The article suggests that the boom in exotic animal farming in the 1990s was driven by a combination of desperate farmers and wealthy newcomers to rural areas. However, the bubble burst when the market became oversaturated and the animals' value plummeted. The article concludes that the rise and fall of exotic animal farming was largely driven by speculation and greed, rather than changes in regulation or genuine market demand.
Key takeaways:
- The number of emus, llamas, and ostriches in the U.S. has significantly decreased over the past two decades, while the population of traditional livestock such as chickens, cows, pigs, and turkeys has remained stable or increased.
- The exotic animal boom of the 1990s was largely driven by small farmers and new rural residents who saw these animals as potential investments, often paying exorbitant prices for breeding pairs.
- The decline of these exotic animal populations is attributed to a variety of factors, including the end of apartheid in South Africa which led to a resurgence in ostrich farming there, and the bursting of speculative bubbles in the market for these animals.
- Experts suggest that the target market for these exotic animals was not experienced farmers, but rather inexperienced investors or "dumb money", who were drawn in by the potential for high returns.