Despite persistent market challenges, the long-term outlook for vegan foods and beverages remains promising.
As Elysabeth Alfano, CEO of VegTech Invest noted in a recent industry outlook, plant-based innovation of diversified proteins, including plants, fermentation, and cell cultivation, is slated to become a large-scale financial opportunity in the years ahead.
Vegan food market revenue is poised to reach $49.6 billion globally by 2032, growing at a CAGR of 11.8% during the forecast period according to data from Acumen.
Here are 10 vegan food and beverage stocks the Vegconomist team is watching in 2024.
Bunge Limited (NYSE: BG)
Although not exclusively a vegan company, agribusiness and food processing entity Bunge has a significant focus on soybean processing.
Recent company advancements include initiating construction on a $500 million soybean processing facility in Indiana, and launching Beleaf PlantBetter, a plant-based butter aimed at bakery applications.
SunOpta (TSX: SOY)
SunOpta recently celebrated its 50-year anniversary in plant-based food and beverages production. Over the past three years, the company has committed over $200 million to expand production capacity and reach its goal to double its plant-based business by 2025.
Odd Burger Corporation (TSXV: ODD)
Vegan-friendly Odd Burger is expanding its foodservice operations with six new outlets pending in Canada. Furthermore, the fast-food chain has secured a deal to open 20 U.S. locations in Washington State over the next eight years.
Odd Burger also branched into the retail sector in 2023, launching a consumer-packaged goods (CPG) line of burgers available at its restaurant locations and select retailers across Canada.
Ginkgo Bioworks (NYSE: DNA)
Positioned at the forefront of biotechnology, Ginkgo Bioworks designs custom microbes for various markets. The company has become a significant player in the vegan and alternative protein industries through recent collaborations with major entities such as Aqua Cultured Foods, Vivici, QL AG, Bolt Threads, and Imagindairy.
CULT Food Science Corp. (CNSX: CULT)
Investment platform CULT Food Science strategically supports emerging companies within the cultivated meat, plant-based dairy, and alternative protein sectors.
By investing in CULT, stakeholders gain access to a varied portfolio of promising startups focused on vegan and alternative proteins which can help diversify and potentially reduce investment risks compared to betting on a single entity.
Ingredion (NYSE: INGR)
Ingredion’s portfolio includes essential plant-based proteins, starches, texturizers, and other vital ingredients for vegan manufacturers.
The company’s stock has shown steady growth due to increasing demand for plant-based diets. Ingredion leverages its global presence and focus on innovation to stay competitive.
Else Nutrition (TSX: BABY)
Else Nutrition offers unique, 100% plant-based, non-soy products within the specialized sector of baby and children’s nutrition.
Danone recently partnered with Else for its specialty food range, underlining the company’s growth potential and innovative edge.
Laird Superfood (NYSEAMERICAN: LSF)
Laird Superfood targets the health-conscious consumer with a focus on niche markets such as functional foods and adaptogens, both of which are growing rapidly.
Though smaller and less liquid, the company’s focus on innovation through new product launches keeps them relevant in the market.
Oatly (NASDAQ: OTLY)
Despite challenges tied to profitability and increased competition, Oatly has strong brand recognition and is consistently enhancing its production capacity and market reach.
The oat milk producer recently launched a portioned product line for Swiss Rail, established collaborations with Barry’s Gym, and TOURS Les JOURS bakeries across the U.S. while rolling out a new Oatgurt line in Germany and creamers in the U.S.
Beyond Meat (NASDAQ: BYND)
Beyond Meat remains a leader in innovation within the plant-based meat sector despite market volatility and competitive pressures.
The company is strategically positioned to leverage expanding plant-based market demand through strategic partnerships, continuous product innovation, educational initiatives, and active collaborations with major entities such as Pizza Hut and Costco.
The Food Institute Podcast
Corn stocks, poultry flocks, and highly-pathogenic avian influenza – what does the U.S. agricultural system look like amid inflation and other headwinds? Wells Fargo Chief Agricultural Economist Dr. Michael Swanson discussed specialty crops, grain plantings, and what to expect in the growing year to come.
