In this article, we will take a look at the 10 best vegan stocks to buy.

According to Statista, the market for vegan food will be worth over $22 billion in 2025. The market’s size was close to $16 billion in 2021. It is anticipated that the compound annual growth rate for the vegan market will be 9% globally. It is vital to remember that the vegan market caters to an increasing number of flexitarians, who reduce their meat consumption to varying degrees and supplement some of their diets with vegan options. Regarding the countries with a percentage of their population that are vegetarians, India is in first place. According to a survey conducted in 2021, almost a quarter of respondents from India were vegetarians. Comparatively speaking, only 5% of respondents in the United States were identified as vegetarians. North America has the greatest market share worldwide for plant-based meat, with a market share of roughly 44 percent in 2020. About 4% of the market is comprised of the Middle East and Africa.

According to a recent analysis by Grand View Research, Inc., the size of the worldwide vegan food industry was projected to reach $37.45 billion in 2030 and is expected to grow at a CAGR of 10.6% from 2022 to 2030, reported Bloomberg.

Due to rising consumer demand for plant-based foods and increased health awareness, Asia Pacific is anticipated to see the quickest CAGR throughout the forecast period. Yogurt sales are anticipated to increase at the second-highest CAGR during the projection period. The millennial generation’s growing preference for dairy-free goods is anticipated to fuel the segment’s expansion. Over the forecast period, the vegan cheese market is anticipated to grow at a sizable CAGR. It is projected that the growing popularity of vegan cheese among consumers who are lactose intolerant will aid in the segment’s expansion.

Several factors are driving the growth of the vegan industry and valuations of vegan companies, including the rising popularity of alternative meats, innovations in the industry, and mergers and acquisitions of private equities. Some of the best vegan companies to invest in include Nomad Foods Limited (NYSE:NOMD), Tyson Foods, Inc. (NYSE:TSN), and Kellogg Company (NYSE:K).

Our Methodology

To determine the 10 best vegan stocks to buy, we identified the major players in the industry by going through market reports and industry news. We looked at each company’s financial statements and its past performance of up to twelve months. We further took into account the analyst and investor sentiment for each company. We narrowed down our selection to companies that had positive investor sentiment, strong financials, and exhibited growth potential pointed out by expert financial analysts.

Best Vegan Stocks To Buy

10. Tattooed Chef, Inc. (NASDAQ:TTCF)

Number of Hedge Fund Holders as of Q2, 2022: 5

We start our list of the 10 best vegan stocks to buy with plant-based processor Tattooed Chef, Inc. (NASDAQ: TTCF). With manufacturing facilities in the US and Italy, Tattooed Chef, Inc. (NASDAQ:TTCF) has a growing portfolio of frozen plant-based foods that are sold by retailers across the US. On September 30, UBS analyst Cody Ross began covering Tattooed Chef, Inc. (NASDAQ:TTCF) by giving it a Neutral rating and a $6 price target. In a research note to investors, the analyst notes that the company is leveraging a shift in customer tastes toward more sustainable, practical, and healthy food options through both branded and private-label offerings. Ross cautions, however, that although the company anticipates a successful launch into the ambient and refrigerated categories, there aren’t many examples of brands that have been successful across multiple categories of packaged food.

There were 5 hedge funds in the database of Insider Monkey that reported owning stakes in Tattooed Chef, Inc. (NASDAQ: TTCF) at the end of the second quarter. The total value of these stakes at the end of Q2 is $1.139 million. Along with Nomad Foods Limited (NYSE:NOMD), Tyson Foods, Inc. (NYSE:TSN), and Kellogg Company (NYSE:K), Tattooed Chef, Inc. (NASDAQ:TTCF) is one of the best vegan stocks to buy.

09. Calavo Growers, Inc. (NASDAQ:CVGW)

Number of Hedge Fund Holders as of Q2, 2022: 11

On number nine in our list of best vegan stocks to buy is Calavo Growers, Inc. (NASDAQ:CVGW). Avocados and various other fruits are supplied by Calavo Growers, Inc. (NASDAQ:CVGW) in the US. In recent years, Calavo Growers, Inc. (NASDAQ:CVGW) experienced significant supply chain issues due to the pandemic. This was clearly demonstrated by the stock’s 70% decline from its high. However, the company’s new management has implemented a recovery strategy that is starting to take off.

On September 2, Lake Street analyst Ben Klieve reiterated a Buy rating and $60 price target on Calavo Growers, Inc. (NASDAQ:CVGW) shares. Ben Klieve stated that Calavo Growers’ third-quarter results were “underwhelmed,” but he claims that the causes of the challenges the company encountered “were surprising” and “are unlikely to persist”. Klieve is upbeat about the bottom line prospects in FY23 and beyond, although he acknowledges that he does not anticipate the quarterly performance to drive the stock’s price.

