The North American Jockey Club is projecting a 4% drop in foal figures for its 2014 crop.
Jockey Club vice president Matt Iuliano said registrations should total approximately 22,000 foals next year. It follows revised numbers of 23,000 (2013) and 23,500 (2012).
The latest figures illustrate how the GFC affected the breeding industry worldwide.
UK Racing Post reports British foal registrations fell by 22% to 4,366 in the same three-year period. In Ireland they dropped by 26% to 7,546.
In Australia, indications are that the breeding industry will not return to the pre-global financial crisis days when over 26,000 mares were mated year after year.
Figures from the Australian Stud Book show approximately 15,000 foals were born in 2012 from the 22,200 mares mated in the previous breeding season.