Goat Farming in the United States (NAICS 112420)

An investor's primer — for both public-market and private investors

1. Overview

Goat farming is the business of raising goats for four things: meat (sold as chevon or cabrito), milk (mostly turned into artisan cheese, plus yogurt, kefir, soap, and specialty infant formula), fiber (mohair, from Angora goats), and breeding stock. A growing fifth line is grazing-as-a-service — renting herds out for brush and weed control. It is one of U.S. agriculture's smallest and most fragmented livestock sectors: in 2022, 118,703 farms kept goats but sold only about $270 million of animals between them, roughly $4,500 per farm that actually sold. [1] Next to the U.S. cattle or hog industries, that is a rounding error.

Why it still matters to an investor: goat demand is a rare structural-growth story inside U.S. livestock. Domestic production cannot keep up, so the country imports a large share — by one federal estimate the majority — of the goat meat it eats, and immigration from goat-eating cultures keeps pulling demand higher. [7][8] The catch is that almost none of this is directly investable in public markets. There is no U.S.-listed pure-play goat company. Public-market exposure exists only indirectly, through foreign dairy processors that own American goat-cheese and goat-milk brands, an Australian infant-formula maker, and broad farmland or agribusiness vehicles. For private investors — the natural owners here — the routes are direct: land and a herd, a farmstead creamery, an aggregation or processing business, or a grazing-service operation.

North American Industry Classification System (NAICS) code 112420 covers the farming only. The higher-value links in the chain — turning milk into cheese, turning a live kid into inspected retail meat — are classified downstream in food manufacturing, and that is where most of the money and most of the consolidation actually sit.

2. What it is and how it's structured

Scope. NAICS 112420 covers establishments primarily raising goats — for meat, milk, or mohair — plus the sale of breeding stock. [3] It sits inside industry group 1124, "Sheep and Goat Farming." Milking goats stays inside 112420 (unlike dairy cattle, which is a separate code).

What it excludes. These adjacent activities are counted elsewhere:

• Sheep farming → NAICS 112410.
• Dairy cattle (milking cows) → NAICS 112120.
• Goat slaughter and meat packing → NAICS 311611 (Animal, except Poultry, Slaughtering), within group 3116.
• Fluid milk processing → NAICS 311511; cheese manufacturing → NAICS 311513. [3]

So the highest-margin part of the goat-dairy chain — turning milk into Humboldt Fog cheese — is technically food manufacturing, not farming, unless the same farm processes its own milk (a "farmstead" creamery).

Ownership mix. This is a cottage industry. In the 2022 Census of Agriculture, 108,945 goat farms — about 92% — were family- or individually-owned for tax purposes, and they held about 84% of all goats. [4] It splits into three loosely connected sub-industries:

• Meat goats — by far the largest, ~75% of the national herd; extensive grazing/browsing operations concentrated in Texas and the South-Central states. [1]
• Dairy goats — smaller herds, often paired with an on-farm creamery; concentrated in California, Wisconsin, New York, and Texas. [11]
• Angora (fiber) goats — a shrunken niche, ~97% of it in Texas. [13]

Texas dominates: the 2022 Census counted 752,447 goats there, about 30% of the national total. [1]

3. How big it is

The right yardstick here is the USDA Census of Agriculture (USDA = U.S. Department of Agriculture), which counts farms directly rather than through payroll records. From the 2022 Census: [1]

That $270.2 million is the farm-gate value of live goats sold — the size of the farming industry itself. It excludes the value added downstream when milk becomes cheese or a kid becomes retail meat. Note that only about half of goat farms (59,625 of 118,703) sold any goats in the census year — for most owners this is a herd, not a cash crop.

The headcount is slowly shrinking, then stabilizing. Farms with goats fell from 136,442 (2017) to 118,703 (2022), and inventory from 2.70 million to 2.53 million head; the value sold nonetheless rose from $163.6 million (2017) to $270.2 million, reflecting higher prices and mix, not more volume. [1] USDA's annual Sheep and Goats survey (released January 30, 2026) shows a modest recovery since: 2.51 million goats on January 1, 2026, up 1% year-over-year — 2.01 million meat and other goats, 415,000 milk goats, and 89,000 Angora goats, with a 2025 kid crop of 1.52 million. [2] (The annual survey is a sample-based estimate with slightly different type definitions than the Census, so the two are close but not perfectly comparable.)

