Freshpet is optimistic amid sales increasing by a third in 2021
The American pet food company expects to post net sales of $425.5 million (€372M), a bit less than projected earlier in the year, while increasing the availability of their products to more households in 2022.
Sales of the New Jersey-based company increased by 33.5% in 2021 against the previous year, while in the last quarter they grew by 37.1% to $115.9 million (€101.3M). In May, it forecasted exceeding net sales of $430.0 million in 2021.
Freshpet also highlighted the 25% increase in the target market in the past two years, from 20 million households in 2019 to 25 million in 2021. Of those 25 million, 15 of them “definitely would buy” their products while 10 million “probably would buy,” the company said.
“This is a powerful data point that speaks to the alignment of Freshpet with today’s discerning pet parents and Freshpet’s long-term growth opportunity,” CEO Billy Cyr told investors a few days ago.
The consumer demand for their products also accelerated last month. According to the company, it increased to approximately 29% for the four weeks ended January 1, 2022.
Year-to-date it increased by 25%, with a peak in the days before Christmas and a decrease between Christmas day and New Year.
Freshpet also works with good perspectives in 2022 and expects to reach an estimated capacity of $240m (€210.1M) in Q4 2022 from the forecasted $155m (€135.7M) in the first quarter of the year.
The pet food company recently launched its new plant-based brand Spring & Sprout. The product was launched in more than 900 Petco stores across the US with an expected larger retail rollout this year.
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