US Consumer Staples: Thoughts on Hill’s (CL) fresh pet food launch

Research evidence excerpt

US Consumer Staples: Thoughts on Hill’s (CL) fresh pet food launch

Accessible version

US Consumer Staples

Thoughts on Hill’s (CL) fresh pet food

launch

Industry Overview

Hill’s launches 3 recipes of single animal protein rolls 01 July 2026

Yesterday, Hill’s (Colgate-Palmolive’s science-led pet nutrition brand) debuted its Single Equity

Protein Dog Food Rolls, marking its entry into the fresh dog food category. The launch United States

reflects Hill’s strategy to leverage its science-based formulation expertise alongside Consumer Staples

sustained pet humanization trends, positioning the brand to participate in one of the Peter T. Galbo, CFA

fastest-growing segments in pet food. The initial offering will include three recipes, with Research Analyst

distribution beginning in pet specialty retail channels in July 2026 and will not require a BofAS+1 646 743 0175

subscription model. We continue to view the Hill’s story as a positive catalyst for CL peter.galbo@bofa.com

shares as science based diets outgrow the broader pet food category by several hundred Yasmine Deswandhy

Research Analyst

basis points. Reiterate Buy on CL and $102 PO. BofAS

+1 646 855 3745

Launch reignites concerns on FRPT’s competitive moat yasmine.deswandhy@bofa.com

This launch follows a series of expansion announcements over the past twelve months,

including The Farmer’s Dog’s launch on Walmart.com (March 2026), Costco’s Kirkland

private label entry (March 2026), Chewy’s private label launch (September 2025), and

General Mills’ Love Made Fresh (June 2025). The latest announcement is likely to renew

investor focus on Freshpet’s competitive moat, with the stock’s intraday reaction

broadly consistent with prior entry announcements. However, our view remains BofA Global Research Reports

unchanged.