NAICS 112512 Quarterly Industry Report
Shellfish Farming
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 112512Sector: Agriculture, Forestry, Fishing and Hunting (11)Updated: Q1 2026
About This Report
This Fair Market Value industry report (NAICS 112512) provides valuation-focused intelligence for professionals assessing shellfish farming businesses. Additional data is drawn from Bureau of Labor Statistics[6], U.S. Census Bureau[7].. Data is sourced from USDA NASS aquaculture surveys[8], NOAA Fisheries aquaculture data[9], and SBA size standards[10] to support business appraisals, acquisition due diligence, lending decisions, and investment analysis for shellfish aquaculture enterprises.
Industry Definition & Overview
Shellfish Farming (NAICS 112512) encompasses establishments primarily engaged in farm raising shellfish such as oysters, clams, mussels, shrimp, and crawfish using aquaculture methods including bottom culture, suspended culture, cage systems, and pond production. The USDA Census of Agriculture[3] captures shellfish aquaculture data, with oyster farming representing a major domestic segment concentrated along the Atlantic, Pacific, and Gulf coastlines. Shrimp farming operations exist primarily in southern states, while mussel and clam farming is concentrated in New England and the Pacific Northwest.
Sustainability has become a defining characteristic of shellfish aquaculture, as filter-feeding species like oysters, clams, and mussels actively improve water quality by removing excess nitrogen and particulates. This environmental benefit has attracted favorable regulatory treatment and consumer preference in many markets. The USDA Economic Research Service[4] tracks seafood market dynamics including competition from imported farmed shrimp, which dominates the U.S. shrimp market. Revenue for shellfish farmers depends on wholesale pricing, which varies by species, size grade, and market channel (raw bar, retail, food service), along with seasonal harvest timing and product quality consistency.
Business valuations for shellfish operations require assessment of leasehold or owned tidal and subtidal growing areas, permit and licensing status, growing equipment and infrastructure, seed supply relationships, brand recognition among wholesale buyers, and compliance with FDA[5] shellfish sanitation and safety programs. Growing area classification and water quality monitoring status directly impact production capacity and market access.
What's Included in This Industry
- Sector-specific valuation multiples and financial benchmarks for shellfish farming operations
- Revenue and profitability analysis across oyster, clam, mussel, shrimp, and crawfish production segments
- SBA size standard classification and lending threshold data for NAICS 112512
- Comparable transaction data from recent shellfish farm sales, lease transfers, and aquaculture business acquisitions
- Growing area assessment covering leasehold values, tidal access, water quality, and environmental classifications
- Workforce and labor cost benchmarking for shellfish farm operators, harvesters, and processing staff
- Industry risk assessment including water quality closures, harmful algal blooms, disease, and climate impacts
- FDA shellfish sanitation program compliance overview and growing area classification requirements
- Capital expenditure profiles for growing equipment, boats, processing facilities, and seed nursery infrastructure
- Production efficiency metrics including survival rates, growth rates, harvest yields, and product quality grades
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Agriculture, Forestry, Fishing and Hunting | 11 |
| Subsector | Animal Production and Aquaculture | 112 |
| Industry Group | Aquaculture | 1125 |
| NAICS Industry | Aquaculture | 11251 |
| National Industry | Shellfish Farming | 112512 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 112511 | Finfish Farming and Fish Hatcheries | Finfish farming operations that share aquaculture industry regulatory structures, seafood distribution channels, and water resource management practices |
| 112519 | Other Aquaculture | Other aquaculture operations raising species such as algae, seaweed, and aquatic plants that share coastal growing area permitting processes |
| 311710 | Seafood Product Preparation and Packaging | Seafood product preparation and packaging plants that purchase farm-raised shellfish for shucking, processing, and retail distribution services |
