Freshpet, Inc.

Freshpet, Inc. disrupts the United States pet food industry, which is valued at over $56.0 billion, by offering alternatives to traditional dog and cat food. The company's brand aligns with trends in pet humanization and consumer health and wellness. Freshpet prices its products to be accessible to average consumers, allowing for broad demographic appeal and penetration into various retail channels including grocery, mass, international, digital, pet specialty, and club. As of December 31, 2025, Freshpet's household penetration in the United States was approximately 15.2 million households. The company has expanded its network of Freshpet Fridges within major retail chains and is pursuing international expansion, as shown by initiatives in the U.K. market. Freshpet primarily competes in the United States dog and cat food market. The company believes that pet food spending in North America will increase long-term, driven by trends such as pet ownership, with approximately 98 million dog or cat food buying households in the United States (73% of total households), and pet humanization, where 90% of United States dog households view their pets as family members. Another driving trend is the increasing consumer focus on health and wellness, leading to more purchases of fresh, natural, and organic food products.