The undercount caveat — and which way it cuts. Standard business-establishment datasets miss almost all of this industry. The Census Bureau's County Business Patterns — the usual source for establishment and employment counts — excludes crop and animal production (NAICS 11) entirely, and most goat farms are non-employer operations with no payroll anyway. [6] The Small Business Administration (SBA) size standard for the industry is just $2.5 million in average annual receipts, meaning effectively 100% of U.S. goat farms qualify as "small." [5] So the USDA farm count (118,703) is the real picture; conventional business data understates the industry to near-invisibility. The flip side matters too: because most of the value-add lives downstream in cheese-making and in imports — outside NAICS 112420 — the $270 million farm-gate figure understates the size of the broader goat economy. We do not have a clean federal farm-to-retail revenue series for that broader figure, and do not estimate one here.

4. The investable universe

There is no U.S.-listed pure-play goat company. The industry is too small, too fragmented, and too capital-light to have produced one. Public exposure exists only at the edges, always bundled with other businesses and — notably — almost entirely foreign-listed.

(REIT = real estate investment trust; ETF = exchange-traded fund.) The pattern is clear: the best-known American goat brands are owned by large foreign dairy groups that had the processing scale and distribution their founders lacked. Emmi (Swiss) built its U.S. goat portfolio through acquisitions — Cypress Grove (2010), Redwood Hill Farm (2015), and Jackson-Mitchell/Meyenberg (2017). [19] Laura Chenel — the brand that launched American chèvre — was sold to France's Rians Group (private) in 2006. [23]

Major private / other owners. The real universe is private:

• Dairy side: the Emmi-owned brands above; Vermont Creamery, owned by the farmer cooperative Land O'Lakes, Inc.; [24] regional creameries such as LaClare Family Creamery (Wisconsin), Haystack Mountain Creamery (Colorado), Sierra Nevada Cheese, and farmstead makers like Capriole Goat Cheese (Indiana) — which sold its own herd and now buys milk, a neat illustration of how farming and cheese-making separate as a business scales. [25]
• Meat side: thousands of independent Texas and Southern ranchers running Boer-cross herds; there is no dominant national producer. Much of the U.S. supply is actually imported frozen goat meat from Australian processors (e.g. Thomas Foods, private) and cabrito processors like Mexico's SuCabrito — import competitors, not U.S. goat-farm owners. [25]
• Fiber side: a few hundred Texas Angora ranches feeding the mohair pool.

Bottom line: a public investor cannot own "U.S. goat farming" cleanly. A private investor can — by owning the farm, the creamery, or the processing/aggregation layer.

5. How the money works

Because the sub-industries earn money differently, the unit economics differ too. Federal data gives no goat-specific national margin series, so profitability has to be underwritten operation by operation.

Meat goats — a low-input grazing business, priced like a specialty commodity. The model resembles cow-calf ranching: breeding does (females) produce kids — often twins — that are grazed on pasture or brush and sold at 20–60 pounds into ethnic and religious markets. Revenue ≈ kids weaned per doe × weight × price per hundredweight (cwt = 100 lb). The profit levers:

• Kidding/weaning rate (kids weaned per doe per year) — the single biggest driver.
• Forage cost — goats browse brush other livestock won't touch, keeping feed costs low.
• Losses — internal parasites (the Haemonchus, or "barber pole," worm) and predation are the two biggest killers and the main margin risks.
• Price timing — prices spike around religious holidays (see §6). In early 2024, kids at San Angelo, Texas ran roughly $260–$350/cwt, off 2023 highs near $460/cwt as cheap imports weighed on the market. [14]

Because U.S. animals are small and costly to produce versus imported frozen goat meat (near $5/lb at retail warehouse clubs, against $15–30/lb for fresh domestic goat in specialty channels), domestic producers survive by selling live into premium ethnic/halal markets rather than competing on the commodity shelf. [10] Registered seedstock (breeding Boer, Kiko, or Nubian animals) can sell for many times commercial meat value — for some breeders, genetics, not meat, is the margin.

