Freshpet

Freshpet is an American manufacturer of fresh, refrigerated food and treats for dogs and cats using natural ingredients, and are the first in the fresh and refrigerated category to be distributed across North America.[2] It was founded in 2006 and combines meats with fruits and vegetables to make foods and treats for pets.[3][4] Freshpet stock is traded on Nasdaq under the ticker symbol "FRPT".[5]

Freshpet
TypePublic
NASDAQ: FRPT
Russell 2000 Component
IndustryPet food
Founded2006
HeadquartersSecaucus, New Jersey 07096-2157, United States
ProductsRefrigerated pet food
Revenue $263 Million(2019)[1]
Number of employees
463
Websitefreshpet.com

Pet foods manufactured by this company are available in over 20,000 stores in the United States, Canada, the United Kingdom, and the Netherlands,[6][7][8] including mass-market stores, natural food retailers, pet specialty stores, and retailers Walmart, Target, Whole Foods, Petco [9] and PetSmart.[10][3][11]

While sales in other pet food categories are flat or in decline, the frozen/refrigerated dog food market grew by 31% in 2018, with similar growth in the refrigerated cat food market. Freshpet's own sales were up 27% as of their Q3 earnings call in 2018. Freshpet also has Freshpet Vet site where veterinarians can gain detailed information on which fresh pet food is best to recommend to pet patients.[12][13]

Freshpet foods are packed fresh and must be served accordingly. Just like the refrigerated food that humans eat, "pet parents" must ensure that purchase and serving is within expiration date.

Manufacturing facility

In 2013, Freshpet opened a new manufacturing facility, the Freshpet Kitchens, located in Bethlehem, Pennsylvania. This new $25 million facility was built to resemble human-grade manufacturing standards.[4] In 2015, the company opened a new research and development center in the township. In 2018, it announced an investment of $100+ million to expand its pet food production operations at its current location.[14][7]

In February 2020, Freshpet announced that a new pet food manufacturing facility will be built in Ennis, Texas, which is expected to create 427 jobs. The state awarded Freshpet with a $2.0 million grant from its Texas Enterprise Fund.[15]

Products

Freshpet food makes refrigerated dog and cat foods and dog treats under the brands Freshpet Select, Dog Joy, Vital, Nature's Fresh and Dognation. Freshpet Select foods and Dog Joy treats are sold at grocery and mass merchandise retailers. Vital foods, and Dognation treats are sold at pet specialty retailers. Nature's Fresh foods are sold at natural retailers. The brand's dog food products include rolls, roasted meals (small meatballs) and Fresh from the Kitchen (shredded meat). Cat products consist of pâté rolls, cat roasted meals, and stews.[16][17]

Freshpet also claims its food does not contain any processed meat meals or by-products, and is made in small batches at lower temperatures to preserve the natural goodness of the ingredients.

Minimal processing

Unlike traditional shelf-stable pet foods, Freshpet ingredients are cooked once at lower temperatures. Thus, similar to less-processed foods such as milk, natural cooked meats and yogurt, the meals have a shorter shelf life.

Marketing approach

At the end of 2018, advertising analytics firm Ace Metrix named Freshpet's “The Story of Princess” TV spot as the #1 best storytelling ad of the year.[18] “Princess” tells the story of Princess the pitbull, who was rescued from a fighting house by her owner, Kandi.

In October 2018, Freshpet launched their Tattoo Pawlor event in partnership with First Class Tattoos in New York City. 10 pet owners were selected to have their pet's face tattooed on themselves, courtesy of Freshpet.[6]

In September 2018, Freshpet released “Pet Parents, Oversharing,” a podcast hosted by improv comediennes and pet owners Kaity Reagle and Andrea Shapiro. The 7-episode season explored the relationships people have with their pets.[19]

In September 2017, Freshpet released its “Picky Eater Approved” TV spot, which featured the story of Rudy the pug who went on a hunger strike until his owner, Mary Ann, fed him Freshpet.[20]

Viral Video History

In December 2014, Freshpet released its “Freshpet Holiday Feast” video, which quickly became popular with over 13M views. The video began the brand's holiday tradition of a releasing an entertaining video for animal lovers every December.

