s 43-year history. To put this in perspective, selling a sport horse for over €1 million was a rarity a decade ago, and €4 million was unheard of – this sale underscored the skyrocketing value of top young talent. At the same 2022 P.S.I event, the collection of showjumpers averaged an astonishing €546,200 per horse (with total proceeds €13.65 million for 25 showjumpers). Even the dressage horses at that auction averaged around €300,000, showing strength across disciplines. Other European sport horse auctions (like Flanders Foal Auction, Dutch Sport Horse Sales, etc.) have also reported higher averages and more frequent six-figure prices for foals and young horses. In 2021, one Dutch auction saw a showjumping foal sell for €160,000 and multiple others over €50,000, indicating that buyers are willing to invest early in quality bloodlines now, more so than before. The sport horse market’s buoyancy is linked to wealthy riders and sponsors, especially in North America, Europe, and the Gulf, vying for the next superstar. As a result, breeders of high-end sport horses have enjoyed a seller’s market in recent years, a contrast to the softer demand in the 2010s.
At elite European auctions, young sport horses now command prices once reserved for racehorses. Chyazint, a 6-year-old show jumper (pictured being presented at auction), set a record at €4 million in 2022.
Evolution of Sales Methods
Beyond headline prices, the methods and venues of horse sales have broadened since 2015. The COVID-19 pandemic in 2020 acted as an accelerator for the adoption of online and remote bidding options, which have since become a fixture of the industry. When travel restrictions and lockdowns hit, auction houses quickly pivoted: major sales went to virtual or hybrid formats, streaming live videos of horses and enabling online bidding platforms so that buyers could participate from anywhere. For example, the Ocala Breeders’ Sales in Florida and Fasig-Tipton in the US rolled out real-time online bidding in 2020 to complement their live auctions, and European sales like Tattersalls introduced live internet and phone bidding on a larger scale. The initial success of these adaptations proved that the market could function digitally: horses still changed hands at healthy prices even when buyers couldn’t be present in person. By 2021, most auctions returned to in-person events, but online bidding has remained an important component, effectively making all big sales hybrid events now. This is a significant change from a decade ago, when attending in person or sending an agent was virtually the only way to bid – now a buyer in, say, Australia can sit at their computer at 3am and bid on a yearling in Kentucky in real time.
Entirely online-only auctions for horses have also proliferated. Especially in the sport horse sector, dozens of online auction platforms have emerged in the last five years. Studbooks and private companies organize frequent online sales for foals, broodmares, and competition horses. For instance, the KWPN registry launched regular Online Foal Auctions where breeders can list foals and buyers bid via an internet portal; this concept took off around 2019 and has continued strong. In 2020, when even small local auctions couldn’t hold live events, every segment from show pony sales to Western performance horse sales moved to Facebook live streams or custom auction websites. The result has been a democratization of horse sales – horses of various levels can find a market online without the expense of a traditional auction. However, this comes with caveats: vetting the horses remotely and building buyer trust is a new challenge. Reputable organizers have addressed this by providing extensive videos, veterinary reports, x-rays, and trial periods for online sales, which are now expected by buyers. Compared to 2015, today’s sellers must be far more transparent and multimedia-savvy to attract distant buyers.
The geographic reach of auctions has broadened as well. New sale locations and collaborations have tapped into emerging markets. One notable event was the inaugural Aloga auction held in Shanghai, China in October 2024, the first live horse auction ever in mainland China. Organized by Irish and European sellers, it featured a small group of show jumpers tailored to Chinese clients and was deemed a success, with the top horse selling for €169,000. A decade ago, China had virtually no direct horse auction activity – wealthy Chinese buyers would purchase abroad – so this development signals the growth of a local market infrastructure. Similarly, new auctions have sprung up in the Middle East (though often these are showcase events rather than large sales). The international circuit of auctions has, in effect, expanded along with demand.
