The Top 3 Vegan Stocks to Buy in March 2024


  • These top vegan stocks to buy shows sustainability can lead to profitability.
  • Kellanova (K): Kellanova offers significant business diversity and scale.
  • Kroger (KR): Kroger offers its own vegan label and a permanently relevant business.
  • Oatly (OTLY): Oatly is risky but its pure-play vegan business could potentially fly.
Top Vegan Stocks to Buy - The Top 3 Vegan Stocks to Buy in March 2024

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Several years ago, the idea of targeting top vegan stocks to buy might have seemed laughable. Today, circumstances are different and it’s time to catch up.

Primarily, the catalyst centers on Generation Z. According to Supermarket News, about 79% of this age cohort choose to go meatless one day a week. Further, 65% state they want a more plant-forward diet. Further, data compiled by Statista points out that around 46% of “zoomers” avoid products from brands that test products on animals.

Stated differently, it’s capitalism at work. The rising consumer demographic wants to go vegan. And therefore, targeting the top vegan stocks to buy just makes strategic sense. Below are some compelling ideas to consider.

Kellanova (K)

Kellogg's sign on their Canada's head office building in Mississauga
Source: JHVEPhoto /

While not a pure-play name among top vegan stocks to buy, Kellanova (NYSE:K) – which was formerly known as Kellogg – deserves to be on your radar. For one thing, the company’s food products offer incredible diversity, especially in the breakfast category. Second, its MorningStar brand of plant-based foods should take off in the long run.

Fundamentally, no one’s going to argue with plant-based foods. Within certain contexts (you do have to monitor elements like sodium intake), they’re better for you. Clearly, from an animal welfare perspective, they’re more sustainable. However, going green takes green: they’re just too darn expensive. Fortunately, Kellanova is a blue-chip giant. It should have the economies of scale to make plant-based foods work.

To be fair, analysts project that Kellanova’s current fiscal year sales will sit at $12.82 billion. If so, that would represent a decline of 2.3% from last year’s tally. However, in 2025, the company is expected to reach $13.22 billion in revenue.

Lastly, Kellanova offers a forward dividend yield of 4.16%. Also, the payout ratio sits at 58.74%, which is reasonable. Therefore, K stock should be on your short list.

Kroger (KR)

Kroger (KR) Supermarket. The Kroger Co. is One of the World's Largest Grocery Retailers.
Source: Eric Glenn /

Again, I wouldn’t call Kroger (NYSE:KR) a pure-play candidate for top vegan stocks to buy. Instead, it’s a top-tier grocery store operator, which is better known as Ralphs in California (and parts of Nevada apparently). However, that’s a good business to be involved in, especially under tricky economic situations. Let’s face it – we all got to eat at the end of the day.

However, Kroger is related to the topic of top vegan stocks to buy thanks to its Simple Truth in-store brand. My first exposure to plant-based meat originated from products under this label. I must say, I left impressed – I thought it was going to be miserable tasting. Further, like Kellanova, Kroger is an established business. It should enjoy advantages tied to economies of scale.

In full disclosure, analysts don’t see much growth in 2024 or 2025. We’re talking sales estimates of $149.6 billion and $148.93 billion, respectively. However, this year’s earnings per share should land at $4.55, which would be an improvement over last year’s $4.23 EPS. In closing, analysts rate KR stock a strong buy with a $53 average price target.

Oatly (OTLY)

otly stock Rolled oats or oat flakes in bowl with wooden spoons
Source: Vladislav Noseek /

Last but not least, we have Oatly (NASDAQ:OTLY), which is a pure-play example of top vegan stocks to buy. Based in Sweden, Oatly produces alternatives to dairy products from oats, including oat milk. Per its public profile, the company’s key markets are Germany and the U.K., along with its home country.

In addition, Oatly is available in 11,000 coffee and tea shops in China. As well, we Americans can grab the label at 6,000 retail and specialty shops across the U.S. In full disclosure, OTLY stock is volatile. Since the beginning of the year, it lost almost 15% of equity value. In the past 52 weeks, it’s below parity by 55%.

At the same time, analysts anticipate steady growth. At the end of the current fiscal year, they project sales to reach $831.26 million. By 2025, this figure could expand to $906.29 million. That would come out to a growth rate of 6.1% and 9%, respectively.

Finally, analysts rate shares as a consensus moderate buy with a $2.08 average price target. If it gets there, we’re talking about a growth rate of 98%.

On the date of publication, Josh Enomoto 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 Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

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