On December 7, 2015, Freshpet uploaded the Santa Elves video on their YouTube page, garnering 1.7M views.[21] The video was made in collaboration with the Salt Lake County Animal Services[22] and Freshpet donated one meal of Freshpet food for every share the video generated. Other viral video releases from the brand include “Cats Vs. Dogs,” “People Eating Dog Food Without Knowing It,” and “Santa’s Elves,” a 2015 holiday video featuring social media celebrity Marnie the dog.[23]

In 2018, Freshpet released dual videos for the holiday season, with “Pet Parents Go Overboard for the Holidays” and “The Pup Who Stole Christmas,” which together amassed over 6M views.[24]

Philanthropic Activities

Freshpet operates its business, from wind-powered, landfill-free kitchens, to donate over 3 million meals to rescues and shelters across the US. In 2018, the company started its Fresh Start campaign, a charitable effort to raise awareness for over-looked shelter animals that face stigmas to adoption, such as breed types, disabilities or past abuse. As part of the campaign, Freshpet funded a new intensive care unit for the Animal Alliance of New Jersey, a shelter that specializes in rescuing high-risk cats and dogs that often need serious medical intervention.[25]

The 2014 "Holiday Feast" video was a joint venture between Freshpet and the Humane Society of Utah[26] to help animals find permanent homes. This collaborative effort was able to collect supplies and donations for many animal shelters. Freshpet also paid the adoption fees and provided the families with a supply of pet food to get them started.[27]

References
  1. https://www.macrotrends.net/stocks/charts/FRPT/freshpet/revenue
  2. "Form S-1". SEC - SECURITIES AND EXCHANGE COMMISSION. SEC. Retrieved 22 October 2014.
  3. "Lehigh Valley Live, "Freshpet Kitchens Invites You to Grand Opening"".
  4. "The New York Times, "Freshpet Dog Food Promotes Products Sources in the U.S."". 13 June 2013.
  5. "Freshpet on NASDAQ". NASDAQ.
  6. "Freshpet Creates Pop-Up Tattoo 'Pawlor'". MediaPost. Retrieved October 24, 2018.
  7. "Pet food feeds growth at Freshpet". LVB.com. Retrieved October 1, 2018.
  8. "Yahoo! News, "Pet Owners Buy Organic, Raid Fridge to Feed Fido"".
  9. "Freshpet Vital Balanced Nutrition Chicken Recipe with Peas, Carrots & Brown Rice Fresh Dog Food, 1 lb. Petco Store". www.petco.com. Archived from the original on 2015-12-23. Retrieved 2015-12-23.
  10. "Freshpet® Vital™ Pet Food for Dogs & Cats, PetSmart". www.petsmart.com. Retrieved 2015-12-23.
  11. "Freshpet Select Chunky Beef, Vegetables & Brown Rice Dog Food Recipe - Walmart.com". Walmart.com. Retrieved 2015-10-28.
  12. "Freshpet". freshpetvet.com. Retrieved 2015-12-21.
  13. "Freshpet Inc (FRPT) CEO Billy Cyr on Q3 2018 Results - Earnings Call Transcript". Seeking Alpha. Retrieved November 5, 2018.
  14. "Freshpet Expanding In Pennsylvania, Creating 100 Jobs". Businessfacilities.com. Retrieved August 15, 2018.
  15. "Freshpet to create 427 jobs in Ennis with new pet food manufacturing plant". Dallas News. 2020-02-26. Retrieved 2020-02-28.
  16. "Freshpet Inc (FRPT) CEO Billy Cyr on Q3 2018 Results - Earnings Call Transcript". Seeking Alpha. Retrieved November 5, 2018.
  17. "Freshpet, Inc. Reports Third Quarter 2018 Financial Results". West. Global Newswire. Retrieved November 5, 2018.
  18. "Freshpet, Gillette Tell Best Stories Of 2018". Mediapost. Retrieved December 19, 2018.
  19. "8 Totally Shameless Things You Do If You Love Your Pet More Than Your Friends". Bustle. Retrieved September 18, 2018.
  20. "FRESHPET COMMERCIAL: RUDY THE PUG". All TV Spots.
  21. "Freshpet Videos". YouTube. Retrieved 15 December 2015.
  22. Green, Mark. "Utah shelter pets play Santa's furry helpers in holiday video with charitable cause". Fox13Now. Retrieved 15 December 2015.
  23. Stanley, T. L. "Freshpet reveals Marnie as lead elf in Santa's doggie workshop, wrapping gifts for good viral pets". Mashable. Retrieved 2015-12-21.
  24. "Pet Parents Go Overboard Impressing their Dog for Christmas". Bark Bark Place. Retrieved December 14, 2018.
  25. "Adoption Event in NYC Brings the fresh pet food, the adoptable shelter dogs and much more". The Jersey Tomato Press. Retrieved June 22, 2017.
  26. "Polite Shelter Pets Show Us The Right Way To Do Christmas Dinner". The Huffington Post. Retrieved 2016-03-28.
  27. UTC, T. L. Stanley2014-12-18 05:50:47. "Freshpet's doggie Christmas tribute will give you paws". Mashable. Retrieved 2016-03-28.

Further reading
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