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The plant-based foods industry is a growing sector and has attracted investors’ attention in the recent past. Apart from the innovation of plant-based meat, other plant-based food products and beverages have also seen tremendous growth in recent years.
According to a research report, the plant-based food market will be around US$ 74.2 billion by 2027, growing at a compound annual growth rate (CAGR) of 11.9 per cent.
In North America, many companies are expanding their business operations, and in this article, we will shed light on the stock performances of two companies that will likely grow in future.
Beyond Meat Inc. (NASDAQ:BYND, BYND:US)
The Los Angeles-based company produces and sells plant-based meat products such as burgers and sausages. Beyond Meat announced the launch of a value six-pack of its iconic Beyond Burger in Canada and it will be available at most grocery stores in the country.
One-year chart of stock performance, volume and moving average exponential of Beyond Meat (Source: EODHD/Others)
In the past five days, the average daily volume of shares traded was over 8 million. The BYND stock soared by 32.6 per cent last week. In the past year, Beyond Meat stock surpassed the NASDAQ Composite Index and grew about 16 per cent.
The shares were trading at US$ 142.61 apiece on Thursday, May 27, and investors could use this as an entry point as the 52-week high was US$ 221 on January 26, 2021.
In the first quarter ended April 3, 2021, the net revenues were up by 11 per cent year-over-year (YoY) to US$ 108.2 million and gross profit was US$ 32.7 million.
SunOpta Inc. (TSX:SOY)
The company offers plant-based and fruit-based foods and beverages. However, it generates maximum revenue from the plant-based segment. As per TMX, SunOpta's market cap is worth C$ 1.6 billion and it holds a price-to-earnings ratio of 16.3.
One-year chart of stock performance, volume and moving average exponential of SunOpta (Source: EODHD/Others)
In the past one year, SOY stock gained 148 per cent and outperformed the S&P/TSX Packaged Foods & Meats (Sub Industry) Index. Meanwhile, in the last six months, it surged by 24 per cent. The shares closed at C$ 15.11 on Thursday, May 27.
The adjusted EBITDA was US$ 18.3 million in Q1 2021, an increase of 33.5 per cent YoY.
Please note: The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others