| 424460 | Fish and Seafood Merchant Wholesalers | Fish and seafood merchant wholesalers distributing farm-raised oysters, clams, mussels, and shrimp to restaurants and retail seafood markets |
| 114112 | Shellfish Fishing | Shellfish fishing (wild-harvest) operations whose market pricing influences farm-raised shellfish values across wholesale distribution channels |
| 541940 | Veterinary Services | Veterinary and aquatic health services providers delivering shellfish disease diagnostics, water quality testing, and pathogen monitoring programs |
SBA Lending Summary
72
Total SBA Loans
$5.8M
Total Loan Volume
$81K
Average Loan Size
8 yrs
Average Loan Term
11.14%
Average Interest Rate
656
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[2]
Key Insight: The SBA[11] classifies Shellfish Farming (NAICS 112512) with a size standard of $3.75 million in average annual receipts. Most U.S. shellfish farming operations are small enterprises within this threshold, qualifying for SBA-backed lending[12], government contracting preferences, and federal aquaculture development grant programs supporting coastal community businesses. Eligible businesses can access SBA 7(a) loans[13] for working capital, equipment, and acquisition financing, while 504 loans[14] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Bangor Savings Bank | 16 | $2.4M | $150K |
| 2 | Manufacturers and Traders Trust Company | 16 | $1.4M | $90K |
| 3 | Columbia Bank | 16 | $768K | $48K |
| 4 | BayFirst National Bank | 8 | $640K | $80K |
| 5 | TD Bank, National Association | 8 | $400K | $50K |
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for shellfish farming?
Shellfish Farming is classified under NAICS code 112512, covering establishments primarily engaged in farm raising shellfish including oysters, clams, mussels, shrimp, and crawfish using aquaculture production methods.
What is the SBA size standard for shellfish farming?
The SBA[11] sets the size standard for NAICS 112512 at $3.75 million in average annual receipts, qualifying eligible shellfish farming operations for small business lending programs and federal contracting preferences.
What shellfish species are farmed in the United States?
Major farmed species include Eastern and Pacific oysters, hard clams (quahogs), blue mussels, shrimp (primarily in southern states), and crawfish (concentrated in Louisiana) per USDA NASS[15] aquaculture production data.
What factors drive shellfish farm valuations?
Key valuation drivers include growing area leasehold rights, water quality classification status, permit and license portfolio, production equipment condition, seed supply agreements, buyer relationships, and brand reputation per NOAA Fisheries[9] aquaculture data.
How do growing area classifications affect valuations?
The FDA[5] National Shellfish Sanitation Program classifies growing areas as approved, conditionally approved, restricted, or prohibited based on water quality testing. Area classification directly determines harvest eligibility, seasonal access, and production capacity.
What environmental benefits do shellfish farms provide?
Filter-feeding shellfish remove nitrogen and particulates from coastal waters, providing measurable ecosystem services. Some states offer nutrient trading credits for shellfish aquaculture, which can strengthen enterprise value beyond direct product sales revenue.
What risks affect shellfish farming valuations?
Critical risks include harmful algal bloom closures, water quality degradation, Vibrio and norovirus contamination events, climate-related ocean acidification, storm damage, and growing area reclassification per NOAA[16] environmental monitoring data.
What regulatory framework governs shellfish farming?
Shellfish farms must comply with FDA[5] shellfish sanitation requirements, state aquaculture leasing and licensing programs, Army Corps of Engineers permits for structures in navigable waters, and environmental impact reviews for new or expanded growing operations.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [3]USDA Census of Agriculture nass.usda.gov
- [4]USDA Economic Research Service ers.usda.gov
- [5]FDA fda.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]U.S. Census Bureau census.gov
- [8]USDA NASS aquaculture surveys nass.usda.gov
- [9]NOAA Fisheries aquaculture data fisheries.noaa.gov
- [10]SBA size standards sba.gov
- [11]SBA sba.gov
- [12]SBA-backed lending sba.gov
- [13]SBA 7(a) loans sba.gov
- [14]504 loans sba.gov
- [15]USDA NASS nass.usda.gov
- [16]NOAA noaa.gov
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