Investors lose appetite for vegan stocks: Shares in meat and dairy alternatives crash to earth whilst meat producers stage comeback

  • eToro undertook analysis to create vegan and meat baskets for listed stocks
  • Six of the vegan stocks in the basket have been recent IPOs, with an average 77% drop in value since listing
  • Over two years, meat stocks have returned 7% vs -36% for vegan stocks
  • Vegan-friendly drink maker Celsius Holdings is carrying the category, thanks to phenomenal growth


Monday 31st October – Investors have lost their appetite for so-called ‘vegan stocks’ in the last 12 months whilst shares in traditional meat producers have fared far better.

As the world marks World Vegan Day (November 1st), data compiled by social investing platform eToro shows that a basket of 10 of the biggest vegan stocks would have seen its value fall by 51% over the last 12 months, and by 36% over the previous two years. An equivalent basket of shares of the most renowned meat producing companies would have lost investors only 12% in the last year and gained 7% over the last two years, in US dollar terms.

This is a reversal in the trend seen in prior years, when the price of vegan stocks soared. Over a longer period, the vegan basket would still have been a better investment than the meat basket, returning 38% vs -10% over a three-year period, and 20% versus 5% over five years. This is solely down to the phenomenal growth of vegan-friendly drink maker Celsius Holdings, which has seen its share price jump over 1,500% in five years.

Over a five-year period, neither basket would eclipse the returns provided by the Nasdaq, which is up 67%, but both have performed far better than the FTSE100 in this timeframe, down 5%.

Time invested Meat basket of stocks Vegan basket of stocks Nasdaq FTSE100 Meat vs Vegan
1 year -12% -51% -28% -3% 39%
2 years 7% -36% -4% 22% 44%
3 years -10% 38% 35% -3% -47%
5 years 5% 20% 67% -5% -15%

Share price data taken at market close 26/10/2022. Index performance calculated in USD terms

As well as Celsius Holdings, the vegan basket included well known meat and dairy substitute companies such as Beyond Meat and Oatly, both of which have seen their share price plummet in 2022, not long after listing on the Nasdaq. The basket was also composed of vegan-focused brands in other sectors, for example, the cosmetics company ELF Beauty. The meat stock basket included meat producing giants such as Brazilian firm JBS, the largest meat processing company in the world, and US meat producer Tyson Foods.

Commenting, Ben Laidler, Global Markets Strategist at eToro, said:  “Many of the so-called vegan stocks soared during the broader VC and tech boom of the last few years but they are now crashing down to earth amid tough market conditions, high interest rates and recession risks. Many of these stocks have performed dreadfully after relatively recent listings, though successes such as Celsius show that there are certainly opportunities in this space.

“In terms of what’s driving recent trends, whilst vegan adoption continues to build, protein incumbents and established food giants are now fighting back and expanding into new non-meat product lines, leveraging their scale and distribution advantages. Traditional meat stocks’ performance has been slow and steady and these companies are likely to now be benefiting from consumers trading down to cheaper protein sources in the face of the cost of living crisis, whilst investors are leaning more towards staple value stocks in the current climate.”

Vegan stocks Share price in 2022 Performance over 5 years Meat stocks Share price in 2022 Performance over 5 years
Beyond Meat -79% N/A Tyson -22% -5%
Oatly -73% N/A Hormel -6% 51%
Local bounti -54% N/A BRF* -40% -83%
Tattooed chef -73% N/A Pilgrims Pride -20% -27%
AppHarvest -57% N/A Archer Daniels 40% 115%
Ingredion -12% -31% JBS* -31% 88%
Olaplex Holdings -84% N/A WH Group* -16% -46%
ELF Beauty 35% 96% Marfrig* -50% 0%
Celsius Holdings 21% 1,561% Minerva* 34% -29%
National Beverage -4% -8% NH Foods* -32% -56%

*All share price data accurate as of market close 26/10/2022. *Performance in US dollars.


Notes to editors

About this data

Share price data was taken from Refinitiv as of market close 26/10/2022. Meat and Vegan Basket performance and Individual stock price performance  table presented in US dollar terms for comparison purposes. 

The selection of the stocks in each basket was based on the largest market capitalization stocks listed globally with substantial revenue exposure to either animal proteins (beef, chicken, pork) or vegan trends (alternative proteins, beverages, cosmetics, ingredients).

Both baskets are equally weighted, comprising 10 stocks.

Many of the Vegan basket stocks have recently listed given the fast growing nature of the category and the IPO boom: Olaplex – October 2021. Oatly – May 2021. Local Bounti – April 2021. AppHarvest – June 2020. Beyond Meat – May 2019. Tattooed chef – September 2018. Their average price decline from the IPO has been a whopping -77%.

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