NAICS 311520 Quarterly Industry Report
Ice Cream and Frozen Dessert Manufacturing
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 311520Sector: 31Updated: Q1 2026
About This Report
This Fair Market Value industry report for NAICS 311520 provides valuation-focused intelligence for professionals assessing ice cream and frozen dessert manufacturing businesses. Additional data is drawn from Bureau of Labor Statistics[7], U.S. Census Bureau[8].. Data is sourced from FDA[6] frozen dessert standards, USDA[9] dairy production statistics, and SBA size standards[10] to support business appraisals, acquisition due diligence, lending decisions, and investment analysis for frozen dessert enterprises.
Industry Snapshot
Key metrics for the ice cream and frozen dessert manufacturing industry.
Industry Definition & Overview
Ice Cream and Frozen Dessert Manufacturing (NAICS 311520) encompasses establishments primarily engaged in manufacturing ice cream, frozen yogurt, sherbet, sorbet, gelato, frozen ices, frozen tofu desserts, and other frozen dessert products excluding bakery items. These manufacturers blend dairy and nondairy ingredients, pasteurize and homogenize base mixes, add flavors and inclusions, freeze the mixture, and package finished products in pints, quarts, half-gallons, novelty bars, sandwiches, cones, and bulk foodservice containers. The U.S. Census Bureau[5] classifies ice cream and frozen dessert manufacturing separately from fluid milk (NAICS 311511) and frozen bakery products (NAICS 311813).
The U.S. ice cream market generates billions in annual revenue, with premium, super-premium, and specialty frozen dessert categories driving growth beyond traditional economy ice cream. The FDA[6] regulates ice cream standards of identity, overrun (air content) limits, butterfat composition minimums, and labeling requirements that define product classification. Innovation in plant-based frozen desserts, low-sugar and high-protein formulations, and limited-edition flavor collaborations continues to expand the category beyond traditional dairy ice cream.
Business valuations for ice cream manufacturers focus on brand equity and flavor portfolio breadth, manufacturing line versatility across pint, novelty, and bulk formats, distribution network reach (both DSD and warehouse delivery), and freezer capacity at retail. Appraisers evaluate production line speeds, ingredient sourcing for premium inclusions (cookie dough, candy pieces, fruit swirls), seasonal demand management, and the competitive positioning between super-premium craft brands, mid-tier national brands, and private-label manufacturing operations.
What's Included in This Industry
- Sector-specific valuation multiples and financial benchmarks for ice cream and frozen dessert manufacturing operations
- Revenue and profitability analysis across premium, super-premium, economy, novelty, plant-based, and frozen yogurt product segments
- SBA size standard classification and lending threshold data for NAICS 311520
- Comparable transaction data from recent ice cream company acquisitions, frozen dessert brand sales, and manufacturing facility purchases
- Market analysis covering premium ice cream growth, plant-based frozen dessert trends, novelty innovation, and seasonal demand patterns
- Workforce and labor cost benchmarking for mix operators, freezer technicians, packaging line workers, route drivers, and flavor development staff
- Industry risk assessment including dairy ingredient cost volatility, seasonal demand concentration, freezer space competition, and health trend impacts
- Regulatory compliance overview covering FDA ice cream standards of identity, butterfat composition rules, overrun limits, and labeling requirements
- Capital expenditure profiles for batch and continuous freezers, ingredient handling systems, hardening tunnels, packaging lines, and cold storage
- Production metrics including gallons per shift, overrun consistency, inclusion distribution accuracy, cold chain compliance, and cost per unit benchmarks
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Food Manufacturing | 311 |
| Industry Group | Dairy Product Manufacturing | 3115 |
| NAICS Industry | Ice Cream and Frozen Dessert Manufacturing | 31152 |
| National Industry | Ice Cream and Frozen Dessert Manufacturing | 311520 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 311511 | Fluid Milk Manufacturing | Fluid milk manufacturing operations supplying cream, milk, and dairy ingredient base mixes to ice cream and frozen dessert production facilities |
