In this article, we will look at the 10 Best Vegan Stocks to Buy According to Analysts.
Overview of the Global Vegan Food Market
According to Grand View Research, the global vegan food market was valued at $16.55 billion in 2022. It is anticipated to grow at a compound annual growth rate of 10.7% between 2023 and 2030, reaching a projected revenue of around $37.45 billion by 2030. North America was the largest revenue-generating market in 2021. Country-wise, South Africa is anticipated to register the market’s highest compound annual growth rate between 2022 and 2030.
The primary reason behind this growth is the continually growing awareness regarding the benefits of a vegan diet. Concerns about animal cruelty and animal health are supporting the growth of this industry, causing people to shift from an animal-based to a plant-based and vegan diet. Grand View Research reported that Grubhub, a major online food delivery application, accounted for the upsurge of 17% in overall vegan food deliveries in 2021.
Concerns Surrounding the American Economy and the Food Industry
Despite the positive outlook of the vegan food market, the overall food industry in the US is a subject of concern due to the possible effects of Trump’s tariffs and slowing economic growth in the country. Consumers are reflecting these trends, as The Expectations Index dropped to a 72.9 reading, reflecting a decrease of 9.3 points. The measure has tumbled below the level consistent with recession for the first time since June 2024, according to CNBC.
In addition, The Conference Board’s Consumer Confidence Index dropped to 98.3 for February, reflecting a slip of nearly 7% and below the Dow Jones forecast of 102.3. We discussed what tariffs and potentially rising inflation could mean for the food industry in a recently published article on the 10 Cheap Food Stocks to Buy According to Hedge Funds. Here is an excerpt from the article:
Economists and experts opine that the situation is unpredictable and worrisome. Trump’s tariffs may ignite another bubbling of inflation in a scenario where the Federal Reserve is weighing the odds of whether to slash interest rates further or hold steady as experts and policymakers chalk out the effects of the President’s aggressive trade and fiscal policies, as reported by CNBC.
Consumers are reflecting the worries of economists and experts, as the 12-month inflation expectations rose to 6%, up from 5.2% in the last month and considerably higher than the Fed’s steady goal of 2%. CNBC reported that Guichard opined:
“This increase likely reflected a mix of factors, including sticky inflation but also the recent jump in prices of key household staples like eggs and the expected impact of tariffs. There was a sharp increase in the mentions of trade and tariffs, back to a level unseen since 2019. Most notably, comments on the current administration and its policies dominated the responses.”
Treasury Secretary Scott Bessent rang caution bells regarding “sticky” inflation and the potential for slow growth. He attributed the cause to former President Biden’s administration, saying that he fostered an economy too dependent on government spending. He said the government’s plan now is to develop a more diverse economy through deregulation, tax cuts, and tariffs. However, such a scenario is likely to have adverse effects on the food industry. Economists believe that such aggressive policies may drive the cost of food, apparel, toys, and appliances.
With these trends in mind, let’s examine the 10 best vegan stocks to buy according to analysts.
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Our Methodology
We sifted through stock screeners, online rankings, and ETFs to compile a list of vegan stocks. We then selected the top 10 with the highest analyst upside potential. We also added the number of hedge fund holders for these stocks as of fiscal Q4 2024. We sourced the hedge fund sentiment data from Insider Monkey’s database. The list is sorted in ascending order of analysts’ average upside potential, as of March 4.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10 Best Vegan Stocks to Buy According to Analysts
10. Ingredion Incorporated (NYSE:INGR)
Analyst Upside: 20.64%
Number of Hedge Fund Holders: 36
Ingredion Incorporated (NYSE:INGR) is a global ingredients solutions provider that transforms fruits, vegetables, grains, and other plant-based materials into value-added ingredient solutions for several markets, including food, beverage, animal nutrition, brewing, and industrial markets. The company’s products are primarily derived from the processing of corn and other starch-based materials, including rice, potato, and tapioca. It operates through four segments: North America, South America, Asia-Pacific, and Europe, Middle East and Africa (EMEA).
In 2024, Ingredion Incorporated (NYSE:INGR) reiterated its commitment to robust shareholder returns through $210 million in dividends and $216 million of share repurchases. It is determined to continue returning value to shareholders in the future. Ingredion Incorporated (NYSE:INGR) reported a 6% and 9% dip in its net sales in fiscal Q4 2024 and full year 2024, respectively. This drop was attributed to factors such as price mix challenges, foreign exchange impacts, and a decrease in revenue due to the sale of its South Korean business.
However, the company’s EPS for fiscal Q4 2024 came to $2.63, surpassing analyst estimates and reflecting a 34% growth compared to last year. Adjusted EPS for the full year 2024 stood at $10.65, compared to $9.42 in 2023. This growth was attributed to continued sales volume momentum in the Texture & Healthful Solutions and Food & Industrial Ingredients segments.