Another change in sales methods is the increased professionalism in private sales and brokerages. Not all horses go through auctions; in fact, the majority do not (one WBFSH report noted that less than 10% of sport horse foals produced ever go through an auction ring). Private sales (via agents, word of mouth, or online classifieds) remain important, and since 2015 these have become more formalized. There are now specialized horse brokerage firms and online marketplaces that connect buyers and sellers globally, with escrow services and trial agreements to facilitate trust. For example, websites for sport horse sales allow sellers to list horses with quality videos, and buyers from other countries regularly purchase off video pending a vet check. Ten years ago, such transactions were rarer or required an agent flying over. Now it is not uncommon for a U.S. rider to buy a European horse “sight unseen” based on digital information, then import it – a trend that has grown with improved video technology and the pandemic’s travel limitations.
Auction Trends in Different Segments
It’s worth noting how different market segments have fared in sales trends:
In thoroughbred auctions, yearling sales are the bellwether and as shown are very strong. Two-year-old in training sales (breeze-up sales) in the US and UK have also seen price growth; record prices for juveniles were achieved (for instance, a 2-year-old colt sold for $3 million at a US sale in 2022, one of the highest ever for a breezer). Breeding stock sales (mares and weanlings) likewise have hit records – e.g., a champion racemare brought $5 million at Keeneland January 2019, tying a record for that sale. This indicates that investors are willing to spend more upfront for quality bloodstock, anticipating high returns in racing or breeding. Compared to 2015, thoroughbred sales volume (number of horses sold) is slightly lower due to fewer foals being bred, but total sales value is higher, meaning a higher average value per horse.
In sport horse sales, the auction segment (foals, young prospects, elite horses) has grown in visibility and turnover. Warmblood foal auctions in Europe have multiplied and often post sell-through rates of nearly 100% – a sign of strong demand. The top prices, as discussed, have soared. Even mid-range auctions report that averages in the 2020s are 20–30% higher than in the mid-2010s. One could say the sport horse market is catching up to the thoroughbred world in terms of monetizing young talent. However, the structure is different: many sport horses are still sold privately or via dealers. What has changed is that auctions are increasingly used to sell high-end sport horses, whereas ten years ago most top sport horses were sold in private transactions. The appeal of auctions (with their competitive bidding pushing up price) has lured more sellers of quality horses to this route. For example, the prestigious Dutch Sport Horse Sales and the Belgian P.S. Online auctions have become go-to events for buyers seeking future Grand Prix horses, offering an curated collection that draws an international audience.
In the American Quarter Horse and western performance horse market, auctions for elite Quarter Horses (cutting, reining, rodeo horses) have also embraced online catalogs and seen high prices for top stallion prospects or performers. The volume of sales in that community remains robust, though average prices are steadier; the high end (e.g., a champion reining horse) might bring a few hundred thousand dollars, similar to ten years ago, but now with broader online reach to bidders across states. One noteworthy trend is race-bred quarter horses and barrel racing horses fetching higher prices than before, as those sports have grown in popularity and prize money.
In summary, the sales landscape of 2025 is more high-stakes and far-reaching than that of 2015. Auctions have broken records in both the racing and sport domains, fueled by global money. Sales methods have evolved with technology, ensuring that even a pandemic could not stall the trade of horses. The net effect is that a breeder with a desirable horse today has more avenues and potentially a richer payoff than their counterpart a decade ago – provided they have what the top of the market wants. On the flip side, the reliance on big sales for profitability, as noted earlier, makes the business risky. The next section looks regionally to compare how these trends manifest in the UK, EU, US, Middle East, and Asia-Pacific individually.
