6 Best Vegan Stocks to Buy in 2024

As a lifestyle and diet, veganism has been around for millennia, but only recently has plant-based eating become big business. Companies such as Beyond meat (PARND 2.13%) And Oats (FORM 1.0%) command valuations of several billion dollars. Packaged food titans such as Tyson Foods (TSN 0.82%) have launched their own vegan brands and start-ups like Impossible Foods are rushing to go public.

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According to data from Allied Market Research, the global vegan food market is expected to grow at a compound annual rate of 10.5% through 2026, far outpacing the entire food industry. Categories such as plant-based meat and oat milk are expected to grow even faster. UBS (UBS 3.49%) predicts that plant-based meat will grow more than 30% annually, while Keefe, Bruyette & Woods expects annual growth in the oat milk sector to exceed 13%.

A number of factors improve the performance of plant-based stocks, including healthy eating trends, environmental concerns, economies of scale and technological innovations. If you want vegan companies to invest, you have many great options today.

6 Best Vegan Stocks

6 Best Vegan Stocks in 2024

Here are seven top vegan stock picks:

Data source: Yahoo! Financial and corporate reporting. Market capitalization data current as of March 6, 2024.


Market capitalization


Beyond Meat (NASDAQ: BYND)

$532.9 million

Innovative producer of plant-based substitutes for ground beef, sausages and chicken.


$602.1 million

Manufacturer of oat milk and other oat-based plant-based dairy alternatives.

Calavo Producers (NASDAQ: CVGW)

$528.4 million

Producer of avocados and other fresh fruits and vegetables.

Tattooed Chef (OTCPK:TTCF.Q)

$10.9 million

Seller of frozen plant-based foods and ready-made meals.

Local Premium (NYSE:LOCL)

$22.3 million

Agricultural technology startup using vertical farming and hydroponic greenhouses.

Mission Produce (NASDAQ:AVO)

$778.6 million

Global producer of avocados and mangoes.

Let’s take a closer look at each of these plant-based companies.

1. Beyond meat

1. Beyond meat

Beyond Meat is a leader in the plant-based meat alternative industry. Before the COVID-19 pandemic, its revenues were growing in the triple digits, although growth has slowed significantly since then. The company’s products have become ubiquitous in supermarkets and featured on restaurant menus. As of December 2021, Beyond Meat reported that its products were available in approximately 130,000 retail and foodservice locations in more than 90 countries.


Revenue is a business’s gross income or the amount of money it brings in from regular operations before costs are taken into account.

The company continues to innovate and introduce new products in the vegan meat alternative category, including the 2021 launch of plant-based chicken tenders and an upgraded version of the Beyond Burger. Beyond Meat has historically spent a lot – around 10% of its revenue – on research and development, which should allow the company to maintain its leadership position over time. It excels in developing new products, advancing its technology and improving quality.

2. Oats

2. Oats

Oatly made a splash with its initial public offering (IPO) in May 2021. The Swedish oat milk brand shook up the plant-based milk category, and oat milk overtook soy milk to become the second most popular alternative. most sold after almond milk. .

Although Oatly gained attention with a bold marketing campaign and a new product category in the United States, the company isn’t exactly new. It has been around since the 1990s and is constantly developing alternative oat-based dairy products, including milk, ice cream, yogurt, baking creams, spreads and on-the-go drinks.

Oatly products are now available in over 65,000 stores and over 60,000 cafes. Its revenue jumped 52.6% to $643.2 million in 2021 from the previous year, although Oatly is currently unprofitable because it spends aggressively on marketing.

3. Calavo producers

3. Calavo producers

Avocados are a staple of the vegan diet in much of the world and are popular with millennials. About half of Calavo Growers’ revenue comes from avocados, and growth in this category has helped over the past year. The company’s stock tripled between 2011 and 2020, although shares have declined since then.

As a producer of raw materials, Calavo faces fierce competition. Prices for products such as avocados are constantly changing. But with it taking up to 13 years to grow an avocado tree and demand for the fruit increasing, the company is well-positioned for long-term growth.

