NAICS 112930 Quarterly Industry Report
Fur-Bearing Animal and Rabbit
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 112930Sector: Agriculture, Forestry, Fishing and Hunting (11)Updated: Q1 2026
About This Report
This Fair Market Value industry report (NAICS 112930) provides valuation-focused intelligence for professionals assessing fur-bearing animal and rabbit production businesses. Additional data is drawn from Bureau of Labor Statistics[5].. Data is sourced from USDA NASS Census of Agriculture[3], USDA ERS specialty animal market data[4], and SBA size standards[6] to support business appraisals, acquisition due diligence, lending decisions, and wind-down valuations for fur farming enterprises.
Industry Definition & Overview
Fur-Bearing Animal and Rabbit Production (NAICS 112930) encompasses establishments primarily engaged in raising fur-bearing animals such as mink, chinchilla, fox, and other species for pelt production, as well as rabbit farming for meat, fur, and fiber. The U.S. fur farming industry has contracted substantially over recent decades due to declining consumer demand for fur products, animal welfare legislation, and shifting fashion trends. The USDA Census of Agriculture[3] captures production data for fur-bearing and rabbit operations, though the sector remains small relative to other animal agriculture segments, with roughly 82 active establishments nationwide.
Mink farming historically represented the largest U.S. fur farming segment, concentrated in Wisconsin, Utah, and Oregon, though the number of active mink farms has declined sharply as several states have enacted fur farming bans or restrictions. Rabbit production has shown more diversified market appeal, serving meat markets (particularly ethnic and specialty food channels), fiber production (Angora rabbits), pet markets, and laboratory supply. The USDA Economic Research Service[4] notes that rabbit meat production is growing in niche markets including farm-to-table restaurants and direct-to-consumer sales channels. Revenue for fur farming depends on international pelt auction prices, while rabbit operations generate income from meat sales, breeding stock, fiber, and live animal sales.
Business valuations for fur-bearing animal and rabbit operations require assessment of breeding stock genetics and inventory, housing infrastructure, pelt processing or meat processing capability, market access, regulatory compliance status, and the evolving legislative landscape regarding fur farming in various states. Appraisers must consider the regulatory risk of potential fur farming bans when valuing mink and other fur-specific enterprises.
What's Included in This Industry
- Sector-specific valuation multiples and financial benchmarks for fur-bearing animal and rabbit production
- Revenue and profitability analysis across mink, chinchilla, rabbit meat, and Angora fiber segments
- SBA size standard classification and lending threshold data for NAICS 112930
- Comparable transaction data from recent fur farm sales, closures, and rabbit operation transfers
- Market trend analysis covering declining fur demand, emerging rabbit meat markets, and fiber production
- Workforce and labor cost benchmarking for fur farm operators, pelters, and rabbit farm staff
- Industry risk assessment including legislative bans, animal welfare campaigns, and market contraction
- Regulatory compliance overview covering state fur farming laws, animal welfare standards, and USDA licensing
- Capital expenditure profiles for animal housing, pelting facilities, feed systems, and climate control
- Production metrics including pelt quality grades, litter sizes, feed conversion, and mortality rates
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Agriculture, Forestry, Fishing and Hunting | 11 |
| Subsector | Animal Production and Aquaculture | 112 |
| Industry Group | Other Animal Production | 1129 |
| NAICS Industry | Fur-Bearing Animal and Rabbit Production | 11293 |
| National Industry | Fur-Bearing Animal and Rabbit Production | 112930 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 316110 | Leather and Hide Tanning and Finishing | Leather and hide tanning and finishing operations that process raw pelts from fur-bearing animal farms into finished fur products for garment manufacturing |
| 311611 | Animal (except Poultry) Slaughtering | Animal slaughtering establishments that process market rabbits into wholesale meat cuts for specialty food distribution and retail channels |
| 311119 | Other Animal Food Manufacturing | Other animal feed manufacturing operations producing specialized fur animal rations and rabbit feed formulations for commercial production operations |
| 313110 | Fiber, Yarn, and Thread Mills | Fiber, yarn, and thread mills that purchase Angora rabbit fiber for processing into luxury yarn and textile products for specialty markets |
| 114210 | Hunting and Trapping | Hunting and trapping operations that harvest wild fur-bearing animals, competing with farm-raised pelts in international auction markets |
| 424590 | Other Farm Product Raw Material Merchant Wholesalers | Other farm product raw material merchant wholesalers handling fur pelts, rabbit meat, and specialty animal products for domestic and export markets |
SBA Lending Summary
8
Total SBA Loans
$1.8M
Total Loan Volume
$219K
Average Loan Size
10 yrs
Average Loan Term
12.00%
Average Interest Rate
32
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[2]
Key Insight: The SBA[7] classifies Fur-Bearing Animal and Rabbit Production (NAICS 112930) with a size standard of $3.25 million in average annual receipts. Nearly all operations in this contracting sector fall well within this threshold, qualifying for SBA-backed lending[8], government contracting preferences, and USDA agricultural support programs. Eligible businesses can access SBA 7(a) loans[9] for working capital, equipment, and acquisition financing, while 504 loans[10] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Northeast Bank | 8 | $1.8M | $219K |
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for fur farming and rabbit production?
Fur-Bearing Animal and Rabbit Production is classified under NAICS code 112930, covering establishments raising fur-bearing animals for pelt production and rabbits for meat, fiber, and other commercial purposes.
What is the SBA size standard for fur and rabbit farming?
The SBA[7] sets the size standard for NAICS 112930 at $3.25 million in average annual receipts, qualifying eligible operations for small business lending programs and government contracting preferences.
What is the current state of U.S. fur farming?
U.S. fur farming has contracted sharply due to declining consumer demand, animal welfare campaigns, and legislative bans in several states per USDA Census of Agriculture[3] data. Roughly 82 establishments remain active, with mink operations concentrated in a few remaining states.
How does legislative risk affect fur farm valuations?
Several states have enacted or proposed fur farming bans, creating regulatory risk that directly impacts enterprise value. Appraisers must evaluate the probability of future restrictions, available transition periods, and potential compensation programs when valuing fur-specific operations.
What market opportunities exist for rabbit production?
Rabbit meat serves growing niche markets including farm-to-table restaurants, ethnic food channels, and direct-to-consumer sales. Angora fiber production supplies luxury yarn markets. The USDA[11] supports specialty crop and animal market development through various grant programs.
What factors drive fur and rabbit operation valuations?
Key valuation drivers include breeding stock genetics, housing infrastructure, processing capability, market access, regulatory compliance status, and the legislative environment regarding fur farming restrictions in the operating state per USDA APHIS[12] licensing requirements.
What regulatory requirements apply to fur and rabbit farms?
Operations may require USDA APHIS[12] Animal Welfare Act licensing, state agricultural permits, environmental compliance for waste management, and compliance with any state-specific fur farming regulations or restrictions.
How are wind-down valuations handled for fur farms?
For operations facing legislative bans or voluntary closure, valuators must assess remaining productive life, breeding stock liquidation value, facility repurposing potential, land and real estate value, and any government compensation or transition assistance programs available.
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]Bureau of Labor Statistics bls.gov
- [6]SBA size standards sba.gov
- [7]SBA sba.gov
- [8]SBA-backed lending sba.gov
- [9]SBA 7(a) loans sba.gov
- [10]504 loans sba.gov
- [11]USDA usda.gov
- [12]USDA APHIS aphis.usda.gov
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