Dairy goats — value is captured in the creamery, not the barn. Raw goat milk is worth relatively little; the margin is in processing it into cheese (chèvre, aged wheels), yogurt, kefir, or soap. What matters is milk yield and butterfat/protein per doe and, above all, vertical integration — a farmstead creamery selling finished cheese at retail captures far more than a farm shipping raw milk. Processing capacity is a genuine bottleneck: only a few dozen U.S. plants handle goat milk, many of them cow-dairy plants running goat "campaigns." [11] U.S. goat-milk output is an estimated 100–200 million pounds a year, against ~220 billion pounds of cow milk. [11]

Fiber — a labor-constrained micro-niche. Mohair revenue is simply pounds clipped × price. In 2025 the U.S. produced 430,000 pounds of mohair at $6.40/lb, a total value of just $2.75 million. [2] The binding constraint isn't demand — it's the shortage of shearers. [13]

Grazing-as-a-service — the growing fourth line. "Rent-a-goat" vegetation-control businesses hire out herds for fire-fuel reduction, weed control, and solar-site and utility-corridor maintenance, billed per acre or per day. It monetizes the same animals as a service rather than a product, and is one of the industry's faster-growing niches.

What to watch (any operation): kid crop, weaning rate, and mortality; realized price per head by channel; milk yield and rejection rate per doe; feed cost per animal or per unit of milk; slaughter and creamery throughput; customer/processor concentration; and the working-capital swing around kidding, lactation, and holiday demand.

6. What drives demand

Ethnic and religious consumption is the whole story on the meat side. Goat is the most widely eaten red meat globally but a niche in mainstream U.S. diets; domestic demand is concentrated in immigrant and faith communities — Hispanic, Caribbean, African, South Asian, and Middle Eastern — with Muslim and Hindu households eating it most often. USDA's Food Safety and Inspection Service links rising U.S. goat-meat demand specifically to Caribbean and Indian cuisine and festival occasions, [16] and industry surveys attribute roughly 36% of U.S. goat-meat demand to these communities. [7] Because immigration from goat-eating regions keeps growing, this is a structural, slow-building tailwind — unusual for a livestock category. Foodservice goat-meat demand is estimated to have grown about 22% from 2020 to 2024 as more restaurants added goat dishes. [7]

Religious holidays create sharp seasonal price spikes. Demand and prices jump around the Muslim festivals of Eid al-Fitr and Eid al-Adha, plus Easter, Christmas, and various Caribbean and Hispanic celebrations. Buyers want specific weights and freshly-slaughtered (often halal) animals — exactly the segment imported frozen meat cannot serve, and why domestic live producers command premiums.

Import dependence defines the meat market. The U.S. imports a large share of the goat meat it eats. A USDA Economic Research Service (ERS) analysis found 2017 imports exceeded 46 million pounds — nearly twice estimated domestic production — with Australia supplying over 95% of them. [8] Industry trackers describe the U.S. as Australia's single largest goat-meat customer. [7] Current live-goat and goat-meat trade series are published by ERS and should be refreshed in any diligence. [9] For scale on the domestic side, 2024 commercial goat slaughter was 682,900 head (566,400 federally inspected), at an average live weight of about 67 pounds. [15]

On the dairy side, demand is premium/health-driven: artisan and gourmet cheese (the largest goat-dairy category), a perception of easier digestibility versus cow milk, plus soap/cosmetics and a small but real goat infant-formula segment. U.S. goat-milk products are an estimated ~$0.6 billion retail market, cheese being the largest slice — and the U.S. is a net importer of goat dairy in most categories. [11] This rides a broader, well-documented shift in U.S. dairy consumption toward cheese and yogurt and away from fluid milk — a category tailwind, though not proof of any specific goat-cheese growth rate. [12]

7. Regulation

Goat farming is lightly regulated at the farm gate but faces the same food-safety regime as other meat and dairy once product moves to market:

• Meat inspection (USDA-FSIS). Goat is an "amenable" species under the Federal Meat Inspection Act (FMIA), so goat meat sold commercially must come from a USDA Food Safety and Inspection Service (FSIS)-inspected (or equivalent state-inspected) plant. Narrow exemptions exist for custom/on-farm slaughter for personal use and certain religious slaughter. [16] The chronic shortage of small, inspected goat-slaughter capacity is a real operational constraint on domestic producers.
• Scrapie eradication (USDA-APHIS). The National Scrapie Eradication Program, run by USDA's Animal and Plant Health Inspection Service (APHIS), has been mandatory since 2001. Goats moving off their home premises generally need official identification (free ear tags, tattoos, or microchips). The program has cut scrapie prevalence by more than 99%. [17] Disease events can restrict animal movement, raise disposal costs, and damage market access.
• Milk safety (FDA / states). Goat milk entering Grade "A" channels falls under the Food and Drug Administration's (FDA) Pasteurized Milk Ordinance (PMO), which includes goat-specific herd-health and milk-quality provisions, plus state dairy rules; raw-milk sales are governed by a patchwork of state laws. [18]
• Fiber support (Farm Bill). Wool and mohair receive marketing-assistance loans and loan-deficiency payments — a modest price backstop, and a shadow of the old direct incentive: the National Wool Act was repealed in 1993, ending payments that had underpinned the Angora industry and triggering its collapse (see §8). [13]
• Claims and certifications. Organic, humane, halal, kosher, and "local" positioning can support premium pricing, but each adds certification, sourcing, or audit cost.