According to Insider Monkey’s Q2 data, Calavo Growers, Inc. (NASDAQ:CVGW) was found in the public stock portfolios of 11 hedge funds, with collective stakes in the company worth $48.12 million. Just like Nomad Foods Limited (NYSE:NOMD), Tyson Foods, Inc. (NYSE:TSN), and Kellogg Company (NYSE:K), Calavo Growers, Inc. (NASDAQ:CVGW) is one of the best vegan stocks to buy.

08. Benson Hill, Inc. (NYSE:BHIL)

Number of Hedge Fund Holders as of Q2, 2022: 17

The food technology business Benson Hill, Inc. (NYSE:BHIL) combines biology, artificial intelligence, and machine learning with data analytics through its proprietary platform CropOS. Plant-based proteins from sources like ultra-high-protein soy and yellow peas are among the company’s offerings.

Analysts are positive about future prospects of Benson Hill, Inc. (NYSE:BHIL). On September 30, Benson Hill, Inc. (NYSE:BHIL) was given initial coverage by UBS analyst Cody Ross with a Buy rating and a $5 price target. According to the analyst’s research note to investors, the company is about to switch to a “proprietary/partnership, high margin, asset-light model”, which should account for 69% of the sales mix by 2025. Ross adds that Benson Hill, Inc. (NYSE:BHIL) has achieved the financial goals outlined as part of its IPO, and the stock is now at an appealing price since it has dropped by 75% since then. On October 4, analyst Ben Klieve of Lake Street gave initial coverage to Benson Hill, Inc. (NYSE:BHIL) with a Buy rating and a $7 price target. The analyst believes a recent partnership arrangement with Archer Daniels (ADM) offers “considerable validation” and sees Benson Hill, Inc. (NYSE:BHIL) “emerging as a next-generation ingredient company with valuable high-protein genetics.”

According to Insider Monkey’s Q2 data, Benson Hill, Inc. (NYSE:BHIL) was found in the public stock portfolios of 17 hedge funds, with collective stakes in the company worth $21.307 million.

07. Restaurant Brands International Inc. (NYSE:QSR)

Number of Hedge Fund Holders as of Q2, 2022: 20

Restaurant Brands International Inc. operates as quick service restaurant company in Canada and internationally. It operates through four segments: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). According to Restaurant Brands International Inc. (NYSE:QSR), its brands have continued to expand options for guests looking for plant-based menu items. For example, in 2021, Burger King launched new options across various markets, including a plant-based version of the Long Chicken sandwich, plant-based nuggets, and two unique new sandwiches called the Cajun Veggie King and Cajun Veggie Chicken.

In recent years, Restaurant Brands International Inc. (NYSE:QSR) has been establishing a dividend history, steadily raising the payout for the previous six years. On August 4, the firm declared a quarterly dividend of $0.54 per share, in line with the previous. On October 12, Deutsche Bank analyst Brian Mullan lowered his price target on Restaurant Brands International Inc. (NYSE:QSR) to $68 from $70 and kept a Buy rating on the shares ahead of the Q3 results.

At the end of the second quarter of 2022, 20 hedge funds in the database of Insider Monkey held stakes worth $1.5 billion in Restaurant Brands International Inc. (NYSE:QSR), compared to 23 in the previous quarter worth $1.8 billion.

Here is what Pershing Square Holdings specifically said about Restaurant Brands International Inc. (NYSE:QSR) in its Q2 2022 investor letter:

“Restaurant Brands International Inc. (NYSE:QSR)’s franchised business model is a high-quality, capital-light, growing annuity that generates high-margin brand royalty fees from its four leading brands: Burger King, Tim Hortons, Popeyes, and Firehouse Subs.

QSR is investing in each of its brands to position them for sustainable, long-term growth. As Canada reopened, Tim Hortons’ same-store sales returned to growth during the quarter compared to pre-COVID levels, driven by growth across all dayparts, formats, regions, and product categories aside from hot beverages. The company is focused on executing the next phase of its “Back to Basics” plan by extending its beverage platform, capturing a greater share of afternoon foods, and continuing its brand modernization. Longer-term, management believes it can sustainably grow same-store sales at a low-single-digit rate.