| 311512 | Creamery Butter Manufacturing | Creamery butter manufacturers competing for cream supply from dairy processors, as butterfat is a primary ingredient in premium ice cream formulations |
| 311514 | Dry, Condensed, and Evaporated Dairy Product Manufacturing | Dry dairy product manufacturers supplying milk powder, whey protein, and concentrated dairy ingredients used in ice cream mix base formulations |
| 424420 | Packaged Frozen Food Merchant Wholesalers | Packaged frozen food merchant wholesalers distributing ice cream and frozen dessert products to retail grocery, convenience, and foodservice accounts |
| 493120 | Refrigerated Warehousing and Storage | Refrigerated warehousing and storage facilities providing frozen inventory management and cold chain distribution for ice cream manufacturers |
| 445110 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | Supermarkets and grocery retailers operating frozen dessert sections representing the primary retail distribution channel for ice cream product sales |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 19.4% | 91 |
| 2 | Florida | 11.7% | 55 |
| 3 | Illinois | 7.5% | 35 |
| 4 | Texas | 6.0% | 28 |
| 5 | New Jersey | 6.0% | 28 |
| 6 | New York | 4.9% | 23 |
| 7 | Pennsylvania | 4.5% | 21 |
| 8 | Michigan | 3.8% | 18 |
| 9 | Massachusetts | 3.2% | 15 |
| 10 | Washington | 3.0% | 14 |
% Of Establishments
0%
19%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
376
Total SBA Loans
$107.0M
Total Loan Volume
$285K
Average Loan Size
10 yrs
Average Loan Term
10.33%
Average Interest Rate
3,208
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: The SBA[11] classifies Ice Cream and Frozen Dessert Manufacturing (NAICS 311520) with a size standard of 1,250 employees. Ice cream producers within this threshold qualify for SBA-backed lending[12] and government contracting preferences, with smaller craft and regional producers accessing capital for production expansion and distribution growth. 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 | California International Bank, A National Banking Associatio | 8 | $24.1M | $3.0M |
| 2 | The Huntington National Bank | 80 | $14.2M | $178K |
| 3 | TD Bank, National Association | 24 | $12.7M | $529K |
| 4 | First Internet Bank of Indiana | 8 | $7.2M | $899K |
| 5 | Cadence Bank | 16 | $6.3M | $394K |
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for ice cream manufacturing?
Ice Cream and Frozen Dessert Manufacturing is classified under NAICS code 311520, covering ice cream, frozen yogurt, gelato, and novelties per the U.S. Census Bureau[5] classification system.
What is the SBA size standard for ice cream manufacturing?
The SBA[11] sets the size standard for NAICS 311520 at 1,250 employees, qualifying eligible ice cream manufacturers for small business lending programs and government contracting preferences.
How are ice cream manufacturing businesses valued?
Valuations focus on brand equity, manufacturing versatility, distribution reach, retail freezer space commitments, and product mix per USDA[9] dairy production and market data.
What products does NAICS 311520 cover?
Products include ice cream, frozen yogurt, sherbet, sorbet, gelato, novelty bars and sandwiches, frozen tofu desserts, and frozen ices per U.S. Census Bureau[5] product definitions.
What is driving premium ice cream growth?
Super-premium brands with higher butterfat content, craft flavors, quality inclusions, and distinctive brand positioning have driven premiumization, along with plant-based and health-focused innovation.
What risks affect ice cream manufacturers?
Major risks include dairy ingredient cost volatility, seasonal demand concentration in summer months, retail freezer space competition, health and diet trend impacts, and cold chain logistics costs.
What FDA standards apply to ice cream?
The FDA[6] establishes standards of identity requiring minimum butterfat content for ice cream classification, regulates overrun (air content) limits, and enforces labeling and ingredient standards.
How important is the plant-based frozen dessert segment?
Plant-based frozen desserts using oat, almond, coconut, and cashew bases represent a fast-growing segment, attracting both traditional dairy manufacturers and new entrants into the frozen dessert market.
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. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]FDA fda.gov
- [7]Bureau of Labor Statistics bls.gov
- [8]U.S. Census Bureau census.gov
- [9]USDA usda.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
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