There are no mandatory quality grades for goat meat comparable to USDA beef grades; USDA's Agricultural Marketing Service provides voluntary grading and market-news price reporting. Net-net, regulation is a cost for small farms but can be a competitive advantage for processors that reliably meet inspection, traceability, and quality standards.

8. Competitive dynamics and consolidation

The farm layer is essentially unconsolidated and probably always will be. With 118,703 mostly non-employer farms averaging a few thousand dollars of sales, [1] there is no meaningful roll-up economics on the production side — goats are a lifestyle, supplemental-income, or land-management enterprise for most owners, not a scale play. There is no authoritative goat-farm market-share or concentration (Herfindahl-Hirschman) series, because no dominant producers exist. [4] This is the opposite of poultry or hogs, where a few integrators dominate.

Where consolidation has happened is downstream and abroad. The premium goat-dairy brands were acquired by large foreign processors — Emmi (Swiss), Saputo (Canadian), Savencia (French), plus U.S. co-op Land O'Lakes — that had the processing scale and branded distribution founders lacked. [19][20][24] These processors aggregate milk from many small farms: Montchevre describes a supply base of 400+ Midwestern family farms, and Meyenberg sources from 25+ California dairies. [19][20] On the supply side, goat meat has effectively consolidated in Australia, whose large-scale (largely rangeland-harvest) processors dominate the U.S. import market. [7][8] So the real competition is less "U.S. farms versus each other" and more "small U.S. producers versus cheap, abundant Australian frozen imports" for a growing domestic market — with future M&A far more likely among creameries, brands, and distributors than among farms.

9. Risks

• Import competition and price ceilings. Australian imports supply a large share of U.S. goat meat and cap domestic prices; when Australian supply surges, U.S. farm-gate prices fall. [7][8] Domestic producers depend on the premium live/fresh/halal niche imports can't serve — a defensible but narrow moat.
• Thin, volatile margins. Small animals, high per-unit production cost, and holiday-driven price swings make this a low-margin business; most operators are part-time.
• Animal-health losses. Internal parasites and predation are chronic profit killers on the meat side; disease outbreaks and scrapie-program compliance are ongoing costs.
• Feed, labor, and weather. Drought, purchased hay, water limits, veterinary costs, and general farm-labor scarcity can compress cash flow fast; the fiber niche is specifically capped by a shortage of shearers. [13]
• Infrastructure gaps. Too few inspected slaughter plants and too little goat-milk processing/cold-chain capacity limit how much a producer can scale or capture value. [11]
• Customer/processor concentration. A farm or creamery may hinge on a single processor, distributor, retailer, or restaurant group.
• Regulatory and recall risk. Meat-inspection, milk-safety, animal-ID, or labeling failures can close markets or damage a brand. [16][17][18]
• Illiquidity and succession. Land, live animals, specialized equipment, and family labor are hard to value and slow to sell; there is no established M&A market for goat farms (as opposed to cheese brands).

10. How to invest, and the outlook

Public-market routes (all indirect, mostly foreign-listed). Treat Emmi (SIX: EMMN), Saputo (TSX: SAP), and Savencia (Euronext: SAVE) as diversified dairy/specialty-food investments with a goat slice, not as goat-farming proxies; Bubs Australia (ASX: BUB) is the closest to a goat-dairy pure play but is a micro-cap infant-formula maker. [19][20][21][22] Farmland REITs (LAND, FPI) and agribusiness ETFs (e.g. MOO) offer diffuse exposure to the land and inputs beneath all of agriculture, with no goat tilt. There is no goat ETF, no U.S. goat pure-play, and no dividend or valuation-multiple story specific to this industry. The right questions for a public name: is goat material to the company, does it control scarce processing capacity, and does it own durable brands or supplier relationships?

