In this article, we discuss 11 best vegan stocks to buy. If you want to skip our detailed discussion on the vegan industry, head directly to 5 Best Vegan Stocks to Buy Now.

Reuters noted that worries about climate change, animal welfare, and the desire for healthier eating habits are leading more people to adopt veganism. Similar to the low-carb trend from the early 2000s, businesses are working hard to stay aligned with the evolving preferences of consumers. Veganism has transitioned from being a preference of a small group to becoming more widely accepted by the general public. Influential figures like Joaquin Phoenix and Ellen DeGeneres have advocated for this lifestyle, leading major corporations to take notice. In 2019, McDonald’s Corporation (NYSE:MCD) introduced a vegetarian happy meal alongside its selection of burgers and chicken, and Unilever PLC (NYSE:UL) acquired The Vegetarian Butcher, a company focused on meat-free foods. Consumers are showing interest. British bakery Greggs, known for its sandwiches and sweet treats commonly available on many main streets, generated a lot of online attention when it introduced vegan-friendly sausage rolls for sale. Veganism seems to be here for the long run. It is not just a diet, it is a way of living that is focused on ethics – protecting animals and avoiding farming practices that harm the environment by producing greenhouse gasses and using too much water.

As veganism becomes more popular globally, there is a rising expectation for employers to adapt and create a more inclusive workplace, as reported by CNBC. A U.K. charity, The Vegan Society, suggested measures like having special shelves for vegan food in office fridges and using color-coded equipment along with separate spaces for food preparation. The charity reported that the number of vegans in the U.K. increased from 2014 to 2019, going up from 150,000 to 600,000 people. The shift towards plant-based diets prompted The Vegan Society to provide guidance for employers on creating a more inclusive workplace for vegan staff. The suggestions included distributing a dietary requirements form ahead of catered events, allowing vegans to skip corporate gatherings involving animal-related activities like horse racing or animal product-based events, among others. This was influenced by changes in the U.K. anti-discrimination law, now safeguarding “ethical veganism”, which includes people who follow a plant-based diet and avoid products connected to animals through use or testing. Matt Turner, spokesperson for The Vegan Society, mentioned that the legal safeguards now in place for ethical vegans in the U.K. are something that has been needed for quite a while. He stated:

“As momentum in the U.K. continues to grow, it’s imperative that employers ensure that the ever-increasing number of ethical vegans are protected and catered for in the workplace.”

Eric Brent, the CEO of HappyCow, an online directory for vegan and vegetarian restaurants based in California, expressed his belief that similar legal protections should extend to vegans in the United States.

According to a report published by Market Research Future, the worldwide market for vegan food was valued at around $24.2 billion in 2022. Predictions suggest that this market will grow from about $27.39 billion in 2023 to approximately $73.86 billion by 2032. This growth is expected to happen at a compound annual growth rate (CAGR) of 16.26% between 2023 and 2032. The main factors pushing this market’s growth include more people recognizing the advantages of a vegan diet and changes in consumer preferences. More and more people are discovering the health advantages of plant-based foods, which is boosting the vegan food industry. Choosing plant-based products can lead to reduced risks of heart disease, stroke, and early death. The market is expanding in several countries, largely due to people recognizing the benefits of adopting a vegan diet. Young individuals worldwide are showing a growing interest in vegan products. Vegan foods are available as tastier and healthier replacements for meat. They are typically made from ingredients like wheat and soy, while dairy-free products use soy, rice, coconut, and almond. As a result, these factors are driving the revenue of the vegan food market. A greater desire for non-dairy products and alternatives to animal-based foods would further encourage the adoption of vegan diets. Companies are working to make new vegan products by improving their production methods and using better technology. Even startups are joining in, creating and selling their own vegan products. This is making the market more diverse and competitive. Based on Google Trends data from 2004 to 2022, the countries most interested in veganism include the United Kingdom, Australia, New Zealand, Israel, and Austria.

Investors aiming to diversify their portfolios and tap into the rising interest in the vegan industry can check out stocks like Olaplex Holdings, Inc. (NASDAQ:OLPX), Tyson Foods, Inc. (NYSE:TSN), and e.l.f. Beauty, Inc. (NYSE:ELF).

Our Methodology

We selected the following vegan stocks based on hedge fund sentiment toward each stock. We have assessed the hedge fund sentiment from Insider Monkey’s database of 910 elite hedge funds tracked as of the end of the second quarter of 2023. The list is arranged in ascending order of the number of hedge fund investors in each firm.

Best Vegan Stocks to Buy Now

11. Farmmi, Inc. (NASDAQ:FAMI)

Number of Hedge Fund Holders: 1

Farmmi, Inc. (NASDAQ:FAMI) is engaged in the processing and sale of agricultural products in China, the United States, Japan, Canada, Europe, Korea, and the Middle East. The company’s product range includes shiitake and Mu Er mushrooms, along with other edible fungi. Additionally, the company operates Farmmi Jicai, an online store for the sale of edible fungi products. These products cater to a range of customers including restaurants, cafeterias, local specialty stores, and distribution networks. On July 19, Farmmi, Inc. (NASDAQ:FAMI) announced the closing of an $8 million private placement of shares. The deal comprises the sale of 21.1 million shares to buyers, priced at $0.38 per share.

According to Insider Monkey’s second quarter database, 1 hedge fund was bullish on Farmmi, Inc. (NASDAQ:FAMI), same as the previous quarter. Jim Simons’ Renaissance Technologies held 131,183 shares of the company worth $54,000.

In addition to Olaplex Holdings, Inc. (NASDAQ:OLPX), Tyson Foods, Inc. (NYSE:TSN), and e.l.f. Beauty, Inc. (NYSE:ELF), Farmmi, Inc. (NASDAQ:FAMI) is one of the best vegan stocks to buy. 

