Establishments primarily engaged in the production of cows'milk and other dairy products and in raising dairy heifer replacements. Such farms may process and bottle milk on the farm and sell at wholesale or retail. However, the processing and/or distribution of milk from a separate establishment not on the farm is classified in manufacturing or trade. Establishments primarily producing goats'milk are classified in Industry 0214.
The dairy farming industry, classified under NAICS 0241, has been witnessing several qualitative trends that are shaping its future. One notable trend is a significant push towards sustainability and eco-friendly practices. Consumers are increasingly demanding transparency regarding the environmental impact of dairy production, driving farms to adopt practices such as improved waste management, regenerative agriculture, and reduced greenhouse gas emissions. Technology adoption is another critical trend, with farms implementing advanced monitoring systems, automated milking machines, and data analytics to enhance productivity and animal health.
Additionally, there's a growing interest in animal welfare, resulting in more farms focusing on providing better living conditions for their livestock. This includes increased space, veterinary care, and natural feeding practices. The push towards organic and non-GMO products continues to gain momentum, as consumers prefer products they perceive to be healthier and more natural.
In the near future, these trends are expected to continue expanding. Technological advancements in biotechnology and precision farming will likely drive more efficient and sustainable production. Consumer preference for organic and sustainably produced dairy products is expected to increase, prompting more dairy farms to transition towards organic certification. Overall, the industry is leaning towards more responsible and transparent farming practices, aligning with broader consumer and environmental trends.
Dairy farms
Dairy heifer replacement farms
Milk production, dairy cattle farm
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.