Polaris Global Equity Strategy stated the following regarding Ingredion Incorporated (NYSE:INGR) in its Q3 2024 investor letter:
“Five of six consumer staples holdings had double-digit gains, led by Ingredion Incorporated (NYSE:INGR) and Koninklijke Ahold Delhaize. U.S. food/beverage ingredient supplier, Ingredion, announced strong second quarter results, citing growth in its texture & healthful solutions, while its food and industrial segments responded to robust customer demand. In conjunction with sales growth, Ingredion’s Cost2Compete program has proven a boon for the company, already realizing more than $18 million in run-rate savings in just one quarter.”
9. Mission Produce, Inc. (NASDAQ:AVO)
Analyst Upside: 37.65%
Number of Hedge Fund Holders: 22
Mission Produce, Inc. (NASDAQ:AVO) specializes in farming, marketing, packing, and distributing avocados to distributors, food retailers, and produce wholesalers. Its operations are divided into three segments: Marketing and Distribution, International Farming, and Blueberries. Its Blueberries segment manages a farming operation that cultivates blueberry plants in Peru. The Company also provides merchandising and promotional support, hands-on training, and insights into market trends.
Mission Produce, Inc. (NASDAQ:AVO) has a strong integrated business and can seamlessly transition between regions to maintain a consistent customer supply. This gives it a competitive market edge, allowing it to deliver robust per-unit margins. Mission Produce, Inc. (NASDAQ:AVO) also boasts a comprehensive sourcing network, allowing it to maintain a reliable supply even during disruption.
It reported a strong fiscal 2024, delivering $1.2 billion in revenue. The company’s cash flow generation painted an optimistic picture, as it delivered a $64.2 million increase in operating cash flow in fiscal 2024 versus fiscal 2023. It also generated $107.8 million in adjusted EBITDA, reflecting the strength of its business model and industry-leading position. Mission Produce, Inc. (NASDAQ:AVO) takes the ninth spot on our list of the best vegan stocks to buy according to analysts.
8. Calavo Growers, Inc. (NASDAQ:CVGW)
Analyst Upside: 53.71%
Number of Hedge Fund Holders: 22
Calavo Growers, Inc. (NASDAQ:CVGW) markets and distributes fresh and prepared avocados to mass merchandisers, retail grocery, food service, food distributors, wholesalers, and club stores globally. It derives avocados from Mexico, California, and other growing regions from around the globe. The company operates in two segments: Prepared and Grown. The Grown segment comprises fresh avocados, papayas, and tomatoes. The Prepared segment manages guacamole products and avocado pulp sold to food service and retail. Calavo Growers, Inc. (NASDAQ:CVGW) sells its products under the Calavo family of branded and private labels, distributing them domestically and internationally.
The company reported optimistic results for fiscal year 2024, with total net sales growing 11.4% to $661.5 million from the prior year. Its Grown segment took the lead in this growth, reporting a 13.3% increase in net sales to $597.6 million. Calavo Growers, Inc.’s (NASDAQ:CVGW) total gross profit also increased 8.3% to $67.8 million from the prior year, with that of the Grown segment increasing 9.4% to $55.3 million and the Prepared segment gross profit rising 3.8% to $12.5 million.
The company strategically decided to sell its Fresh Cut business in fiscal Q1 2024 and sharpen its focus on its core avocado and guacamole operations. By divesting Fresh Cut, Calavo Growers, Inc. (NASDAQ:CVGW) enhanced its core operations, streamlined its corporate structure, and strengthened its balance sheet by reducing debt and generating a strong cash position.
7. e.l.f. Beauty, Inc. (NYSE:ELF)
Analyst Upside: 55.15%
Number of Hedge Fund Holders: 35
e.l.f. Beauty, Inc. (NYSE:ELF) is a multi-brand beauty company that ranks on our list because of its clean, vegan, cruelty-free, and accessible cosmetics and skincare products. Its brand portfolio includes e.l.f. Cosmetics, e.l.f. SKIN, Naturium, Well People, and Keys Soulcare. The company’s operations span eye, lip, face, makeup, beauty tools, accessories, and skincare products, all 100% vegan.
Fiscal Q3 2025 marked the company’s 24th consecutive quarter of net sales growth and market share gains, ranking e.l.f. Beauty, Inc. (NYSE:ELF) among a rarefied group of high-growth companies. It is one of the only six public consumer companies out of 546 that has grown for 24 straight quarters and averaged at least 20% sales growth per quarter. Furthermore, e.l.f. is the only brand among nearly 1,000 cosmetics brands tracked by Nielsen to gain share for 24 consecutive quarters.
