2023 Saw A Resurgence in the Plant Based Investment Market

Increasing environmental awareness, coupled with concerns about animal welfare and food insecurity, is propelling plant-based foods to the forefront of consumer choices.  As the global appetite for plant-based options continues to grow, three companies perhaps provide a microcosm of the positivity in the market for those companies who have an ambition to drive the future direction of the industry and these companies exemplify innovation and resilience in the evolving food industry landscape.

1. Oatly Group (OTLY): Pioneering Oat-Based Innovation

Oatly Group (NASDAQ:OTLY) stands at the forefront as the global pioneer in oat-based drinks. Beyond its renowned oat drink, the company is making waves with eco-friendly initiatives, such as introducing plant-based milk on German trains and integrating electric trucks into its North American fleet. Oatly’s commitment to sustainability and innovative product offerings positions it as a promising player in the burgeoning oat milk market.

2. Ingredion (INGR): Pea Protein Powerhouse

Global ingredient solutions leader Ingredion (NYSE:INGR) has carved a niche in the plant-based food sector, notably with North America’s first facility dedicated to pea protein isolate and pea starch. Boasting impressive financial performance, including a 29.83% growth in forward operating cash flow, Ingredion’s focus on pea protein innovation aligns with evolving consumer preferences towards health-conscious eating.

3. Nomad Foods (NOMD): European Dominance in Plant-Based Frozen Foods

Nomad Foods (NYSE:NOMD), with a robust market capitalization of $3 billion, commands the European frozen food market with renowned brands like Birds Eye and Findus. Beyond frozen vegetables, Nomad Foods excels in plant-based meat alternatives, offering popular items like plant-based chicken nuggets and fish sticks. Strong financials, including an 8.5% YoY increase in revenue and a remarkable 88.6% YoY growth in operating cash flow, position Nomad Foods as a compelling player with significant upside potential.


The key for all manufacturers is a dedication to invest in research and development, particularly in crafting plant-based products that mirror the taste and texture of animal-based foods, position these companies well for the future:

  • Oatly’s commitment to sustainability;
  • Ingredion’s pea protein innovations; and,
  • Nomad Foods’ dominance in the European frozen food market underscore the sector’s resilience and potential for future gains.