Think of thoroughbred racehorses and, inevitably, the world’s great races of the Epsom Derby, the Arc de Triumph and the Melbourne Cup come to mind.

But underneath the glamour of the big race days is a whole industry where Ireland is literally a world leader.

Horses and Irish farming are inextricably linked so it is not a coincidence that one of the most original analysis of the industry has just been completed by Paddy Dunican, known to many as the manager of Kilbeggan Racecourse in Co Westmeath, but also known to thousands as one of the key people in the organisation of the annual National Ploughing Championships.

In his thesis for his MBA degree on how the racecourses can rebuild after COVID-19, Paddy goes into some of the astonishing statistics underlying the Irish thoroughbred horse industry.

We are the world leader in the sector if the measure is quality.

The reasons for such a world ranking by such a small country are difficult to pinpoint

While the number of Irish thoroughbred foals born each year is roughly the same as Britain and France combined, there are numerically more in the US and Australia. But of the 100 top-rated horses in the world, 21.1% of them are Irish-bred, followed by the US at 19.1%, Japan 16.5%, the UK 13.8% and Australia 11.9%. These are astonishing figures by any standards.

The reasons for such a world ranking by such a small country are difficult to pinpoint.

The former tax exemption concession is long gone and the bloodstock industry is now taxed the same as any other business.

Horse Racing Ireland (HRI), the State body for the sector, makes the point that Ireland has become the headquarters for many of the biggest global bloodstock operators. There is, however, a consensus that the Irish blend of climate, land and human expertise gives a unique mix. The Teagasc soil maps give a fascinating breakdown of our land base by soil type and it is very easy to correlate soil type with the production of foals that go on to become international group one winners.

Many will say that is a separate and very different question but the two sectors are inextricably linked

One of the challenges outlined by Paddy Dunican in his thesis is how to maintain a vibrant racing infrastructure to act as the shop window for such an internationally important industry with such a small domestic population.

Many will say that is a separate and very different question but the two sectors are inextricably linked.

For anyone interested in what may well be our globally most competitive sector, Paddy Dunican’s MBA thesis is compelling reading.