Private routes (the natural way in). The most investable bottlenecks are downstream, not in undifferentiated herd expansion — milk aggregation, branded dairy, inspected slaughter, cold-chain distribution, and specialty-market access. Concretely:

• Meat-goat ranching — land plus a Boer-cross breeding herd, selling live kids into ethnic/holiday markets; low capital intensity, high management intensity.
• Farmstead dairy + creamery — the higher-value play, capturing retail cheese margins, but requiring processing know-how and capital.
• Aggregation, processing, and cold chain — inspected slaughter, milk aggregation, and regional distribution are the scarce links.
• Seedstock/genetics — breeding registered stock for other producers.
• Grazing services — an operating business (not a commodity bet) monetizing herds for fire-mitigation and land management.
• Credit — equipment finance, operating credit, and land-backed lending against the above.

Key diligence questions: What is the revenue split across meat, dairy, fiber, breeding, and services? Who buys the output, and how easily can the seller switch buyers? What are realized prices, mortality, reproductive performance, and feed costs? Is the operation compliant with inspection, milk, disease, and traceability rules? How much capital is tied up in land, animals, and equipment — and can the business survive a poor forage year or a slump in imported-product prices?

Near-term outlook. The demand backdrop is genuinely favorable and likely to persist: immigrant-driven consumption and restaurant adoption are structural, and domestic supply remains chronically short — so the U.S. should keep importing a large share of its goat meat for the foreseeable future. [7][8] But that same import dependence caps domestic prices, and the farm sector's fragmentation, thin margins, and infrastructure gaps mean it will not scale fast or produce an investable public champion. The realistic thesis is a small, resilient, slowly-growing niche — attractive to a private operator who can capture the live/fresh/halal premium or the downstream processing margin, and offering public-market investors little more than indirect, diluted exposure. Fiber (mohair) is a stable-to-declining micro-niche, not an investment thesis in its own right.

