Freshpet Should Continue to Hold Large Share of the Fresh Category Even as Competition Increases

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 29,745 grocery, mass and club, pet specialty, and natural stores as of Sept. 30, 2025. Of these, 24% had more than one refrigerator. The company estimates a market opportunity of at least 30,000 stores, though we forecast more than 38,000 by the end of our 10-year forecast period given the 46,000 supermarkets in the US alone, not including pet specialty stores.