The Top 3 Vegan Stocks to Buy in April 2024


  • Go sustainable with these top vegan stocks.
  • Kroger (KR): While not a pure play, its in-store vegan brand could catch on.
  • Hain Celestial (HAIN): Hain Celestial offer many natural products that could appeal to modern consumers.
  • Oatly (OTLY): Oatly’s dairy-alternative products are pure genius.
Top Vegan Stocks - The Top 3 Vegan Stocks to Buy in April 2024

Source: Nina Firsova /

When it comes to top vegan stocks, a generational divide may prevent investors from considering the space. Let me try to persuade you to think differently.

Primarily, the crux of the bullish argument centers on demographic realities. Multiple studies show that vegans tend to skew younger – we’re talking about the 18 to 34 years crowd. Folks in this demo are aware of the initiatives targeting animal welfare and broader sustainability.

Secondly, the data supports the optimistic outlook for top vegan stocks. According to Coherent Market Insights, the global vegan food market size reached a valuation of $16.53 billion in 2022. Between 2023 to 2030, the sector could experience a compound annual growth rate (CAGR) of 8.8%.

It just makes logical sense. On that note, below are top vegan stocks to consider.

Kroger (KR)

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

While not a pure-play idea for top vegan stocks, grocery store operator Kroger (NYSE:KR) deserves some of the spotlight for its Simple Truth brand. Competing against popular plant-based meat brands, Kroger essentially leverages its economies of scale to compete against the big dogs in the sector. Having tried the product myself, it enjoys solid execution.

Fundamentally, the benefit of owning KR stock centers on the underlying business and its relevance. No matter what’s going on with the economy, people need the essentials. That’s where Kroger comes to shine. Further, the company should benefit from the trade-down effect. Should troubles emerge, people can easily axe restaurant expenditures from their budget and instead choose to buy grocery-stocked food.

For the current fiscal year, analysts see revenue reaching $148.73 billion, which is down about 1% from last year. However, based on the trade-down concept mentioned earlier, it’s possible that the high-side target of $152.74 billion in sales could materialize. Either way, experts are projecting a recovery in the next fiscal year, with the consensus sales target hitting $151.36 billion.

Hain Celestial (HAIN)

The logo for Hain Celestial (HAIN) displayed on a smartphone screen in front of an American flag.
Source: IgorGolovniov /

Based in Hoboken, New Jersey, Hain Celestial (NASDAQ:HAIN) manufactures, markets and sells organic and natural products. It offers a variety of products, including plant-based beverages and frozen desserts, such as soy, rice, oat and spelt. It may be best known for its snack products, which feature relatively healthier ingredients.

On a financial note, Hain suffered a bad miss in the first quarter of last year. It posted earnings per share of eight cents against an expected target of 16 cents. However, in the next three quarters, its average quarterly surprise came out to 14.43%. For the current fiscal year, experts anticipate EPS of 30 cents, which is down from last year’s 50 cents.

On the revenue front, experts are forecasting revenue of $1.81 billion. That’s only half-a-percent yup from the prior year. Nevertheless, fiscal 2025 could help rejuvenate the business, with sales projected to hit $1.86 billion.

It’s a risky idea that only carries a hold consensus among analysts. Still, if vegan adoption accelerates faster than anticipated, HAIN could be one of the top vegan stocks.

Oatly (OTLY)

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

Perhaps the highest-risk, highest-reward idea among top vegan stocks, Oatly (NASDAQ:OTLY) deserves to be on your radar if you’re the gambling type. Based in Sweden, the company is a plant-based dairy product specialist. It replaces dairy products with oat-based ingredients. On paper, that might sound like an unusually niche business. It’s not. Rather, it might be ingenious.

According to research published by the National Institutes of Health’s website, 68% of the world’s population has lactose malabsorption. We can get into the science of it all but the reality is that different population groups evolved in unique ways based on myriad factors such as environment. Therefore, a good chunk of global consumers simply cannot enjoy dairy products.

However, Oatly’s innovation could change the game. Its total addressable market is simply massive. Of course, the risk is that Wall Street doesn’t see it. Shares have slipped more than 24% since the start of the year.

Nevertheless, experts believe fiscal 2024 sales could land at $831.26 million, up 6.1% from last year. It’s a speculative idea but it’s worth a look.

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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