In addition, fiscal Q3 2025 marked another quarter of consistent category-leading growth for the company. Its net sales grew by 31% and it delivered $69 million in adjusted EBITDA. e.l.f. Beauty, Inc. (NYSE:ELF) also grew its US market share by 220 basis points. The company’s fiscal H2 2025 outlook anticipates a 14% to 16% net sales growth on top of the 77% growth it delivered in the second half of last year. It ranks seventh on our list of the 10 best vegan stocks to buy according to analysts.
Polen US Small Company Growth Strategy stated the following about e.l.f. Beauty, Inc. (NYSE:ELF) in its Q3 2024 investor letter:
“The Portfolio’s top detractors were Progyny, elf Beauty, and Alarm.com. E.l.f. Beauty, Inc. (NYSE:ELF), a discount beauty company focused on cosmetics and skincare, is a new addition to the Portfolio this quarter. Please see Portfolio Activity below for further detail. We are intrigued by the company’s impressive track record for growth, margins, and returns on capital. While elf has reported significant results all year, shares came under pressure, in our view, as short-term investors primarily appeared to anticipate a slowdown in revenue growth, possibly due to investor concerns of market saturation, economic conditions, and valuation concerns, among other factors. While we are confident in how we underwrote our initial investment for returns above the portfolio average, the stock has come under even more pressure than we anticipated. We used this weakness to add to our position. We’re intrigued by the strength elf has experienced across its retailer and ecommerce channels, particularly in taking market share in a challenging consumer environment, given their relatively inexpensive prices vs. competitors.
elf Beauty, described above, is a discount beauty company focused on cosmetics and skincare. We find the company’s reputation for quality, innovation, and prices below mass cosmetics brands to be uniquely positioned. While this combination of innovation, quality, and value has led to compelling growth, we still believe it’s early days for the company. elf’s brand awareness is significantly less than that of more prominent players; it is still adding shelf space, expanding its product portfolio, and entering the skincare market. elf is also still a US-focused business, with some early signs of international success. The company’s financial profile is strong, and we expect EPS to grow by 25% over the long term.”
6. The Hain Celestial Group, Inc. (NASDAQ:HAIN)
Analyst Upside: 66.20%
Number of Hedge Fund Holders: 22
The Hain Celestial Group, Inc. (NASDAQ:HAIN) is a prominent US-based company specializing in natural and organic foods, as well as personal-care products. It operates in over 75 countries, offering various items across snacks, baby products, beverages, meal components, and personal care. Its brand portfolio includes Terra Chips, Garden Veggie Snacks, Garden of Eatin’ snacks, Hartley’s Jelly, Joya and Natumi plant-based beverages, and others. Its customer base generally includes supermarkets, natural food stores, specialty and natural food distributors, mass-market, and club stores.
Although the company’s organic net sales dropped 7% in fiscal Q2 2025, it generated free cash flow worth $25 million and continued to progress on its net debt, slashing it by $12 million in the quarter. Its adjusted EBITDA margin also increased 350 basis points from fiscal Q1 2025, and adjusted EBITDA reached $38 million. The Hain Celestial Group, Inc. (NASDAQ:HAIN) is thus making progress across its operations.
It drove sequential improvement in baby & kids and meal prep domains and expects this momentum to continue into the second half of the year. The company also took steps to address supply chain challenges and marketing and promotion effectiveness, which caused a drop in sales growth in the quarter. The Hain Celestial Group, Inc. (NASDAQ:HAIN) takes the sixth spot on our list of the 10 best vegan stocks to buy according to analysts.
ClearBridge Small Cap Strategy stated the following regarding The Hain Celestial Group, Inc. (NASDAQ:HAIN) in its Q3 2024 investor letter:
“We also added a new position inThe Hain Celestial Group, Inc. (NASDAQ:HAIN), in the consumer staples sector, which makes organic and natural products including infant formula, frozen desserts, plant-based beverages such as soy, rice and oat and frozen meat alternatives among others. Hain has seemingly been written off by the market, but new management has launched a company-wide turnaround effort that we believe will result in a more focused, profitable and growing company.”
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.
4. Zevia PBC (NYSE:ZVIA)
Analyst Upside: 114.59%
Number of Hedge Fund Holders: 8
Zevia PBC (NYSE:ZVIA) is a beverage company that develops, markets, and distributes drinks made with plant-based ingredients. Its portfolio spans zero-calorie, zero-sugar, and naturally sweetened beverages in a variety of flavors, such as Organic Tea, Soda, Energy Drinks, and Kids’ drinks. The company’s flagship product, Soda, is available in 14 flavors across variety packs, multiple packs, and limited-time-offer flavors. Energy and Organic Tea are available in eight flavors each. All Zevia PBC (NYSE:ZVIA) beverages are vegan, gluten-free, non-GMO project verified, Kosher, and zero sodium.