Regional Developments and Key Market Segments
United Kingdom and Europe
In the UK and continental Europe, horse breeding and sales are part of a deeply rooted tradition, yet the past decade has brought considerable change to this landscape. Britain and Ireland remain at the core of thoroughbred breeding for racing, while Western European nations like Germany, the Netherlands, and France lead in sport horse breeding. Comparing the mid-2010s to the mid-2020s in this region:
Thoroughbred Breeding (UK & Ireland): The UK’s breeding industry has faced the twin challenges of economic viability and Brexit. As noted, British foal crops have held around 4,000–4,500 annually in recent years, which is slightly down from the 2010s but not drastically so. However, the number of active breeders in the UK is declining, as evidenced by financial reports showing more breeders operating at a loss. Ireland, with its favorable land and tax conditions, continues to out-produce Britain roughly 2:1 in foals (with over 9,000 foals/year vs Britain’s ~4,500). This ratio is similar to a decade ago, meaning Ireland remains a powerhouse and even saw slight growth in the late 2010s. An important development is the increasingly international ownership of breeding stock: major Irish and British stud farms are owned or heavily invested in by entities from the Middle East (e.g. Godolphin, Juddmonte, Shadwell, etc. are key in the UK, and Coolmore’s partners are global). This was true 10 years ago, but their influence has grown as smaller breeders wane. Brexit has thrown some complexities into UK-EU breeding relations; for example, British-based stallions shuttling to Ireland now require more paperwork. While the full impact is still unfolding, early signs showed a small drop in British mares sent to Irish stallions in 2021–2022. Both industries have lobbied to maintain the Tripartite Agreement-like free movement for high-health horses, and interim arrangements have prevented major disruption so far. Economically, the British thoroughbred industry’s value (~£375m GVA) has stayed robust, but insiders worry that if breeder attrition continues, Britain could lose ground to Ireland, France, or even the US in producing top racehorses. One specific segment to note is National Hunt (jump) breeding in Britain/France/Ireland: this has seen a consolidation toward Ireland (many British National Hunt breeders moved operations to Ireland for cost reasons). The bloodlines for steeplechasers and hurdlers are still a mix of traditional jumping studs and second-career flat stallions, much as it was ten years ago, but the commercial side has tightened – only the best stores (young jumping prospects) make money, pushing some out of the market.
Sport Horse Breeding (Continental Europe): Europe’s warmblood studbooks have remained dominant and even expanded their global influence. Breeding programs in Germany (Hanoverian, Holsteiner, Oldenburg, Westfalen, etc.), the Netherlands (KWPN), France (Selle Français), and others continue to produce the majority of international sport horses. A trend over the last decade is greater harmonization and cooperation among studbooks. For instance, several German breed registries joined under the umbrella "Deutsches Sportpferd (German Sport Horse)" for efficiency, and there’s increased data-sharing via the WBFSH. The genetic base, however, has arguably narrowed: a handful of superstar stallions (like Sandro Hit or Cornet Obolensky in the 2010s, and their sons now) dominate sire rankings, meaning many foals are closely related. Breeders have adjusted by seeking outcross blood, sometimes from less common sources (the resurgence of using thoroughbred sires to get blood, or trying new stallions from Sweden, etc.). One notable change is the relaxation of some studbook rules – for example, the Hanoverian Verband recently updated policies to allow more flexibility in accepted bloodlines (dropping the old “50% rule” that limited outside blood), a sign of adapting to a globalized gene pool. In terms of numbers, Germany and France each register several thousand warmblood foals annually (the Hanoverian book registered on the order of 5,700 foals in 2021 if combining Hanoverian and Rhineland, slightly down from 6,700 in 2016). The Netherlands saw a rise to 11,500 KWPN foals in 2022 from ~10,000 in 2015. So some countries have upticks, others slight declines, but overall Western Europe is steady at ~80k sport foals/year. An emerging area in Europe is Eastern European breeding – countries like Poland, Hungary, and the Czech Republic have improved warmblood breeding programs and are exporting more horses, though still small compared to Germany. The economic impact of sport horse breeding in Europe is hard to isolate, but countries like Germany value their horse sector (which includes breeding, sports, racing) in the billions of euros annually, and rural economies benefit from these breeding farms. Compared to ten years ago, European sport horse breeders are better organized and more tech-enabled, marketing their foals globally via videos and auctions, rather than just locally. This region also benefits from EU funding in some rural parts and EU-wide health regulation which, aside from new Brexit wrinkles, generally facilitates easy movement of horses for sale.
