Recession results in slaughter of Ireland's racehorses
To keep up with this new demand, thoroughbreds - a breed of horse used specifically for racing - were being produced at an unprecedented rate: between 2000 and 2007, the number of registered foals increased from 8,793 to 12,633.
But these horses are expensive, costing approximately 17,000 euros (£15,000) a year to keep.
And when Ireland plunged into one of the deepest recessions to hit the eurozone, they became a luxury very few could afford.
Mr Hogan, who is based in Nenagh, County Tipperary, explains: "Quite a lot of those horses would have been owned by syndicates - basically blocklayers, carpenters, electricians - people involved in the big property boom. And they just disappeared overnight."
Suddenly he was left with horses, but with no money coming in from their owners to pay for them.
It has been a very difficult time, he says. Some of these horses have had to be exported, others retrained, and a few he has kept on himself. Some, though, have had to be put down.
The loss of healthy thoroughbreds has become a harsh reality of this economic crisis.
And abattoirs, where horses are slaughtered for their meat for human consumption, have become a growth industry.
In 2008, there was just one in the Republic of Ireland, but today there are five.
Last year, 9,790 horses were killed in them. Of these, the BBC has learnt that 4,618 were thoroughbreds.
But this is not the whole picture. Figures are not available for the number of horses that have ended up in Ireland's 40 registered knacker's yards.
Shane O'Dwyer, from the Irish Thoroughbred Breeders' Association (ITBA), acknowledges that there was over-breeding at the height of the Celtic Tiger boom but he believes for many owners, it was the responsible thing to do.
"We said when horses came to the end of their time or when there was no use to them, there should be euthanasia, voluntary euthanasia… rather than leaving the horse out in the field to be a welfare case."
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