With recent trends centered not only around the health of humans but of our planet and all its inhabitants, vegan diets are more popular than ever. Plant substitutes for meat are just the beginning as plant-based, vegan-friendly foods are becoming available in stores, restaurants, and public institutions like schools. As you may expect, companies that provide vegan-friendly food choices prosper, with veganism on the rise. These three vegan stocks to buy now represent a culmination of the vegan market through vegan-friendly food products and the technology that goes into making them.
We’ll detail these stocks’ latest financial reports, their latest contributions to the vegan market, and their future potential, which makes them excellent buys for this quarter.
Beyond Meat (BYND)
Beyond Meat (NASDAQ:BYND) is the largest and most well-known producer of meat-substitute food products. The typical vegan options available at stores and restaurants are likely Beyond Meat products. In March 2023, the company reported its products were available in 191,000 retail and food service outlets in over 80 countries worldwide.
Beyond Meat saw a huge revenue boom leading up to COVID-19, but after the economic slowdown, the company suffered and has yet to reach its historic heights again. The stock has dipped below the profit line, and the margin widened last year following a global operations review. However, Beyond Meat is by no means down for the count.
One primary reason for Beyond Meat’s extensive spending this last year is the company’s continued efforts in research and development, which allow it to stay ahead in the meat-substitute market. Beyond Meat recently launched the fourth generation of Beyond Burger, one of its most popular products.
This product alone will undoubtedly be a huge revenue driver for Beyond Meat and the many other upcoming launches. Investors can take advantage of Beyond Meat’s current low price and watch it grow along with the rising popularity of veganism.
Local Bounti (LOCL)
Local Bounti (NYSE:LOCL) offers investors interested in vegan stocks a unique opportunity. The company is a fresh, young agricultural tech company that is bringing innovations to the world of agriculture. One example of Local Bounti’s tech is its patented “stack and flow” farming system.
Local Bounti’s mission is to utilize technology to discover and adopt more sustainable farming methods. With stack and flow, the company claims to use 90% less water and 90% less land than conventional methods. In addition to the growing popularity of veganism, Local Bounti’s goals align with the more modern focus on sustainability and eco-friendly technology.
Local Bounti released its earnings for 2023 in late March. The results were promising. Local Bounti reported a solid increase in production volume, with its Georgia facility producing 50% more packed pounds than in December 2023. Preliminary results for Q1 of this year also included a 22% revenue jump.
The report includes other promising details, such as the company’s Texas and Washington facilities’ shipment start date in Q2. These facilities’ contributions will be accompanied by a reported $228 million confirmed financing for new projects this year.
Investors should take advantage of Local Bounti now while it is still under the radar. Massive financing and a Q2 shipping network expansion will certainly make this stock prosperous in the year ahead.
Mission Produce (AVO)
Mission Produce (NASDAQ:AVO) is one of the largest suppliers of Avocados and has a pervasive network with over 14,000 acres scattered across the globe. Avocados are a trendy choice for vegans but are also used heavily to produce ingredients such as avocado oil, which is common in vegan cooking and other products.
Mission Produce suffered from the drop in avocado prices and production limitations caused by COVID-19. However, the company has been among the first to bounce back and restore its business to near pre-COVID levels.
Avocado prices are back on the rise and will undoubtedly mean great things for Mission Produce in Q2 and the rest of this year. So far this year, Mission Produce reported a stellar Q1 with a 21% revenue increase and an adjusted net income of $6.7 million.
Avocados will always stay in style with veganism, so this stock represents a solid choice for investors looking to take advantage of this growing dietary trend.
On the date of publication, Joel Lim did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.