Sales and Auctions (UK/EU): Europe’s sales scene has both the traditional auctions (Tattersalls, Goffs, Arqana for TBs; Verden, PSI, Holsteiner for warmbloods) and a growing array of new formats. In the UK, Tattersalls in Newmarket remains the premier auction house, and its October Yearling Sale Book 1 in 2023 saw an average of 298,000 guineas, up from ~240,000 guineas a decade prior, reflecting the same bullish bloodstock trend as Keeneland. France’s Arqana sale in Deauville similarly reported record median prices in recent years. The UK also saw innovation like the Goffs London Sale (a boutique sale on the eve of Royal Ascot, started in 2014 and continuing) where horses in training and breeding stock are sold in an upscale garden party setting – integrating sport and sales in new ways, which was not present before. On the sport horse side, Germany’s Verden auctions (Hanoverian) and the Netherlands’ sales have continued strong. The British sport horse market, historically smaller, is developing too – the UK now has its own auctions for elite eventing horses and foals (e.g. the Bolesworth Elite Auctions), a concept that wasn’t as prevalent ten years ago. An interesting impact of EU integration (pre-Brexit) was that horses moved freely to wherever the best sale was; Irish breeders routinely send yearlings to UK sales if they’ll fetch more, and vice versa. Post-Brexit, Ireland has doubled down on hosting domestic sales to keep business home (e.g. Goffs expanding sales). Online bidding is heavily used in UK/EU auctions now, which accelerated following COVID. All major UK sales in 2020 had remote bidders, and even in 2023 Tattersalls reported active online bidders from Australia, the US, and Middle East, something uncommon in 2015. The Middle Eastern presence in Europe is also noteworthy – for example, Qatar Racing and Saudi interests buying show jumpers or dressage horses from European sellers, which introduces new capital. Summing up, the UK and European region has modernized within tradition: they leverage centuries-old expertise in breeding yet have embraced new technologies and international markets to enhance sales. The result is a fairly healthy breeding industry at the top end, though with concerns about the base of the breeder pyramid shrinking.
North America (United States & Beyond)
North America’s horse breeding and sales are dominated by the United States, which encompasses the thoroughbred industry, the large Quarter Horse population, and various sport horse and breed niches. Over the past decade, the U.S. has experienced a mix of decline in pure numbers but growth in market value for quality horses:
Thoroughbred Sector (U.S.): The U.S. remains one of the largest producers of thoroughbreds, though as detailed earlier, the foal crop has fallen from ~22,000 in the mid-2010s to ~18,500 in recent years. This contraction was a deliberate market correction to avoid the oversupply seen in the 1980s and 2000s. Fewer foals means each is, on average, more likely to find a buyer – a strategy that has arguably paid off in terms of sale prices. The quality of U.S.-bred horses has remained high, evidenced by American-bred racehorses continuing to win international events and strong foreign demand for U.S. bloodstock. The center of breeding is Kentucky, which accounts for over 50% of the foal crop. Kentucky’s mare bookings dropped from ~21,000 in 2010 to ~16,000 in 2021, but in 2022–2023 it stabilized, suggesting the decline has bottomed out. Economically, thoroughbred breeding and racing contributes around $36 billion in direct economic impact in the U.S. (as per the American Horse Council’s 2017 study) and about 240,000 direct jobs, though that includes racing operations, not just breeding. Pure breeding farms have slim margins unless they produce top auction horses; the U.S. has seen some historic farms downsized or sold (e.g., families exiting and operations sold to new investors or conglomerates). Yet, new players have also entered – some tech-industry millionaires and syndicates have begun investing in broodmares and stallions, bringing fresh capital. On the West Coast and in regional markets, thoroughbred breeding has diminished (for example, numbers in states like California and New York are down from ten years ago, concentrating even more in Kentucky). A notable trend is greater focus on quality: stallion books are more selective, and stud fees for the top stallions (Into Mischief, Tapit, etc.) soared to $200k+, while many lesser stallions have been pensioned or exported. This polarization means the U.S. is breeding from a narrower set of sires now than in 2015.
