If you’re looking for vegan stocks to buy now, these picks are solid bets.

Vegan stocks are all the rage in recent years as people become more concerned about the environment, animal welfare and healthier lifestyles.

More folks are paying more attention to climate change and the benefits of plant-based diets. This has led to more investors jumping on the bandwagon of food companies prioritizing sustainability, cruelty-free practices and innovative plant-based products.

CEO of VegTech Invest Elysabeth Alfano said recently the growth of plant-based proteins is set to become a major financial opportunity for businesses and investors in the coming years.

And the data bears it out. In 2021, the global vegan food market was worth $35.6 billion and was projected to rise from $40.1 billion in 2022 to $91.9 billion by 2027. That’s an annual growth rate of 18.1%.

Here are the three best vegan stock options to buy for Q3 of 2024.

Ingredion (INGR)

The Ingredion (NYSE:INGR) company’s specialty for a long time has been sweeteners, starches, nutritional ingredients and biomaterials that go to food, beverages, paper and pharmaceuticals. But it has also recently forayed into a fully-fledged vegan line of products, especially meat alternatives made out of plant-based proteins. 

Ingredion has several strengths going for it that make it one of the best vegan stocks to buy now. Though it posted below expectations for its revenue last quarter, it topped analyst forecasts of $2.03 and registered earnings per share of $2.08. Also, Ingredion’s share price has returned over 10% this year, pointing to a positive market sentiment. 

Though those performances alone may not make a particularly strong thesis to invest in the firm, investors looking for more reasons to stake their money in Ingredion will be happy to know analysts have a positive outlook on the company’s future prospects.

Laird Superfood (LSF)

Laird Superfood (NYSEAMERICAN:LSF) opened the year trading at around $0.95. Shares for the plant-based foods company are now changing hands for an average of $4 — marking a jump of over 300% year-to-date (YTD).

The company owes this performance to its last quarter’s earnings report. The company’s metrics painted the picture of a company with particularly strong fundamentals.

For instance, its net sales increased by 22%, with net loss improving by $3.1 million. The company also raised its full-year guidance to $38-$42 million and projected a gross margin of 37%-41%. Its balance sheet is also strong, with zero debt. 

Though it doesn’t seem to be on the radar for a lot of investment firms, Laird Superfood nevertheless has received a Strong Buy rating for the two recommendations it has on MarketWatch. It’s hands-down one of the best picks you can make for vegan stocks to buy now.

Bunge Global (BG)

Although it’s not a purely vegan food company, Bunge Global (NYSE:BG), an agribusiness and food processing company, has been making a play in the vegan industry. Last year, the company rolled out a $500 million soybean processing facility that will be ready by 2025 and will process an extra 4.5 million bushels of soybeans.

And this February, the company launched Beleaf PlantBetter — a plant-based alternative to traditional butter, expanding on its vegan foods portfolio.

Despite falling short of expectations by posting a smaller-than-expected drop in first-quarter profits and maintaining its 2024 outlook for annual adjusted earnings at $9 per share, down from $13.66 last year, the company’s share price still surged by over 11% YTD. 

Also, Bunge has favorable analyst ratings, which is telling of its near future potential. Out of 11 analysts, 6 rated it a Buy, with 2 and 3 giving it Overweight and Hold recommendations, respectively. It’s definitely one of the most promising choices for vegan stocks to buy now.

On the date of publication, Hope Mutie did not have (either directly or indirectly) any positions in the stocks mentioned in this article. The opinions expressed in this article are those of the writer, subject to InvestorPlace.com’s Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.