No one can deny the solid long-term prospects of the plant-based meat industry, although the space has lost some of its sizzle of late. There has been a heated debate going on among analysts regarding the ongoing worries. Some blame food inflation for the slowdown in sales, while some say that consumers do not like the taste.

Overall, more and more people are now getting concerned about lifestyle changes and prefer healthy diets, justifying the prospects of the industry. Amid the backdrop, Beyond Meat, Inc. (BYND Quick QuoteBYND - Free Report) , Ingredion Incorporated (INGR Quick QuoteINGR - Free Report) and Walmart Inc. (WMT Quick QuoteWMT - Free Report) are well-poised to gain.

Vegan Food Market to Grow

According to data from Allied Market Research, the size of the vegan food market will touch a whopping $36.3 billion by 2030 compared with $19.7 billion in 2020. In general, vegan food products are basically meat-free or dairy-free, which are created from plant-based sources.

While resembling actual meat in terms of appearance and taste, meat substitutes will likely gain tremendous popularity. While mimicking the appearance of actual meat, the substitutes – derived from ingredients such as soy, wheat, and others – are healthier and will be increasingly preferred as an alternative to regular meat.

3 Stocks in the Spotlight

Considering the backdrop, we have shortlisted three stocks that are poised to gain. While two stocks carry a Zacks Rank #2 (Buy), one has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Beyond Meat has remarkable plant-based meat products and a vast addressable market. Although the continuing category headwinds are squeezing net revenues, the company is projecting a modest year-over-year growth in the top line for the third and fourth quarters of this year. #3 Ranked Beyond Meat is also expecting a meaningful improvement in gross margin in the second half of this year. BYND is likely to see bottom-line growth this year at more than 39%.

Ingredion is a well-known name for providing ingredient solutions for various industries that comprise plant-based foods. For creating meat alternatives and other plant-based products, Zacks #2 Ranked INGR usually works with manufacturers.

Through the Gardein brand, Walmart offers vegan meat that includes porkless bites, meatless meatballs and more. The Bentonville, AR-based retailer currently carries a Zacks Rank #2 and has seen positive earnings estimate revisions for fiscal 2024 and 2025.