Quarter Horses & Western Breeds: The U.S. has the world’s largest population of Quarter Horses, used in everything from rodeo to ranch work to racing. While new registrations have modestly declined long-term, the absolute numbers are still huge (60k+ foals a year). The economics of Quarter Horse breeding differ: it’s less concentrated – thousands of small breeders across the country produce a few foals each. The AQHA has reported membership decline, but the top end of the Quarter Horse world (championship bloodlines for cutting, reining, barrel racing) has heated up. For example, a record was set in 2022 for a cutting horse colt selling at auction for over $1 million – something unheard of a decade prior for a Quarter Horse. Additionally, Quarter Horse racing (a niche but lucrative circuit in the U.S. and Mexico) has seen its stud fees and yearling prices rise slightly, driven by high purses at tracks like Ruidoso. In the broader sense, however, many backyard Quarter Horse breeders have reduced breeding due to hay costs, etc., resulting in fewer unwanted horses than the glut seen in the late 2000s. Other American breeds like Standardbreds (harness racing horses) have similarly trimmed down foal crops to match demand, and their sale prices have remained stable. The American Saddlebred and other show breeds are relatively small and have contracted due to a drop in show ring participation.
Sport Horses in North America: Traditionally, the U.S. has imported a large number of its top sport horses from Europe rather than breeding domestically, but the last decade shows efforts to boost domestic breeding of jumpers, dressage horses, and eventers. Registries like Oldenburg NA, KWPN-NA, and the Irish Draught Horse Society NA have been active in registering foals born in America from European bloodlines. The number of warmblood foals bred in the U.S. is still a fraction of Europe’s output – perhaps a couple thousand a year across all breeds – but there is growth in interest. Notably, some European studs have set up U.S. affiliate operations, and more American breeders use imported frozen semen. The performance of U.S.-bred sport horses on the world stage remains limited (most U.S. Olympic team horses are European imports), but there have been successes like a few U.S.-bred jumpers and dressage horses making it to top levels. In sales, North America has started its own elite sport horse auctions: for example, the Wellington sport horse auction (WEF Sport Horse Auction) in Florida each year features young horses from the famed VDL Stud in the Netherlands and sells them to American buyers. This collaboration did not exist a decade ago and indicates a blending of markets – basically Europe sending horses to be auctioned in the U.S. to meet demand directly. The response has been positive, with many lots selling for high five-figures. Canada and Mexico also participate in the North American sport horse scene but at a smaller scale; Canadian breeders register a few hundred warmblood foals annually and often sell to the U.S.
Sales and Market (U.S.): The U.S. sales trends for thoroughbreds have been covered – record auction highs and strong recovery post-2020. One specific point: the syndication model in thoroughbred ownership has grown (numerous partnerships like MyRacehorse, etc., offering micro-shares), which hasn’t directly affected breeding yet but does expand racing interest that could trickle to breeding. In the western performance market, big sales like the Ruidoso Select Yearling Sale for Quarter Horse race prospects have seen averages up (2022 average was ~$50k, quite strong for that sector). The online sales boom took hold in the U.S. too; for example, a popular online auction site for barrel racing and rodeo horses emerged in 2021, connecting buyers nationwide. American breeders in remote areas can now market their stock nationally via the internet more easily than in 2015. Economic impact-wise, the American Horse Council’s last study (2017) put the total horse industry economic impact (all sectors) at $50 billion direct and $122 billion including indirect, with breeding being a substantial component. That has likely grown modestly with inflation. The U.S. also exports horses: in the last few years, exports of U.S. thoroughbreds to places like Korea, Japan, and the Middle East have continued, and exports of sport horses to Canada and Mexico (and even to Europe in some cases) are happening when American-breds excel. In general, North America’s market has trended toward quality over quantity, mirroring the global theme: fewer horses bred but selling for more money on average, and heavy reliance on attracting affluent buyers to sustain the high-end market.
Middle East and Asia-Pacific (Emerging Markets)
The Middle East and Asia-Pacific regions have historically been importers of bloodstock rather than large-scale breeders, but their role in the global horse economy has grown in the past decade. We consider these regions in terms of both their domestic breeding developments and their influence on international sales.