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Sources

1. USDA National Agricultural Statistics Service (NASS), 2022 Census of Agriculture — Volume 1, Chapter 1, United States, Table 28 (Goats, Kids, and Mohair — Inventory, Mohair Production, and Sales: 2022 and 2017), 2024. Verified figures: all goats 118,703 farms / 2,529,599 head; 59,625 farms sold 1,191,346 head for $270.187M (2017: 136,442 farms / 2,698,636 head; 70,282 farms sold 1,156,562 head for $163.648M); Texas 752,447 head. https://www.nass.usda.gov/Publications/AgCensus/2022/Full_Report/Volume_1,_Chapter_1_US/st99_1_028_029.pdf
2. USDA NASS, Sheep and Goats, released January 30, 2026 (January 1, 2026 inventory 2,509,000 head, +1% YoY — 2,005,000 meat/other, 415,000 milk, 89,000 Angora; 2025 kid crop 1,524,000; 2025 mohair 430,000 lb at $6.40/lb, $2.75M). https://esmis.nal.usda.gov/sites/default/release-files/795751/shep0126.pdf
3. U.S. Census Bureau, North American Industry Classification System (NAICS) 2022 — Code 112420, Goat Farming (definition; adjacent codes 112410 Sheep, 112120 Dairy Cattle, 311611 Slaughtering, 311511 Fluid Milk, 311513 Cheese). https://www.census.gov/naics/?input=112420&year=2022
4. USDA NASS, 2022 Census of Agriculture — Table 74, Summary by Legal Status for Tax Purposes (108,945 family/individual goat farms, ~92%, holding ~84% of goats). https://www.nass.usda.gov/Publications/AgCensus/2022/Full_Report/Volume_1,_Chapter_1_US/st99_1_074_074.pdf
5. U.S. Small Business Administration, Table of Size Standards (NAICS 112420 Goat Farming — $2.5 million average annual receipts), 2023. https://www.sba.gov/document/support-table-size-standards
6. U.S. Census Bureau, County Business Patterns — Methodology (excludes crop and animal production, NAICS 11; covers only paid-employee establishments). https://www.census.gov/programs-surveys/cbp/technical-documentation/methodology.html
7. Meat & Livestock Australia, 2024 Global Goat Snapshot (U.S. ethnic-community demand share ~36%, foodservice growth ~22% 2020–24, U.S. as Australia's largest goat-meat market). https://www.mla.com.au/news-and-events/industry-news/2024-global-goat-snapshot-released/
8. USDA Economic Research Service (ERS), Livestock, Dairy, and Poultry Outlook, LDP-M-289, 2018 (2017 U.S. goat-meat imports >46 million lb, ~2× domestic production; Australia >95% of imports). https://ers.usda.gov/sites/default/files/_laserfiche/outlooks/89615/LDPM-289.pdf
9. USDA ERS, Livestock and Meat International Trade Data (current live-goat and goat-meat trade series). https://ers.usda.gov/data-products/livestock-and-meat-international-trade-data
10. World Bank WITS / UN Comtrade, United States — goat-meat imports by country; retail price comparison (imported frozen ~$5/lb vs $15–30/lb fresh domestic in specialty channels). https://wits.worldbank.org/trade/comtrade/en/country/USA/product/020450
11. Grand View Research, U.S. Goat Milk Products Market (retail market ~$0.6bn; cheese largest slice; limited processing capacity; net-importer context; U.S. output ~100–200M lb vs ~220bn lb cow milk). https://www.grandviewresearch.com/industry-analysis/goat-milk-products-market-report
12. USDA ERS, Cheese and Yogurt Popularity Grew Over the Last Four Decades, 2023 (long-run shift in U.S. dairy consumption toward cheese and yogurt). https://www.ers.usda.gov/data-products/charts-of-note/105777
13. Texas State Historical Association, Angora Goat Ranching and Wool and Mohair Industry (Texas ~97% of U.S. mohair; peak 4.6M head in 1965; 1993 National Wool Act repeal; shearer shortage), Handbook of Texas. https://www.tshaonline.org/handbook/entries/goat-ranching
14. Ohio State University Small Ruminant Team / Farm Progress, Limited goat, lamb production may improve '24 prices (early-2024 San Angelo kid prices ~$260–350/cwt; 2023 highs near $460/cwt). https://u.osu.edu/sheep/2024/01/30/limited-goat-lamb-production-may-improve-24-prices/
15. USDA NASS, Livestock Slaughter 2024 Summary, April 2025 (2024 commercial goat slaughter 682,900 head; federally inspected 566,400; average live weight ~67 lb). https://esmis.nal.usda.gov/sites/default/release-files/r207tp32d/k930dv029/1v53mt52h/lsan0425.pdf
16. USDA Food Safety and Inspection Service (FSIS), Goat from Farm to Table and Federal Meat Inspection Act materials (goat as an amenable species; FSIS inspection requirement; custom/religious exemptions; demand linked to Caribbean/Indian cuisine). https://www.fsis.usda.gov/food-safety/safe-food-handling-and-preparation/meat-catfish/goat-farm-table
17. USDA Animal and Plant Health Inspection Service (APHIS), National Scrapie Eradication Program (mandatory since 2001; >99% prevalence reduction; official ID requirements). https://www.aphis.usda.gov/livestock-poultry-disease/sheep-goat/scrapie
18. U.S. Food and Drug Administration, Grade "A" Pasteurized Milk Ordinance (PMO), 2019 revision (goat-specific milk-quality provisions). https://www.fda.gov/media/140394/download
19. DairyReporter / Just-Food / Emmi Group, Emmi-owned U.S. goat dairies merge into Darey Brands (2022) and Emmi acquisition history — Cypress Grove (2010), Redwood Hill Farm (2015), Jackson-Mitchell/Meyenberg (2017); Meyenberg sources from 25+ California dairies. https://www.just-food.com/news/emmi-owned-us-goat-dairies-merge-into-darey-brands/
20. Saputo Inc., Annual Information Form and Montchevre — About (Saputo owns Montchevre, sourcing from 400+ Midwestern family farms). https://www.montchevre.com/en/about
21. Euronext, Savencia SA company information (Euronext Paris: SAVE; specialty-cheese group with goat brands such as Chavroux). https://live.euronext.com/en/product/equities/FR0000120107-XPAR/company-information
22. Bubs Australia Limited, Investor information (ASX: BUB) — vertically-integrated goat-milk infant-formula producer selling into the U.S. https://investor.bubsaustralia.com/
23. The Press Democrat, Laura Chenel sells brand to France's Rians Group (2006). https://www.pressdemocrat.com/article/news/chenel-sells-brand-equipment-to-french-company-but-herd-is-still-hers/
24. Vermont Creamery / Land O'Lakes, Our Story (Vermont Creamery owned by farmer cooperative Land O'Lakes, Inc.; goat-milk buyer). https://www.vermontcreamery.com/pages/about-our-story
25. Company sources for private owners/competitors: LaClare Family Creamery (WI, https://www.laclarefamilycreamery.com/about), Haystack Mountain Creamery (CO, https://haystackcreamery.com/our-story/), Capriole Goat Cheese (IN, https://www.capriolegoatcheese.com/), and SuCabrito USA (Mexican cabrito processor / U.S. subsidiary, https://sucabritousa.com/about-us/).