Raw materials

Raw materials are undifferentiated products. They are distinguished from branded products like cars, watches or smartphones, which are usually identified by the company that makes them.

4. Tattooed chef

4. Tattooed chef

If you’re looking for exposure to the massive plant-based frozen food market, consider buying shares of Tattooed Chef. It went public through a special purpose acquisition company (SPAC) in late 2020 – another bullish signal for investors in vegan stocks.

Tattooed Chef’s revenue jumped 43.7% in 2021 to $213.4 million, and its products are now available in approximately 4,300 retail stores. Ninety percent of its sales come from its three largest grocery customers, which is both a warning sign of customer concentration risk and also an indicator of growth potential of the company, which continues to attract new retailers as customers.

The company gained traction through the Tattooed Chef brand, which replaced private label products as the primary source of revenue. It can charge more for branded products, although the increased visibility of the Tattooed Chef brand also means an increase in its marketing expenses.

Looking ahead, Tattooed Chef aims to grow its e-commerce business, expand its product line, and expand internationally.

5. Local bonuses

5. Local bonuses

Local Bounti is one of several “agtech” companies that have gone public in recent years, using new technologies from the centuries-old agricultural sector.

Founded in 2018, Local Bounti grows lettuce and herbs and uses a patented technology it calls “Stack and Flow,” which it describes as a combination of vertical farming and hydroponics in a greenhouse. Its techniques are more environmentally sustainable than traditional agriculture, using 90% less water and 90% less land while increasing harvest efficiency.

Local Bounti has only minimal revenue so far and just went public via a SPAC in November 2020. However, management is targeting $462 million in revenue by 2025, and investors have high hopes on the company since its market capitalization is not far from that of mature agricultural companies. like Calavo Growers.

6. Mission product

6. Mission product

Another avocado seller that made the list, Mission Produce went public in 2020 and bills itself as the most advanced avocado network in the world. It sources avocados from around the world, including California, Mexico, Peru, South Africa and New Zealand, and has more than 10,000 acres worldwide. The company also sells mangoes.

Like other industries, the avocado industry has faced supply chain issues, labor shortages, the pandemic’s impact on restaurants, and the delayed start of harvest season in Mexico. Avocado prices fell 2% in fiscal 2021, which also weighed on the company’s performance.

Nonetheless, the good news is that trends in the avocado sector are temporary and the business stands to benefit from an eventual post-pandemic recovery and supply chain normalization. In fact, avocado prices soared in early 2022, reaching their highest level in 24 years in March.

Related investment topics

Investing in vegan ETFs

Investing in vegan ETFs

A new entrant, VegTech Plant innovation and climate (EATV 0.1%), is the best option if you are looking for exposure to a wide range of herbal stocks, including Ingredient (TO INPUT 1.01%), Beyond Meat and Mission Produce.

An exchange-traded fund (ETF) called the US Vegan Climate ETF (BECAUSE -1.21%) is available, but its holdings are technology oriented and generally resemble the S&P500 (INDEX:^GSPC). The biggest holdings in the ETF are Nvidia (NVDA -5.55%), Microsoft (MSFT -0.71%), And You’re here (TSLA -1.85%).

Vegan Stock FAQ

How to find new vegan stocks?

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There’s no easy way to track vegan stocks coming to market, but a casual search for terms like “vegan IPO” and “vegan IPO companies” should help you discover new vegan stocks.

Is Impossible Burger publicly traded?

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Impossible Foods, the maker of the Impossible Burger, is not currently publicly traded. Reuters reported in April 2021 that the company was planning its IPO sometime next year. In October, Bloomberg reported that Impossible Foods was in talks to raise $500 million at a $7 billion valuation, indicating that an IPO may not be so imminent.

Does Beyond Meat pay dividends?

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Beyond Meat does not currently pay a dividend. The company is not profitable and management has stated that it does not intend to pay dividends in the foreseeable future.

Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool holds positions and recommends Beyond Meat, Microsoft, Nvidia and Tesla. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

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