Innovation is a thriving concept in the food industry, courtesy of consumer’s enthusiasm to try new products. Among the several unique food options flooding the market currently, plant-based protein items have been gaining much attention. Consumers are becoming increasingly aware of the health benefits of plant-based food and meat products, compared to animal-sourced food. In fact, such food options are considered as a useful source of protein by people who practice vegan-dining. Moreover, most plant-based food alternatives are touted to contain less artificial ingredients and preservatives, thus making them quite healthy.
Speaking of health, the year 2020 has been a challenging one as we adopted several lifestyle changes to prevent COVID-19 infection. Stay-at-home habits amid the pandemic led to a rise in at-home dining practices. As a result consumers continued to stock up their pantries with essentials required to cook at home. Plant-based protein food also witnessed a spike during this period, as consumers inclined toward safe eating habits. Moreover, the coronavirus outbreak across meat processing facilities led to shortages, putting the spotlight on plant-based protein alternatives. The pandemic also led many to contemplate ways of inculcating better eating habits to boost immunity and reduce environmental impact. As a result, a growing number of plant-based food and meat brands have been appearing on grocery shelves. The growing demand for plant-based food, especially meat alternatives, has led many companies to invest significantly in this arena. Companies like Beyond Meat Inc. ( BYND Quick Quote BYND - Free Report) and Impossible Foods Inc. provide a variety of plant-based brands with unique flavors and ingredients. In fact, industry experts believe that plant-based protein is likely to emerge as a major disruptor in the conventional meat market. Clearly, the prospects for plant-based protein food alternatives look bright as we step into 2021. Investors may, therefore, consider keeping a close watch on some of the stocks that cater such products and are poised to grow on their solid brand recognition and sturdy offerings. Price Performance 3 Stocks to Keep a Close Eye on
First on our list is
Ingredion Incorporated ( INGR Quick Quote INGR - Free Report) . The company specializes in producing starch and sweeteners for various industries. It also offers a range of other food items including dressings, oil and mayonnaise. It also offers plant-based protein, which is used in processing food items such as bakery, cereals, snacks and meat substitutes. Markedly the company’s portfolio of plant based protein primarily consists of isolates, concentrates and flours. Markedly, shares of this Zacks Rank #3 (Hold) company have improved 5.9% in the past three months. Moreover, the Zacks Consensus Estimate for 2021 earnings indicates growth of 7.9%, from the year-ago levels. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Tyson Foods, Inc. ( TSN Quick Quote TSN - Free Report) is another potential pick. The company specializes in producing and distributing chicken, beef, pork, and prepared food products. It offers a range of plant-based food and blended products under the Raised and Rooted brand. In fact, the brand’s plant-based nuggets are quite popular. The company has been coming up with new offerings under the plant-based banner to cater to retail and foodservice segments. This Zacks Rank #3 company’s shares have moved up 7.2% in the past three months. The company has a long-term earnings growth rate of 3.2%. Moreover, the Zacks Consensus Estimate for fiscal 2021 sales suggests an improvement of 1.3%, from the year-ago levels. Archer Daniels Midland Company ( ADM Quick Quote ADM - Free Report) specializes in manufacturing and selling a range of food and beverage ingredients, and products made from various agricultural inputs. The company has also been offering a range of plant-based food ingredients including isolates, flour, and concentrates. It has been undertaking prudent partnerships to cater to the growing demand for meat-alternatives. This Zacks Rank #3 company has also been investing extensively in reach and development for developing new plant-based protein solutions to cater to the evolving needs of the food industry. Shares of the company improved 6.1% in the past three months. The Zacks Consensus Estimate for 2021 sales and earnings indicates a rise of 3.2% and 6.2%, respectively, from the year-ago levels. Zacks Top 10 Stocks for 2021
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