The company has maintained a strong position with its chicken and pork offerings, fueling sales growth in its Meat Protein Group. However, investors should be more excited about the potential of its Plant Protein Group in the years ahead. Maple Leaf leadership noted the potential of this market when it moved ahead with the acquisition of the plant-protein company Lightlife back in 2018.

Back in July 2022, market researcher Future Market Insights valued the global plant-based food market at US$11.3 billion in 2023. The same report projected that this market would grow to US$35.9 billion by 2033. That would represent a compound annual growth rate (CAGR) of 12% over the decade covering 2023 to 2033.

Maple Leaf unveiled its second quarter (Q2) fiscal 2023 earnings on August 3. The company reported total sales growth of 6.2% to $1.26 billion. Meanwhile, adjusted operating earnings shot up 94% year-over-year to $45.9 million. The Plant Protein Group reported sales of $36.7 million in Q2 2023. Better yet, it posted adjusted EBITDA growth of 61% compared to the previous year. In the year-to-date period, the Plant Protein Group also reported improved adjusted EBITDA by 61% to a $23.6 million loss.

Shares of Maple Leaf stock are trading in favourable value territory compared to its industry peers at the time of this writing. Moreover, the stock offers a quarterly dividend of $0.21 per share. That represents a 2.9% yield.