At Burger King in the U.S., the company also reported improved results and narrowed the gap to its peers. Recently-appointed Burger King U.S. President Tom Curtis and his team have begun to lay the foundation for a return to sustainable growth. We believe the company has a meaningful opportunity to reinvigorate growth and modernize its store base through a reinvestment plan. The company will be unveiling its “reclaim the flame” plan to franchisees next month…” (Click here to read the full text)

06. Ingredion Incorporated (NYSE:INGR)

Number of Hedge Fund Holders as of Q2, 2022: 22

Ingredion Incorporated (NYSE:INGR) is an American multinational ingredient provider having a diverse portfolio of plant-based ingredients for manufacturers to add to their recipe formulations. It is a supplier of corn-based products and ingredients. On September 30, UBS analyst Cody Ross began following Ingredion Incorporated (NYSE:INGR) with a Neutral rating and an $89 price target.

On September 26, Ingredion Incorporated (NYSE:INGR) announced that its board of directors had approved a new stock repurchase program that would allow the firm to buy up to 6 million shares of its ordinary stock between September 26 and December 31, 2025. This stock repurchase program replaces the previous program, which had approximately 3.8 million shares remaining for repurchase. On the same day, the Ingredion Incorporated (NYSE:INGR) board of directors increased the company’s quarterly dividend by 9% to $0.71 per share. Stockholders of record as of the close of business on October 6 will receive the dividend on October 25.

By the end of the second quarter of 2022, 22 hedge funds were bullish on Ingredion Incorporated (NYSE:INGR), having stakes of $433.13 million in the company. This is compared to 26 positions in the preceding quarter, with collective stakes of $386.41 million. As of June 30, 2022, Yacktman Asset Management is the top shareholder in the company, having stakes of more than $208.44 million.

05. Nomad Foods Limited (NYSE:NOMD)

Number of Hedge Fund Holders as of Q2, 2022: 23

Nomad Foods Limited (NYSE:NOMD) is a packaged foods company, which manufactures and distributes branded frozen foods in Western Europe. It manufactures and markets frozen food products, including fish, vegetables, poultry, and ready meals.

On September 2, Mizuho analyst John Baumgartner lowered his price target on Nomad Foods Limited (NYSE:NOMD) to $24 from $25 and kept a Buy rating on the shares. In a research note, Baumgartner informs investors that Nomad Foods Limited (NYSE:NOMD) shares are at a 52-week low due to growing geopolitical risks in Europe and company-specific supply chain issues. The analyst thinks it is possible to beat Street predictions through fiscal 2023, and his examination of historical data on the consumption of frozen foods indicates that volume and elasticity may outperform through 2023.

At the end of Q2 2022, 23 hedge funds in Insider Monkey’s database were long on Nomad Foods Limited (NYSE:NOMD). Polaris Capital Management was the leading stakeholder in the company at the end of the second quarter, with a total holding worth $146 million.

04. Kellogg Company (NYSE:K)

Number of Hedge Fund Holders as of Q2, 2022: 25

Kellogg Company (NYSE:K) is an American multinational food manufacturing company. It is a key player in the plant-based protein sector. On July 29, Kellogg Company (NYSE:K) declared a quarterly dividend of $0.59 per share, which was $0.01 above the previous. The dividend was paid on September 15, to shareholders of record on September 1. The stock has seen dividend growth for the past seventeen consecutive years. Kellogg Company (NYSE:K) has a payout ratio of 55.24% and has gained 11.29% value year to date, as of October 17, 2022.

On August 8, Nik Modi, an analyst at RBC Capital, raised his price target for Kellogg Company (NYSE:K) from $66 to $70 while maintaining a Sector Perform rating on the stock. The company’s Q2 earnings beat and raise highlighted that its snacking business is “strong globally.” According to the analyst’s research note to investors, the U.S. cereal situation is recovering faster than anticipated. In light of its excellent first-half performance, underlying trends, and confidence in its plans for the second half of 2022, Kellogg Company’s (NYSE:K) management increased its 2022 guidance. Organic net sales growth in 2022 is estimated to expand by 7-8%, up from the roughly 4% gain initially predicted.

Among the hedge funds tracked by Insider Monkey, Kellogg Company (NYSE:K) was found in the public stock portfolios of 25 funds at the end of June 2022, up from 22 funds in the earlier quarter. Jim Simons’ Renaissance Technologies is a significant position holder in the company, with 2.6 million shares worth more than $188 million.

03. Hormel Foods Corporation (NYSE:HRL)

Number of Hedge Fund Holders as of Q2, 2022: 27

Hormel Foods Corporation (NYSE:HRL) is a Minnesota-based food processing company that sells various food products to its consumers. In 2019, Minnesota-based pork giant Hormel Foods Corporation (NYSE: HRL) launched its vegan food products dubbed Happy Little Plants. Its flagship product is soy-based vegan ground beef with 20 grams of protein per serving. Now the vegan food brand has a wide variety of plant-based offerings, including soy-based pepperoni topping and pea-protein-based Italian-style pizza topping.

