Freshpet Inc FRPT

Despite Increasing Competition, Freshpet Should Continue to Dominate the Fast-Growing Fresh Category

With its fresh products, Freshpet is well positioned to capitalize on continued growing pet ownership along with humanization trends by expanding its store footprint and growing its sales per store. It primarily focuses on the $42 billion US dog food market (according to Euromonitor) through company-owned and -maintained refrigerators in 30,721 grocery, mass and club, pet specialty, and natural stores as of June 30, 2026. Of these, 25% had multiple refrigerators. The company has exceeded its market opportunity estimate of at least 30,000 stores, though we forecast nearly 40,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.