The plant-based food trend is taking North America by storm, driving up demand for plant-based foods stocks. In fact, the vegan food market has massive global growth potential, with Allied Market Research saying it could grow at an impressive rate of 6.4% every year for the next 7 years.

With some product categories like plant-based meat and oat milk set to grow even faster, there’s never been a better time to get in on the action and invest in plant-based stocks. We have healthy eating trends and greater environmental awareness to thank for the momentum behind the vegan movement, combined with advances in technology leading to economies of scale that make production more efficient than ever before.

Beyond Meat (BYND)

To be fair, many would argue that Beyond Meat (NASDAQ:BYND) stock is a screaming sell at this time. The once-famed plant-based meat producer is generating a negative 5.6% revenue growth on a year-over-year basis which pales in contrast to its 5-year average of 96% growth. The firm has struggled to grow its top and bottom lines in the current economic environment. However, their commitments to innovation, footprint expansion, and recent efforts to streamline operations have me interested in BYND stock’s future.

Beyond Meat is the undisputed king in the plant-based meat industry. Before the pandemic, its sales were up by spectacular triple-digit margins, although growth has slowed dramatically. Moreover, its products are available at roughly 130,000 retail locations in over 90 countries.

Despite a torrid outing at the stock market last year, and a tumultuous cash burn, BYND stock is looking to expand its footprint. It’s expanding its partnership with 100 Metro China and offering its Beyond Steak to leading retail membership clubs, including Costco and Sam’s Club. Moreover, with its stock down to multi-year lows, BYND stock presents itself as a worthwhile speculative bet.

Oatly (OTLY)

Oatly (NASDAQ:OTLY) has revolutionized the dairy market as the largest oat milk producer in the world. You’ll find Oatly products virtually everywhere, from Starbucks to local mom-and-pop cafes. Consequently, its top line has expanded at a healthy pace over the past few years, with year-over-year sales growth at over 22%. However, its stock has shed over 70% of its value in the past year, languishing in the penny stock territory. Additionally, it could be an interesting long-term opportunity in the space, given the stellar potential of the oat milk market, which is estimated to grow over 6% through 2033.

The lack of production capacity has primarily hampered Oatly’s operating performance. For the most part, the demand for its products has outstripped supply globally, which it plans to remedy by opening up new facilities and operating a hybrid production model. The strategy is already paying dividends in Sweden, where it’s shown that in-house production leads to superior unit economics.

Ingredion (INGR)

Ingredion (NYSE:INGR) is among the largest plant-based stocks in terms of its $6.48 billion market cap. At the moment, it caters to 19,000 customers across 120 countries, standing out for its commitment to sustainability and efficiency. Moreover, it boasts an impressive track record of growing sales over the past five years.

Recent trends have opened up exciting new opportunities for the firm’s Specialty Ingredients, with more consumers looking for plant-based products with more protein, dietary fiber, and better texture. The firm is effectively catering to this demand by leveraging pulse-based proteins to create superior products. The company has recognized the potential; estimating that by 2025 Specialty Ingredients will generate a remarkable 40% of INGR’s $8 billion in sales, nearly double its contribution in 2015.