In a report from Bloomberg BusinessWeek, it is reported that one of the latest boons in the pet food industry has arrived with the refrigerated pet food sector.
Freshpet is a company that has 100 employees and is based in Secaucus, New Jersey. CEO of Freshpet, Richard Thompson, told Bloomberg BusinessWeek that he expects his company will have $50 million in revenue this year, which is an increase from the $30 million in 2011. Accordingly, market research company, Packaged Facts, predicts the refrigerated pet food market will grow 25 percent annually through the year 2015.
Thompson shared that one of their biggest obstacles with the supplying and installation of coolers in stores. Freshpet runs electricity in stores where it currently may not exist on the pet food aisles of grocery stores, so there are challenges faced.
Founded in 2006, Freshpet products are designed as a healthy alternative to dry and canned food and use high quality meats, poultry, and fish with fruits and fresh vegetables as main ingredients. The company also touts the product as an alternative to raw and homemade dog food diets.
Freshpet reports that 97 percent of their ingredients come from the United States and Canada, and none of their ingredients come from China. All of the poultry, beef, and fish are sourced from USDA registered suppliers who follow USFA regulations for safe handling, according to the company. Lamb from Freshpet is sourced from New Zealand and is natural, free-range, and BSE free.
Years ago, Thompson purchased Meow Mix when he teamed up with private equity firm, J.W. Childs Associates. After owning Meow Mix for less than two years, it was then sold to another private equity firm who sold it to Del Monte in 2006 for $1.2 billion.
Freshpet recently entered the cat food market and expects the category to grow significantly. They introduced a line of turkey bacon, ice creams, cookies, and yogurt and aim to get 10 percent of the total market with a goal of $2 billion in annual sales.
For more about Freshpet, visit their website at www.freshpet.com.
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