NAICS 312130 Quarterly Industry Report
Wineries
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 312130Sector: 31Updated: Q1 2026
About This Report
This Fair Market Value industry report for NAICS 312130 provides business owners, acquirers, and financial advisors with data-driven valuation insights for the winery sector, drawing on data from the U.S. Census Bureau[5] and SBA lending records. Additional data is drawn from Bureau of Labor Statistics[8].. The report aggregates transaction multiples, financial benchmarks, and market trends specific to NAICS 312130 establishments, supporting buy-sell agreements, estate planning, SBA-financed acquisitions, and litigation support engagements.
Industry Snapshot
Key metrics for the wineries industry.
Industry Definition & Overview
Wineries (NAICS 312130) encompasses establishments primarily engaged in growing grapes and manufacturing wines and brandies, manufacturing wines and brandies from grapes and other fruits grown elsewhere, or blending wines and brandies. The industry includes estate wineries growing their own grapes, custom crush facilities processing grapes for other brands, and large-scale producers bottling wines from purchased bulk product. According to the U.S. Census Bureau[5], over 5,000 winery establishments operate nationwide, with California, Oregon, Washington, and New York accounting for the majority of production volume and establishment counts.
Wine tourism and tasting room experiences have become critical revenue drivers, particularly for smaller producers who generate higher margins through direct-to-consumer sales than through wholesale distribution. The SBA Office of Advocacy[6] notes that the vast majority of U.S. wineries qualify as small businesses, with most producing fewer than 5,000 cases annually and relying on tasting room traffic and wine club memberships for the bulk of their revenue. Vineyard real estate values represent a unique asset class that significantly influences winery valuations.
Regulatory oversight involves federal licensing through the Alcohol and Tobacco Tax and Trade Bureau (TTB)[7] for production permits, label approvals, and excise tax compliance. State alcohol control boards enforce additional requirements covering direct-to-consumer shipping, distributor relationships, and tasting room operations. Interstate wine shipping laws vary dramatically, creating a complex compliance environment for wineries selling across state lines through wine clubs and e-commerce channels.
What's Included in This Industry
- Valuation multiples benchmarked to wineries and vineyard operations
- Revenue and EBITDA trends for estate, custom crush, and large-scale wineries
- SBA lending data and financing terms for NAICS 312130
- Comparable transaction data from recent winery and vineyard M&A activity
- Industry risk factors including vintage variability and climate impact
- Workforce composition and labor cost benchmarks for winery operations
- Regional market analysis across major U.S. wine-producing regions
- Revenue channel analysis covering tasting room, wine club, and wholesale
- Growth projections tied to direct-to-consumer wine trends
- Owner compensation and discretionary earnings benchmarks
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Beverage and Tobacco Product Manufacturing | 312 |
| Industry Group | Beverage Manufacturing | 3121 |
| NAICS Industry | Wineries | 31213 |
| National Industry | Wineries | 312130 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 312120 | Breweries | Breweries sharing three-tier distribution requirements, similar TTB licensing frameworks, and competing for premium alcoholic beverage shelf space at retail |
| 312140 | Distilleries | Distilleries using comparable fermentation processes, sharing TTB regulatory structures, and competing for tasting room tourism dollars in the same regions |
| 111332 | Grape Vineyards | Grape vineyards supplying the primary raw material for wine production, with vineyard quality and location directly determining wine product positioning |
| 424820 | Wine and Distilled Alcoholic Beverage Merchant Wholesalers | Wine and distilled alcoholic beverage wholesalers serving as the primary distribution channel for wineries under three-tier alcohol distribution regulations |
| 115112 | Soil Preparation, Planting, and Cultivating | Soil preparation and crop cultivation service providers supporting vineyard planting, trellising, and seasonal management for wine grape growing operations |
| 312111 | Soft Drink Manufacturing | Soft drink manufacturers competing for retail beverage shelf space and sharing overlapping bottling and packaging equipment supplier networks |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 37.6% | 1,689 |
| 2 | Washington | 8.8% | 393 |
| 3 | Oregon | 7.3% | 330 |
| 4 | Texas | 5.4% | 243 |
| 5 | New York | 5.0% | 224 |
| 6 | Pennsylvania | 3.9% | 175 |
| 7 | Virginia | 3.3% | 149 |
| 8 | Michigan | 2.9% | 128 |
| 9 | Ohio | 2.5% | 112 |
| 10 | North Carolina | 1.7% | 77 |
% Of Establishments
0%
38%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
480
Total SBA Loans
$272.4M
Total Loan Volume
$567K
Average Loan Size
11 yrs
Average Loan Term
10.46%
Average Interest Rate
4,216
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: Wineries seeking SBA financing typically qualify under the SBA size standards[9] for NAICS 312130, which set the threshold at 1,000 employees for small business classification. The SBA 7(a) loan program[10] provides up to $5 million for business acquisitions, barrel inventory financing, and tasting room buildouts. Most CDC/504 loan program[11] offers long-term fixed-rate financing for vineyard acquisition, production facility construction, and crush equipment installations. Lenders evaluate vineyard real estate appraisals, barrel inventory valuations, and wine club membership trends when underwriting winery transactions.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Colony Bank | 8 | $40.0M | $5.0M |
| 2 | First Savings Bank | 8 | $38.8M | $4.8M |
| 3 | Newtek Bank, National Association | 32 | $36.0M | $1.1M |
| 4 | First Internet Bank of Indiana | 16 | $35.1M | $2.2M |
| 5 | Harvest Small Business Finance, LLC | 8 | $18.0M | $2.3M |
Frequently Asked Questions
Common questions about this industry.
