Freshpet and Petco Launch Exclusive Industry-First Partnership Offering Customized Fresh Pet Food Subscription Delivered Directly to Pet Parents' Doors

Rhea-AI Summary

Freshpet and Petco have partnered to introduce an industry-first customized fresh pet food subscription, Freshpet Custom Meals, available exclusively on Petco's website. This service allows pet parents to receive tailored meal plans for their dogs, crafted by veterinary nutritionists, delivered directly to their homes. The fresh pet food sector is set to grow significantly, with projections suggesting it could reach $6 billion in four years. The offering, which has launched in 15 states including California and Texas, starts at $3 per day and is designed to meet the rising demand for convenient, healthy pet nutrition.

Positive

• Partnership allows customized fresh pet food delivery, tapping into a growing market.
• Freshpet Custom Meals are developed by veterinary nutritionists.
• Projected growth of the fresh pet food market to $6 billion in four years.
• Subscription starts at an accessible price point of $3 per day.

Negative

• None.

This partnership makes Petco the first national brick-and-mortar pet retailer to offer a fresh pet food subscription of this kind through a new e-commerce brand: Freshpet^® Custom Meals™

SECAUCUS, N.J., March 22, 2023 /PRNewswire/ -- Today, Freshpet (Nasdaq: FRPT) and Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) announced an innovative partnership to produce and deliver fresh, customized subscription meal plans directly to pet parents' doors. Available exclusively on petco.com, Freshpet^® Custom Meals™ are crafted for optimal nutrition by veterinary nutritionists for dogs. 

"It's exciting to see the demand for fresh pet food continue to grow," said Scott Morris, Co-Founder and President of Freshpet. "As shoppers seek healthier, real food for their pets, they're also looking for solutions that provide added convenience. Our partnership with Petco allows us to deliver on both – creating customized healthy meal plans delivered to consumers' doorsteps."

As more pet parents shift to fresh food for their pets, Freshpet and Petco are making it easier to access high-quality options, regardless of how they choose to shop. Freshpet Custom Meals are the result of increasing consumer interest in direct-to-doorstep fresh, personalized pet meal plans. According to Nielsen IQ, Packaged Facts and Earnest credit card data, the fresh/frozen pet food category is expected to grow three to four times its current value, reaching up to $6 billion in the next four years, and the direct-to-consumer pet segment is growing at an even faster rate than pet e-commerce.

"This exclusive, customized home-delivered product is a breakthrough in the way pet parents can provide their pets with the very best nutrition," said Amy College, Petco's Chief Merchandising Officer. "We're thrilled to partner with Freshpet, the leader in fresh pet food, to bring Freshpet Custom Meals to life through our differentiated, seamless omnichannel ecosystem, as part of our ongoing commitment to pets' high-quality nutrition and complete health and wellness."

After completing a short questionnaire on their dog's attributes, sensitivities and health goals on petco.com, pet parents will receive a personalized meal plan with specific feeding guidelines based on the pet's breed, age, body type, activity level and more. Pet parents can select their preferred delivery window for the food to be sent via Petco's delivery services. The subscription meal plan starts at $3 per day.

All Freshpet Custom Meals recipes are made with natural chicken, beef, salmon or eggs, real fruits and vegetables, and never any powdered meat meals or preservatives. Each meal is gently steam-cooked to retain vital nutrients and kept refrigerated until it reaches the pet parent's home.

The offering has launched regionally across 15 states, including California, Texas, Florida and New York, and will be available nationally via petco.com later this year. Customers can receive a discount that is automatically applied to their first order. For more information, visit petco.com/custommeals.

About Freshpet
Freshpet's mission is to improve the lives of dogs and cats through the power of fresh, real food. Freshpet recipes are blends of fresh meats, vegetables and fruits made sustainably at their USA Kitchens. Thoughtfully prepared, all food is made using natural ingredients, cooking in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are kept refrigerated from the moment they are made until they arrive at Freshpet fridges in your local market.

Freshpet is available in select mass, grocery (including online), natural food, club, and pet specialty retailers across the United States, Canada and Europe. From the care taken to source ingredients and make each recipe, to the moment it reaches your home, Freshpet's integrity, transparency and social responsibility are the way they like to run their business.

About Petco, The Health + Wellness Co.: 
Founded in 1965, Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners. We've consistently set new standards in pet care while delivering comprehensive pet wellness products, services and solutions, and creating communities that deepen the pet-pet parent bond. We operate more than 1,500 pet care centers across the U.S., Mexico and Puerto Rico, which offer merchandise, companion animals, grooming, training and a growing network of on-site veterinary hospitals and mobile veterinary clinics. Our complete pet health and wellness ecosystem is accessible through our pet care centers and digitally at petco.com and on the Petco app. In tandem with Petco Love (formerly the Petco Foundation), an independent nonprofit organization, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, we've helped find homes for nearly 7 million animals.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact. Although Petco and Freshpet believe that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, including the risk factors that Petco and Freshpet identify in their respective Securities and Exchange Commission filings, and actual results may differ materially from the results discussed in such forward-looking statements. Neither Petco nor Freshpet undertakes any duty to update publicly any forward-looking statement that it may make, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.

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SOURCE Freshpet; Petco

FAQ

What is the Freshpet Custom Meals subscription?

The Freshpet Custom Meals subscription is a tailored meal plan service for dogs, which delivers fresh pet food directly to pet parents' homes.

When was the partnership between Freshpet and Petco announced?

The partnership was announced on March 22, 2023.

What are the delivery areas for Freshpet Custom Meals?

Currently, Freshpet Custom Meals are available in 15 states, including California, Texas, Florida, and New York.

How much does the Freshpet Custom Meals subscription cost?

The subscription starts at $3 per day.

What is the projected growth of the fresh pet food market?

The fresh pet food market is projected to grow to $6 billion within the next four years.