Middle East: The Middle East, especially the Gulf states, have become major patrons of the international horse market. Breeding within the Middle East focuses on a few niches: Arabian horses (for flat racing and beauty shows), Thoroughbreds (mainly in Saudi Arabia and Dubai on a smaller scale), and some warmblood/sport horse breeding in recent years in countries like Saudi Arabia and Qatar. The UAE and Qatar typically do not have large breeding programs at home due to climate and logistics; instead, operations like Godolphin and Al Shaqab breed in Europe or the U.S. and then bring horses to the Middle East to race or compete. Saudi Arabia has shown interest in developing local breeding alongside its rich racing program (the introduction of the $20 million Saudi Cup race in 2020 has spurred investment). There have been reports of Saudi studs acquiring well-bred mares and stallions to stand in the Kingdom, aiming to improve self-sufficiency. Still, the Middle East’s primary impact is through purchasing power: buyers from this region routinely account for a large share of top-priced horses at auctions in the UK, France, and the US. For example, at the 2022 Tattersalls December Mare Sale, several of the seven-figure mares were bought by Saudi or Qatari interests. In endurance riding (a sport dominated by the UAE), Gulf owners have driven demand for Arabian and Anglo-Arabian horses bred in France and Spain, pushing prices up for proven endurance horses. Another facet is Arabian show horses – wealthy studs in UAE, Qatar, and Saudi have paid hundreds of thousands (even millions) for champion Purebred Arabians from breeders in the U.S. and Europe. This segment has grown more extravagant in the last decade, with specialized auctions for Arabians in the Middle East attracting global consignments. Summarily, while the Middle East’s own breeding footprint is limited, their financial influence has grown. Compared to 2015, there are more Middle Eastern buyers in more disciplines (not just racing, but also show jumping – e.g., Team Qatar’s showjumping squad imports, and dressage horses for new riders in the region). This has effectively made them key drivers of the market’s upper end globally.
Asia-Pacific: This region is diverse, with Australia, New Zealand, Japan, and Hong Kong being major players in racing, and China and Southeast Asia emerging in the sport and leisure markets. Australia and New Zealand have long-established thoroughbred industries. Australia in particular is a breeding giant – its foal crop was about 12,961 in 2022, which is roughly on par with or slightly below the foal crop a decade earlier (Australia’s foal crop has gradually declined from a peak of ~23,700 in the late 1980s to about half that now). Nonetheless, Australia likely now ranks #2 globally in thoroughbred foal crop (behind the U.S.), having surpassed or drawn even with the combined UK/Ireland output. The Australian breeding market has been very strong commercially: record prices were seen at the Inglis Easter Yearling Sale (their premier sale) in 2021 and 2022, with yearlings selling for AU$2–3 million and overall averages climbing. Investment from international players (Coolmore, Godolphin, etc.) into Australian breeding is high, and prize money in Australian racing is world-leading, which encourages breeders. Compared to 2015, Australian yearling averages are significantly higher and the top stallion fees (e.g., I Am Invincible at AU$247k) have soared, indicating a robust market. New Zealand remains a source of quality stayers and shuttle stallions, though their foal crop (around 3,000) is modest and down from a decade ago. In Japan, the thoroughbred breeding industry is elite and somewhat insular. Japan breeds about 7–8,000 foals a year and in the past decade has come to produce some of the world’s best racehorses (e.g., winners of big races abroad), increasing respect for its bloodstock. Japanese sales, like the JRHA Select Sale for foals and yearlings, have seen incredible prices – for instance, a foal by Deep Impact fetched ¥470 million (approx $4.3 million) in 2019. This willingness of Japanese owners to pay top dollar (often outbidding foreign buyers) has kept many of Japan’s best horses at home. Domestically, Japan’s breeding is high-tech and quality-focused, much as it was in 2015, but results are even better now (the Japanese Triple Crown winner Orfevre’s success, etc., boosted confidence). Hong Kong and Singapore do not breed racehorses domestically (they import all), but their racing authorities have increased buying budgets to secure good horses from overseas, which indirectly benefits breeders in other countries. For example, the Hong Kong Jockey Club’s purchases at European sales have increased in the last 5 years to secure a pipeline of horses for Hong Kong’s racing circuit.
