This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Freshpet manufactures and markets refrigerated pet food products derived from animal ingredients. The company's business model is built on processing animal-derived materials into pet food, which constitutes its primary commercial activity. Freshpet reported net sales of $646.7 million for the year ended December 31, 2023, all of which are tied to products that rely on animal exploitation in its supply chain.
A 2026 systematic review published in the journal Animals examined the scientific evidence behind marketing claims common to the fresh pet food sector, including claims made by Freshpet regarding ingredients and processing. The review found such claims may lack supporting evidence. This highlights a commercial model where animal-derived products are marketed with potentially unsubstantiated health and quality assertions to drive growth in a competitive market.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.