Freshpet (FRPT) 23rd annual dbAccess Global Consumer Conference summary

Key strategic messages and market positioning

• Generational shift from Boomers/Gen X to Millennials/Gen Z is reshaping pet food, driving demand for fresh, wellness-focused products and fueling growth, with 28% of households now from these younger cohorts.

• Investment in manufacturing scale and technology enables a diverse, appealing, and cost-effective product portfolio, creating a competitive moat insulated from narrowly focused competitors.

• The brand has moved from niche to mainstream, now the second most popular among new Gen Z/Millennial dog households, and 1 in 5 dog food buyers purchase the brand.

• Focus on building a consumer franchise of main meal users and MVP households to drive higher lifetime value and brand loyalty.

• Retail transition and omni-channel expansion, leveraging a 39,000-fridge network, enhances velocity, buy rate, and supports last-mile delivery.

Market opportunity and consumer trends

• U.S. pet food market is $56B, with a $10B opportunity in the fresh/frozen segment, which is rapidly gaining share from dry and canned food.

• Household penetration has grown from 4.8M in 2018 to 16M in 2026, with significant upside as Millennials and Gen Z drive category growth and adoption spreads across all income groups.

• Mainstream adoption is increasing, with most users being middle-income and the brand now the second choice for new Millennial/Gen Z pet owners.

• Younger consumers buy across multiple channels, increasing buy rate and supporting omni-channel strategy.

• The company is in the early majority phase of adoption, with substantial runway for further household penetration.

Product and innovation leadership

• Continuous product innovation has advanced offerings from basic to premium, with competitors lagging behind and breakthrough packaging improving consumer experience.

• New bag technology, developed over seven years, delivers cleaner labels, better sensory attributes, and lower costs.

• Product lineup spans affordability, with 81% of sales under $5/day and 41% under $3/day for a 30-lb dog.

• Manufacturing footprint includes three kitchens, 16 lines, and three product forms, supporting quality and cost leadership.

• Strategic advantages include unmatched fridge and distribution networks, strong brand equity, and continuous product innovation.