January 5, 2022
A 2020 Gallup poll reported 23% of Americans cut back on their meat consumption. Consumers are saying no to meat and other animal products – and they’re doing it with their dollars by purchasing food, clothing, furniture, cosmetics, and other everyday items made from non-animal material. As increasing numbers of consumers are going meatless, let’s take a look at some of the publicly traded companies that vegans love.
As a leading producer of plant-based meat alternatives, Beyond Meat Inc. (Tii:BYND) produces burgers, sausage, and chicken that are showing up in places that traditionally served animal-based meat only. Once seen by many as a novelty purchase, large chain restaurants like TGI Friday’s, A&W, Carl’s Junior, Del Taco, and Blaze Pizza are a few of the many eateries with at least one of the brand’s meatless options on the menu. McDonald’s Corp. (Tii:MCD) is even getting in on the game by testing the McPlant burger, made with Beyond Meat.
Parents are sure to be impressed with Else Nutrition Holdings Inc. (Tii:BABYF), which produces plant-based food and nutrition products for infants, toddlers, children, and adults. Since Millennials – the generation that makes up 40% of the American vegan population – are having babies, this company is set to prosper. Else Nutrition announced last month that it received the World Plant Based 2021 Award for its Plant-Based Complete Nutrition for Toddlers, as Best Dairy Product Alternative. The World Plant-Based Awards are a celebration of innovation and excellence across the Plant-Based food and drink industry, honoring top innovative brands in the sector.
The avocado is a staple in vegan diets. As the leading grower of the fruit (yes, it’s technically a fruit), Calavo Growers Inc. (Tii:CVGW) greatly benefits from a shift in consumer diets to veganism. In fact, sales for its fourth quarter ended October 31, 2021, increased 17% from the same period last year. While the company has had to contend with labor issues, the impact of the pandemic and poor market conditions, demand for its products remains solid. Brian W. Kocher will have to meet these challenges when he takes over as President and CEO of the company on Feb. 1, 2022. An industry veteran, Kocher previously served as the President and CEO of the Castellini Group of Companies, one of the largest distributors of fresh produce in the United States.
An abbreviation of “Eyes, Lips, Face,” E.L.F. Beauty Inc. (Tii:ELF) produces 100% vegan and cruelty-free beauty options in an industry that has in the past been notorious for testing products on animals. People who are looking for a vegan option for their skincare, makeup, and other products will adore this line. The company’s brands are available at leading retailers such as Target, Walmart and ULTA Beauty, and has a growing international presence at Boots, Superdrug and Douglas. E.L.F.’s concept is resonating with consumers. Net sales increased 27% to $91.9 million for its second quarter ended September 30, 2021. This growth was driven primarily by strength in the company’s national and international retailers.
The largest producer of oat-based food products, Oatly Group AB (Tii:OTLY) oversees a portfolio of products that include alternatives to milk, ice cream, yogurt, cooking creams, and spreads. Headquartered in Malmö, Sweden, the Oatly brand is available in more than 20 countries globally. The company is aggressively expanding into the Asian markets, having announced the opening of its first production facility in Ma’anshan, China, just a few months after opening its first Asian factory in Singapore in July.
Tattooed Chef, Inc. (Tii:TTCF) is a leading plant-based food company offering a broad portfolio of innovative plant-based food products that include ready-to-cook bowls, zucchini spirals, riced cauliflower, acai and smoothie bowls, and cauliflower pizza crusts. The company’s products are gaining ground. Tattooed Chef reported that revenue for its third quarter ended September 30, 2021, increased 44% year-over-year to reach $58.8 million. The food provider is executing its growth strategy, which includes the recent acquisition of Belmont Confections, Inc., a private label co-manufacturer of snack bars.
As more consumers commit to veganism or just include more plant-based foods into their diets, the market for these products will only expand. Market research provider Statista predicts the U.S. vegan marketplace will reach $22 billion in value by 2025, assuring more players will be in this space as the market grows.
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