10. Laird Superfood, Inc. (NYSE:LSF)

Number of Hedge Fund Holders: 3

Laird Superfood, Inc. (NYSE:LSF) produces and sells plant-based, wholesome, and functional food products in the United States. It falls into the category of best vegan stocks. The company’s product range includes powdered and liquid coffee creamers, supplements that enhance hydration and beverages, supplements featuring performance-boosting mushrooms, harvest snacks, and various other food items. These products are accessible through the company’s own online platforms like lairdsuperfood.com and pickybars.com, as well as through external online channels. On August 9, Laird Superfood, Inc. (NYSE:LSF) announced a Q2 non-GAAP EPS of -$0.38, outperforming estimates by $0.05. However, its revenue came in at $7.7 million, missing market expectations by $0.88 million.

According to Insider Monkey’s second quarter database, 3 hedge funds were bullish on Laird Superfood, Inc. (NYSE:LSF), same as the preceding quarter. Israel Englander’s Millennium Management is the largest position holder in the company, with 55,471 shares worth $44,102.

9. Mission Produce, Inc. (NASDAQ:AVO)

Number of Hedge Fund Holders: 5

Mission Produce, Inc. (NASDAQ:AVO) is involved in activities like finding, cultivating, packaging, promoting, and delivering avocados, mangoes, and blueberries to grocery stores, distributors, and businesses in the foodservice sector, both within the United States and around the world. The company’s operations are divided into three segments – Marketing and Distribution, International Farming, and Blueberries. Mission Produce, Inc. (NASDAQ:AVO) is one of the best vegan stocks to buy. On June 8, Mission Produce, Inc. (NASDAQ:AVO) reported a Q2 non-GAAP EPS of $0.01 and a revenue of $221.1 million, exceeding Wall Street estimates by $0.02 and $2.99 million, respectively.

According to Insider Monkey’s second quarter database, 5 hedge funds were bullish on Mission Produce, Inc. (NASDAQ:AVO), compared to 4 funds in the preceding quarter. Ken Griffin’s Citadel Investment Group is the largest stakeholder of the company, with 55,364 shares valued at $671,012.

8. Local Bounti Corporation (NYSE:LOCL)

Number of Hedge Fund Holders: 9

Next on our list of the best vegan stocks is Local Bounti Corporation (NYSE:LOCL). It grows and packs fresh greens like lettuce, herbs, and loose-leaf lettuce in the United States. They sell these products to grocery stores and companies that distribute food to restaurants and other businesses. On August 9, Local Bounti Corporation (NYSE:LOCL) reported a Q2 GAAP EPS of -$1.35 and a revenue of $7.18 million. Revenue for the period increased 15.2% on a year-over-year basis.

According to Insider Monkey’s second quarter database, 9 hedge funds were bullish on Local Bounti Corporation (NYSE:LOCL), compared to 8 funds in the prior quarter.

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

Number of Hedge Fund Holders: 10

Calavo Growers, Inc. (NASDAQ:CVGW) is in the business of marketing and delivering avocados, ready-to-eat avocados, and other perishable foods. They supply these products to different types of customers, such as grocery stores, restaurants, big retail clubs, large stores, food distributors, and wholesale buyers around the globe. The company’s operations are divided into two parts – Grown and Prepared. Calavo Growers, Inc. (NASDAQ:CVGW) is one of the best vegan stocks. On June 23, Calavo Growers, Inc. (NASDAQ:CVGW) declared a $0.10 per share quarterly dividend, in line with previous. The dividend was paid to shareholders on July 11.

According to Insider Monkey’s second quarter database, 10 hedge funds were bullish on Calavo Growers, Inc. (NASDAQ:CVGW). This number increased from the preceding quarter when 8 funds had invested in the stock. Ken Grossman and Glen Schneider’s SG Capital Management is the leading stakeholder in the company, with 299,764 shares worth $8.7 million.

6. Oatly Group AB (NASDAQ:OTLY)

Number of Hedge Fund Holders: 13

Oatly Group AB (NASDAQ:OTLY) is an oat milk company based in Sweden. The company produces a variety of plant-based dairy products using oats. The company, originally named Havre Global AB, changed its name to Oatly Group AB (NASDAQ:OTLY) in March 2021. Founded in 1994, its headquarters are situated in Malmö, Sweden. On July 27, Oatly Group AB (NASDAQ:OTLY) announced a Q2 GAAP EPS of -$0.15 and a revenue of $196 million, falling short of Street consensus by $0.02 and $13.68 million, respectively. Regardless, it remains a popular vegan stock among smart investors. 

According to Insider Monkey’s second quarter database, 13 hedge funds were bullish on Oatly Group AB (NASDAQ:OTLY), compared to 12 funds in the last quarter. Anand Parekh’s Alyeska Investment Group is the largest position holder in the company, with 2.97 million shares worth $6.1 million.

Like Olaplex Holdings, Inc. (NASDAQ:OLPX), Tyson Foods, Inc. (NYSE:TSN), and e.l.f. Beauty, Inc. (NYSE:ELF), Oatly Group AB (NASDAQ:OTLY) is one of the best vegan stocks to invest in.

Here is what ClearBridge Investments Mid Cap Growth Strategy has to say about Oatly Group AB (NASDAQ:OTLY) in its Q4 2021 investor letter:

“We also closed out three names as we constantly seek ways to improve the Strategy’s overall growth profile. Oatly is a leader in dairy alternative oat-milk products benefiting from long-term secular growth of the category. That growth, however, is contingent on its ability to scale up manufacturing and we sold the position due to increased risk that global supply chain constraints would limit such efforts.”

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Disclosure: None. 11 Best Vegan Stocks to Buy Now is originally published on Insider Monkey.