What is the typical valuation multiple for a winery?
Winery valuations vary widely based on vineyard assets, brand strength, and revenue mix. Operating businesses without significant vineyard holdings typically trade at 5x to 9x EBITDA, while estate wineries with premium vineyard acreage may be valued based on combined real estate appraisals and business multiples. Per U.S. Census Bureau[5] data, the diversity of winery business models creates a wide valuation spectrum.
What SBA loan options are available for acquiring a winery?
The SBA 7(a) loan program[10] provides up to $5 million for winery acquisitions, while the CDC/504 program[11] finances vineyard purchases, production facilities, and major equipment. Lenders require vineyard appraisals, barrel inventory valuations, and wine club membership documentation as part of underwriting for winery transactions.
How do vineyard assets affect winery valuation?
Vineyard real estate often represents 40-60% of total winery value in premium growing regions, with per-acre prices ranging from $30,000 to over $300,000 depending on appellation, varietal, and vine maturity. Estate-grown fruit provides quality control and supply security that strengthen brand positioning. Acquirers must engage agricultural appraisers alongside business valuators for accurate winery transaction pricing.
What regulatory requirements affect NAICS 312130 businesses?
Wineries must obtain federal permits from the Alcohol and Tobacco Tax and Trade Bureau (TTB)[7] and comply with excise tax, label approval, and production reporting requirements. State alcohol control boards impose additional licensing for production, tasting rooms, and direct-to-consumer shipping. Per FDA[12] oversight, wine labeling must meet allergen disclosure standards and sulfite declaration requirements.
How important is direct-to-consumer revenue for wineries?
Direct-to-consumer channels including tasting rooms, wine clubs, and online sales generate margins of 60-80%, far exceeding the 30-45% margins from wholesale distribution. For wineries producing fewer than 10,000 cases annually, direct-to-consumer revenue typically represents 60-90% of total sales. Wine club membership retention rates and average order values serve as key performance metrics for prospective buyers evaluating acquisition targets.
What are the main cost drivers for wineries?
Major cost categories include grape procurement or vineyard operating costs (30-50% of revenue), barrel inventory investments ($800-$2,000 per French oak barrel), bottling and packaging, labor for harvest and cellar operations, and compliance costs. Per USDA[13] agricultural data, grape prices fluctuate based on vintage quality, regional supply conditions, and varietal demand trends.
What workforce challenges do wineries face?
Wineries face seasonal labor demands for harvest and cellar work, difficulty recruiting certified winemakers, and competition for hospitality staff in tasting rooms. Per Bureau of Labor Statistics[14] data, agricultural and food manufacturing wages have increased, raising labor costs for vineyard management, production, and visitor-facing positions at tasting room operations.
What trends are shaping the winery industry?
Key trends include premiumization toward higher price point wines, growth in organic and sustainable viticulture practices, expansion of alternative packaging formats like cans and boxed wines, and climate-driven shifts in growing regions. The TTB[7] has tracked increasing permit applications in emerging regions outside traditional California and Pacific Northwest growing areas.
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]SBA Office of Advocacy advocacy.sba.gov
- [7]Alcohol and Tobacco Tax and Trade Bureau (TTB) ttb.gov
- [8]Bureau of Labor Statistics bls.gov
- [9]SBA size standards sba.gov
- [10]SBA 7(a) loan program sba.gov
- [11]CDC/504 loan program sba.gov
- [12]FDA fda.gov
- [13]USDA usda.gov
- [14]Bureau of Labor Statistics bls.gov
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