The company reported that since natural soda is growing around six times faster than conventional soda, natural soda will more than double the growth of conventional diet and zero soda in the next five years. This trend is anticipated to be a tailwind for Zevia PBC (NYSE:ZVIA). Its operations are also showing strength.
Fiscal Q4 2024 saw a sales growth of over 4%, reflecting a return to profitability and growth in both dollars and volume. Adjusted EBITDA improved by $3 million compared to fiscal Q4 2023. The company is focusing on additional cost-saving opportunities and anticipates positive adjusted EBITDA within 2026. It ranks fourth on our list.
3. Laird Superfood, Inc. (NYSE:LSF)
Analyst Upside: 117.39%
Number of Hedge Fund Holders: 6
Laird Superfood, Inc. (NYSE:LSF), along with its subsidiary, Picky Bars, LLC, is a consumer products platform company that manufactures and markets plant-based and functional foods. Its core Laird Superfood platform encompasses Creamer coffee creamers, harvest snacks, functional roasted and instant coffees, teas, hot chocolate, and Hydrate hydration products and beverage-enhancing supplements.
2024 was a transformational year for the company in its development into a high-growth premium brand with strong margins and unlimited potential. It attained 27% top-line growth in 2024, with net sales reaching $43.3 million, up from $34.2 million in 2023. Net sales in fiscal Q4 2024 grew to $11.6 million, a 26% increase over fiscal Q4 2023. This growth rate significantly surpassed the consumer goods and food industry averages, where top-line growth stands at around 3% to 5% annually.
Laird Superfood, Inc. (NYSE:LSF) maintained gross margins at nearly 41% for 2024, reflecting a roughly 11-point leap from the 30.1% it reported for 2023. This growth was attributed to strategic sourcing, a shift to a variable cost manufacturing model, and disciplined trade spend management. The company ranks third on our list of the 10 best vegan stocks to buy according to analysts.
2. Oatly Group AB (NASDAQ:OTLY)
Analyst Upside: 168.46%
Number of Hedge Fund Holders: 12
Based in Sweden, Oatly Group AB (NASDAQ:OTLY) manufactures, distributes, and sells oat-based products. The company has been making oat-based dairy product alternatives since its inception, including milk, yogurt, ice cream, spreads, cooking creams, and to-go drinks. It distributes its oat-based dairy substitute products under its brand Oatly, available in over 65,000 stores and over 60,000 coffee shops in approximately 20 countries.
Oatly Group AB (NASDAQ:OTLY) is consistently developing into a stronger company. Its profitable growth focus delivered adjusted EBITDA at the favorable end of its guidance range in 2024. The company has exhibited a significant transformation over the past two years and now has a much healthier business with a clear strategy, clear accountability, stronger margins, and significantly improved profitability.
Management expects to drive its first full year of profitable growth in 2025, anticipating constant currency revenue growth of 2% to 4%. Oatly Group AB’s (NASDAQ:OTLY) median price target of $8.94 implies an upside of 168.46% from current levels. It ranks second on our list of the best vegan stocks to buy according to analysts.
1. Local Bounti Corporation (NYSE:LOCL)
Analyst Upside: 250.88%
Number of Hedge Fund Holders: N/A
Local Bounti Corporation (NYSE:LOCL) is an indoor agriculture company that grows food sustainably through its patented Stack & Flow Technology. It operates advanced indoor growing facilities across the US, servicing around 13,000 retail doors using 90% less water, 90% less land, and significantly fewer pesticides and herbicides than outdoor agricultural operations.
The company is focusing on building additional capacity across its network of facilities, enabling its growing product assortment to address existing demand from its direct relationships with blue-chip retailers and distributors. This strategy is yielding results.
In fiscal Q3 2024, Local Bounti Corporation (NYSE:LOCL) reported a 50% year-over-year sales growth while advancing its commercial strategy by expanding its product mix and deepening relationships with blue-chip retail partners. The company recently attained a 2-year award from a large multinational retailer for its living butter lettuce product supply. This supply would be carried to 13 of the retailer’s distribution centers from Local Bounti Corporation’s (NYSE:LOCL) California and new Texas facilities. Management expects this strategic partnership to support the company’s performance and help it attain positive adjusted EBITDA, which is expected during Q2 2025. Its median price target of $2.28 implies an upside of 250.88% from current levels.
Overall, LOCL ranks first among the 10 best vegan stocks to buy according to analysts. While we acknowledge the potential of vegan stocks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than LOCL but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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