Monarch caterpillars go through five instar stages in about 10-14 days. They also molt, or shed their skin, as they grow. A monarch caterpillar will actually increase in size 3000 times in the two weeks from the day it hatches until it becomes a chrysalis (pupa)!
A Monarch Butterfly Emerging from the Pupa
The caterpillar remains in the chrysalis stage for about 10-14 days. When the butterfly is about to emerge (or eclose), the green chrysalis begins to turn clear, and you can see the black and orange wings inside.