Image Source: Pexels

Introduction

The plant-based food industry is projected to grow significantly, with global market size estimates ranging from $44B to over $100B (source) by 2035, driven by consumer demand for sustainability, health, and innovation. 

Polaris Market Research reported in its Plant-Based Food Market Analysis that the plant-based food market has grown by 264% since 2017 and is expected to grow a further 211% between now and 2035 to $44.2B, a CAGR of 12.6% in the USA (and 11.4% in the U.K,,12.4% in the European Union, 12.2% in South Korea, and 10.8% in Japan). Meat substitutes lead the category with a 47.8% market share in 2025.

What Are Plant-based Foods?

Plant-based foods are dairy, meat, egg, seafood, and other substitutes developed or prepared from plant-based sources.

Our Pure-Play Plant-Based Food Stocks Portfolio

The vast majority of companies marketing plant-based foods do so as a sideline to their primary product offerings but there are 4 pure-play plant-based companies* and they are included in our Pure-Play Plant-Based Food Stocks Portfolio. Below is the focus of each constituent, how they performed last week, in descending order, and in October, along with their market capitalizations and the catalyst(s) contributing to the change in their stock price.

1. GURU Organic Energy Corp. (GUROF): No Change w/e November 7th; UP 37.1% in October
   • Focus: GUROF) is a beverage company that produces, markets, and distributes natural, plant-based, and organic energy drinks in Canada and the United States.
   • Market Capitalization: $97M
   • Catalyst(s):
     • GUROF reported its strongest quarterly (Q3) results to date, showing significant improvement in operational efficiency and marking a turning point for investor sentiment, especially given prior quarters of stagnation.
2. Oatly Group (OTLY): DOWN 3.8% w/e November 7th; DOWN 2.5% in October
   • Focus: manufactures and markets worldwide a range of plant-based dairy products made from oats.
   • Market Capitalization: $461M
   • Catalyst(s):
     • Analysts believe that Oatly may have saturated its core markets sooner than expected, shifting focus from aggressive growth to cost-cutting and this has dampened enthusiasm among growth-focused investors.
     • In addition, while Barclays maintains an Overweight rating, other brokerages have issued Hold recommendations, citing slower growth and margin compression.
3. Laird Superfood (LSF): DOWN 16.2% w/e November 7th; DOWN 11.3% in October
   • Focus: manufactures and markets plant-based natural and functional (i.e. foods that provide additional health benefits beyond their nutritional value) food products in the U.S. such as powdered and liquid coffee creamers, hydration and beverage enhancing supplements; hydrated coconut water products; roasted, and instant coffee, tea, hot chocolate products; snacks; and other food items.
   • Market Capitalization: $44M
   • Catalyst(s):
     • LSF reported lower-than-expected revenue and continued net losses in Q3, which disappointed investors hoping for a turnaround.
4. Beyond Meat (BYND): DOWN 16.3% w/e November 7th; DOWN 12.2% in October
   • Focus: engages in the development, manufacturing, marketing, and sale of plant-based meat products that replicates beef, pork, and poultry meats. 
   • Market Capitalization: $546M
   • Catalyst(s):
     • BYND postponed its Q3 earnings release to November 11, creating uncertainty and triggering investor concern
     • announced it would record a material non-cash impairment charge for certain long-lived assets which signaled underperformance in key business units and raised questions about asset efficiency.

*Please note: The 4 pure-play stocks in the Pure-Play Plant-Based Food Stocks Portfolio are just that, pure, and focused almost exclusively on the research, development, sales, distribution, and marketing of vegan food products and, as such, the Index reflects the true health of the plant-based food sector in the U.S. and Canada.

Chart Of Portfolio Performance YTD

Source of Chart: PortfoliosLab.com

Chart Comparing Performance of Portfolio Constituents YTD

Source of Chart: PortfoliosLab.com

Summary:

The Portfolio was DOWN 6.2% w/e November 7th, and was unchanged in October. Despite the glowing projection of significant growth as presented in the Introduction the Portfolio is unchanged YTD.

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