On September 1, the company reported its fiscal Q3 2022 results, delivering its seventh consecutive quarterly record sales. Its revenue stood at $3.03 billion, up 6% from the same period last year. The company’s cash flow from operations also showed a 143% year-over-year growth at $186 million. In addition to this, the company had $850.3 million in cash and cash equivalents, compared with $613.5 million at the end of October 2021.

Hormel Foods Corporation (NYSE:HRL) is a dividend king, raising its dividends consecutively for the past 56 years. It currently pays a quarterly dividend of $0.26 per share and has a yield of 2.32%, as recorded on October 17. On September 22, Argus analyst John Staszak lowered his price target on Hormel Foods Corporation (NYSE:HRL) to $53 from $54 but kept a Buy rating on the shares. In a research note, the analyst informs investors that the company is reporting record revenues, which assist in reducing inflation’s impact. According to Staszak, the company also offers a clean balance sheet and a long track record of increasing its dividend.

At the close of Q2 2022, 27 hedge funds held stakes in Hormel Foods Corporation (NYSE:HRL) worth $434.5 million. As of June 30, Renaissance Technologies owns over 2.9 million shares of Hormel Foods Corporation (NYSE:HRL) and is the largest investor in the company.

02. Conagra Brands, Inc. (NYSE:CAG)

Number of Hedge Fund Holders as of Q2, 2022: 30

Conagra Brands, Inc. (NYSE:CAG) is an American food company specializing in consumer packaged goods. The company’s brands are available in supermarkets, restaurants, and food service establishments. Gardein, Birds Eye, Log Cabin, and Duncan Hines are among the company’s vegan and plant-based brand names purchased as part of Pinnacle Foods’ $10.9 billion acquisition in October 2018.

The business raised its quarterly dividend by 5.6% to $0.33 per share on July 22. This was the third year in a row of dividend growth for Conagra Brands, Inc. (NYSE:CAG). The firm also declared a $0.33 dividend on October 4 for a 3.85% yield. Conagra Brands, Inc. (NYSE:CAG) also regularly returns investor capital, and the firm repurchased $50 million worth of shares during Q1. The share price is also up by 0.68% year to date. On October 7, Deutsche Bank analyst Steve Powers raised his price target on Conagra Brands, Inc. (NYSE:CAG) to $33 from $32 and kept a Hold rating on the shares.

The number of hedge funds tracked by Insider Monkey owning positions in Conagra Brands, Inc. (NYSE:CAG) stood at 30 in Q2 2022, up from 22 in the previous quarter. The stakes owned by these hedge funds have a consolidated value of over $603.4 million. Ken Griffin’s Citadel Investment Group holds the leading stake in Conagra Brands, Inc. (NYSE:CAG), with 4.4 million shares worth $153 million.

01. Tyson Foods, Inc. (NYSE:TSN)

Number of Hedge Fund Holders as of Q2, 2022: 37

Topping the list of the best vegan stock to buy is Tyson Foods, Inc. (NYSE:TSN). Tyson Foods, Inc. (NYSE:TSN) is an American multinational corporation that operates in the food industry. The biggest animal meat producer in the United States by revenue, Tyson Foods, Inc. (NYSE:TSN) introduced its first plant-based goods in 2019. It expanded its offering in 2021 to include burger patties, bratwurst, Italian sausage, and ground “meat” made from pea protein.

Tyson Foods, Inc. (NYSE:TSN) has been raising its dividends consistently for the past 10 years and has a five-year dividend CAGR of 15.38%. The company currently pays a quarterly dividend of $0.46 per share and has a 2.84% yield as of October 17. Tyson Foods, Inc. (NYSE:TSN) announced revenue of $13.5 billion for fiscal Q3 2022, an increase of 8.2% over the same quarter the previous year. The operating cash flow for the company was $666 million, and the free cash flow was $190 million. It had over $1 billion in cash and cash equivalents and over $9.3 billion in total current assets at the end of the quarter.

Cliff Asness’ AQR Capital owned over 3.2 million shares in Tyson Foods, Inc. (NYSE:TSN) worth $278.4 million, becoming the company’s largest stakeholder in Q2. Overall, 37 hedge funds tracked by Insider Monkey owned stakes in the food company in Q2, with a total value of $1.15 billion.

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Disclosure: None. 10 Best Vegan Stocks To Buy is originally published on Insider Monkey.