Outside of racing, sport horse and recreational markets in Asia are slowly growing. China is a prime example: a decade ago, China had minimal equestrian presence, but now it has a fledgling show jumping circuit, some breeding farms (often importing pregnant mares or stallions), and an appetite for learning. The first-ever horse auction in mainland China in 2024 (by Aloga, as noted) symbolizes that there is a class of buyers and perhaps soon local breeders. The Chinese Equine Association has also partnered with European studbooks to begin registering warmbloods in China. Progress is slow but there is momentum; for instance, a Chinese rider won an equestrian bronze at the 2020 Olympics (albeit on an imported horse), inspiring interest. Australia/New Zealand sport horses (eventers, show jumpers) have long existed and continue, but Europe is still the main supplier for top sport horses in Asia-Pacific.
In terms of economics, Asia-Pacific’s role as a buyer is significant. Australian and Japanese owners have been active at Northern Hemisphere sales – the prominent presence of Japanese buyers at Tattersalls or Australian-based syndicates at Keeneland has grown since 2015. Additionally, the rise of rich races like The Everest (Australia) and Dubai World Cup/Saudi Cup has created more incentive for owners globally to invest in horses, which helps breeders worldwide.
In summary, the Middle East and Asia-Pacific, while not producing the bulk of horses, have shaped the market by injecting new demand and capital. Over the past five years especially, these regions have spurred competition for bloodstock (whether a Derby prospect or a show jumper), and have begun laying groundwork for their own breeding industries (as seen with nascent efforts in Saudi Arabia and China). Compared to a decade ago, the horse industry is more truly international, with these regions not just passively buying but actively contributing to the culture (e.g., international events in their countries, new buyers’ profiles, etc.). Breeding and sales have thus become a globally integrated affair: a foal bred in 2025 might be conceived with semen from one country, born in another, sold online to a buyer in a third, and ultimately raced or shown in a fourth – a level of global interconnection that has accelerated over the last ten years.
Conclusion
The horse breeding and sales industry of 2025 differs in many ways from that of 2015. Breeding practices have advanced, employing reproductive technology and genetic tools to produce healthier and more numerous offspring from elite bloodlines than was previously possible. Market dynamics have shifted towards a more global arena, with economic forces rewarding top-quality horses handsomely while squeezing out smaller operations. The economic impact remains substantial in traditional centers like Europe and the U.S., even as those regions adapt to challenges like Brexit, profitability, and competition from emerging markets. Meanwhile, sales methods have transformed through technology – auctions are breaking records and reaching buyers worldwide via online platforms, something that proved its value during the COVID-19 disruptions and is now the new normal. Key market segments illustrate these changes: thoroughbred breeding is leaner but yields higher sales prices, sport horse breeding is robust and increasingly international in trade, and even historically peripheral segments (Quarter Horses, Arabians, etc.) show innovation and resilience.
When compared to a decade ago, it’s evident that the industry has become more efficient and more internationalized. Breeders today have access to a worldwide gene pool and can market to a worldwide customer base. Buyers have unprecedented access to information and purchase opportunities across borders. The result is both an opportunity and a challenge – opportunity in the form of greater reach and potential reward, and challenge in the intense competition and complexity that comes with a global marketplace. As we move beyond 2025, these trends are likely to continue: expect further integration of data and genetics in breeding, continued growth in online sales (possibly even blockchain-based horse ownership transactions), and new participants from developing markets entering the fray. The love of horses remains the constant driving force, but the way breeders produce champion horses and how those horses find their owners will keep evolving. The past ten years have shown how adaptable and resilient the horse breeding industry can be, and it stands today as a fascinating blend of time-honoured tradition and cutting-edge progress, galloping together into the future.
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