Saturday, March 19, 2022

Equestrian Market Analysis: Horse and Polo Example

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One of the ways in which businesses can better understand their market is through conducting market researcher and analyzing available market data. It takes some time to find all of the reports that would be of benefit to a start-up manufacturer like Escanaba Polo Mallet Company. In most cases you are going to rely on existing market research reports if they are available.

You can read a 2019 report entitled 'Equestrian Market Analysis' that presents market research information the equestrian market in the U.S. Reports such as this would be a great place to start to understand the basics of horse riders (The polo market is going to be much smaller.)

A few key points from the report:

- $102 billion equestrian market.
-The American Horse Council Foundation states there are 9.2 million horses in the US, with 3.91 million used for recreation, 2.72 million for showing, and 840,000 for racing.
-The global equine equipment market is $1.9 billion.
-Online purchases are expected to grow 4.7%.
-The average horse owner is 38-45 years old, female, and married.
-Horse owners tend to be impulse buyers.
-Horse owners spend and average of 22 hours a week with their horses.
-The largest group of horse owners, 45%, are from the middle class with an annual income of $25,000-$75,000.

This provides a fairly solid general broad environmental look at the equestrian market. To find specific data into the polo market would be more difficult. Some of the findings above would be narrowed and changed. Sometimes you can find strong studies that give you what you want while other times you may need to conduct a unique study. Time and expertise are important when considering the type of information you need.

If you have a business you will want to look at industry reports and collect them. Read through them and pull out the pieces that are helpful. If you want to get into significant detail you can categorize the industry reports for comparison (i.e. a metanalysis) and look into the measurements and data drawing process to determine precisely how they are coming up with the information and in turn what they are measuring. Most small businesses will never go into this level.

Escanaba Polo Mallet Company is a good works start up making quality polo mallets and helping entrepreneurs learn how to launch and start a small business. We donate a large percentage of our profits to charities such as orphans, horse rescue, gifted children, and much more. We aren't just a mallet company but also community builders!

Stephanie M. & Lisa, B. (20019). Equestrian Market Analysis. Wonder. Retrieved 03/18/22

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