10 Best Vegan Stocks to Buy According to Analysts

5. SunOpta, Inc. (NASDAQ:STKL)

Analyst Upside: 70.07%

Number of Hedge Fund Holders: 27

SunOpta, Inc. (NASDAQ:STKL) provides plant-based food and beverages. It manufactures organic products and sells them through food service and retail channels. Its product portfolio includes a range of plant-based beverages, including almond, oat, soy, coconut, and rice milk and creamers. SunOpta, Inc.’s (NASDAQ:STKL) plant-based offerings encompass organic, non-genetically modified (non-GMO), and gluten-free products, with a consumer products portfolio including teas, protein shakes, fruit snacks, and broths. The company’s operations include natural and private label brands and its own brands, including SOWN, Dream, and West Life.

The company reported fiscal Q4 2024 results in line with its expectations. It experienced a 9% revenue growth driven by a 13% volume growth, reflecting broad-based gains across segments, products, and customers. Its adjusted EBITDA increased 20%, while its adjusted EBITDA margin improved 130 basis points to 13.4%. This was attributed to strong revenue growth and operational efficiencies. SunOpta Inc.’s (NASDAQ:STKL) co-manufacturing and private label solutions are continually resonating in the market, and its end consumer categories are growing.

In June 2024, SunOpta Inc. (NASDAQ:STKL) invested $26 million to expand its plant-based beverage processing facility in Modesto, California, marking the second-largest project in the history of the company. The investment will allow the company to increase its annual oat milk output by 60% and meet ongoing strong customer demand. With the plant-based milk market projected to grow in size from $20 billion in 2024 to over $45 billion by 2034, SunOpta Inc. (NASDAQ:STKL) is well-positioned to capitalize on the rising demand for plant-based milk and oat-based products.