Plant-Based Food Boom: Which Publicly Traded Vegan Companies Should You Watch in 2022?

The plant-based food revolution isn’t over—it’s just entering a new phase. While media headlines proclaimed a slowdown in 2021, the numbers tell a more nuanced story. According to Bloomberg Intelligence, the plant-based market could balloon to $166 billion by 2031 from today’s sub-$50 billion territory. Currently, alternative proteins occupy just 0.8% of the global meat market, suggesting a potential 10-fold expansion window over the next nine years. The question isn’t whether the sector will grow, but which publicly traded vegan companies are positioned to capture that growth.

The Market Reality Check

Growth deceleration doesn’t mean market collapse. Bloomberg Intelligence senior analyst Sarah Bartashus noted in May that despite softer 2021 performance and conservative 2022 projections, the industry will likely achieve 5% penetration of the global meat market by 2031—just later than originally forecast. That’s significant headroom for investors willing to separate hype from fundamentals.

The landscape of publicly traded vegan companies now spans three distinct categories: pure-play plant-based manufacturers, diversified food giants with substantial alternative protein divisions, and emerging small-cap disruptors. Each offers different risk-reward profiles.

Pure-Play Bets: Growth at What Cost?

Beyond Meat (NASDAQ: BYND) remains the poster child for plant-based investing, but 2022 has been brutal. Down 60.8% year-to-date through late July and 83.7% over the past year, the stock reflects market concerns about slowing sales momentum. While its flagship Beyond Burger and Beyond Sausage products maintain retail presence, collaborations like Beyond Meat Jerky with PepsiCo aren’t sufficient to offset portfolio-wide weakness.

Piper Sandler analyst Michael Lavery flagged this precisely: new product launches provide temporary boosts to shelf space, but underlying portfolio sales continue declining. Only two of 22 analysts covering BYND maintain bullish ratings; the average price target sits around $25.06—essentially current levels. For aggressive investors with high risk tolerance, the $20-$25 range might represent opportunity. Conservative portfolios should stay sidelined.

Tattooed Chef (NASDAQ: TTCF), a smaller competitor with just $548 million in market capitalization, presents a contrasting growth narrative. This SPAC-spawned frozen food maker (merged with Forum Merger II in late 2020) expanded from 2 stock-keeping units in 2017 to 140 today, with retail penetration jumping from four carriers to over 14,000. Revenue scaled from $84.9 million (2019) to $213.4 million (2021), with branded products now comprising 65% of sales—a meaningful shift from private-label dependency.

The addition to the Russell Microcap Index in June signals institutional recognition. While TTCF remains acquisition-vulnerable and carries execution risk, the growth metrics are compelling for risk-tolerant portfolios.

Defensive Diversification: Established Players with Plant-Based Exposure

Conagra Brands (NYSE: CAG) exemplifies the defensive value play in this environment. Down less than 1% year-to-date versus the S&P 500’s 18.8% decline, this consumer staples behemoth provides portfolio ballast. Its plant-based portfolio—Gardein, Earth Balance, and complementary brands—represents a strategic position rather than core business. Trading at 1.47x sales (lowest valuation since 2018) with a 3.8% dividend yield, CAG appeals to income-focused investors weathering market volatility.

Kellogg (NYSE: K) is orchestrating a structural transformation that isolates its plant-based opportunity. The announced three-way split creates a standalone pure-play MorningStar Farms-anchored company generating approximately $340 million in annual revenue and operating profitably. By spinning out this business, Kellogg management acknowledges that plant-based growth deserves independent capital allocation and strategic focus—something constrained within a larger snacks conglomerate managing Pringles, Town House, and Carr’s brands. Pre-split investors gain exposure to both the high-margin snacks business and the emerging plant-based pure-play.

Maple Leaf Foods (OTCMKTS: MLFNF), Canada’s entry in this landscape, combines meat and plant-based production. Its Plant Protein Group generated 44.9 million Canadian dollars ($34.8 million) quarterly revenue in Q1 2022—meaningful scale but still minor relative to total 1.13 billion Canadian dollar quarterly sales. The Lightlife and Field Roast brands provide diversification, though their relatively modest contribution suggests potential strategic sale to focused competitors. Meanwhile, the Meat Protein Group logged healthy 7.5% year-over-year growth, and shareholders enjoy a 3.1% dividend yield while management navigates portfolio decisions.

Ingredient Plays: Infrastructure Winners

Ingredion (NYSE: INGR) embodies a different thesis—supplying plant-based infrastructure rather than consumer products. The largest holding in the VegTech Plant-Based Innovation & Climate ETF (EATV) at 9.46%, Ingredion manufactures food and beverage ingredients, with sweeteners and starches comprising 80% of sales. Its plant-based protein division, nurturing alternatives like Vitessence pea protein isolates, targets $200 million in annual revenue within four years from 2021’s sub-$50 million base—implying compound annual growth exceeding 70%.

At 0.85x sales, INGR hasn’t looked this cheap on valuation metrics since 2013. The company’s $250 million-plus investment in alternative protein capabilities positions it to benefit regardless of which consumer brand achieves market dominance.

Hain Celestial Group (NASDAQ: HAIN) represents redemption narrative potential. Under founder Irwin Simon’s 25-year tenure (ended 2018), Hain acquired Yves Veggie Cuisine in 2001 when sales sat at just $35 million. Today, this plant-based division anchors a larger portfolio that generated $502.9 million in Q3 2022 revenue with 15% year-over-year adjusted revenue growth. North American sales grew 13.3% despite international headwinds, suggesting regional strength.

Trading at 1.16x sales—approximately half its 2021 price-to-sales multiple—Hain benefits from a September 2021 business realignment prioritizing highest-growth brand categories. If operational improvements translate to margin expansion, current valuations appear disconnected from fundamental quality.

The Emerging Consensus

The publicly traded vegan companies landscape has bifurcated into sustainable value (Conagra, Ingredion, Hain) and speculative growth (Beyond Meat, Tattooed Chef) segments. Kellogg’s structural separation creates a unique optionality play. Rather than viewing plant-based as monolithic, sophisticated investors should match stock selection to portfolio construction objectives and risk tolerance. The $166 billion 2031 market thesis remains intact; execution excellence will determine which publicly traded vegan companies deliver returns.