10 Best Confectionery, Cookie and Snack Stocks to Buy

Published April 30, 2023 at 1:05 pm EDT Updated September 7, 2026 at 11:55 am EDT

In this article, we will be taking a look at the 10 best confectionery, cookie and snack stocks to buy.

Within the larger food industry, the snack food products market is one of the largest and most profitable segments today. It offers a range of products that are consumer favorites today, making the market an indispensable part of the food industry. Even in times of economic turmoil, the food and beverage industry, and within it, the snack industry, were among the few that managed to fare well because of consumer bulk buying. For example, during the COVID-19 pandemic, many consumers continued to stock up on essential snack products when restaurant dining became more difficult during global lockdowns. As such, this market has remained a highly popular and increasingly attractive investment opportunity for many investors and hedge funds today.

According to a Fortune Business Insights report on the snack food products market forecast between 2022 and 2029, this market was worth about $557.85 billion in 2021. By 2029, this figure is forecasted to reach $838.6 billion, growing at a compound annual growth rate of 5.3% during the forecast period. The report also mentioned the impact of the COVID-19 pandemic on this market, stating that during this time, the snack food products market experienced higher-than-anticipated demand across the globe. Between 2019 and 2020, for instance, the market grew by 3.67%.

As a result of these trends and developments, snack food companies such as the Kellogg Company (NYSE:K), Tootsie Roll Industries, Inc. (NYSE:TR), and PepsiCo, Inc. (NASDAQ:PEP) have been benefitting greatly, with many investors beginning to view them in a new light. Consumers and investors, part of the millennial cohort, in particular, are some of the main contributors to this benefit. However, there are many other new trends that are helping the market grow.

New Trends in the Snack Food Products Market

Fortune Business Insights noted that over the past few years, there has been a growing trend of consumer preference for flavored snacks compared to conventional snacks, as many consumers today are beginning to prefer fusion flavors. As a result, flavored snack products offered by several snack companies are beginning to rake in profits. For example, Cheez-Its, a flavored snack offered by the Kellogg Company, has continued to remain a consumer favorite today. Other companies are also beginning to expand their range of flavored snack products. PepsiCo, Inc., for instance, is offering more versions of flavored potato chips under the Lay’s brand than it did before, including the Yoghurt and Herb, Chesapeake Bay Crab Spice, and Grilled Cheese and Tomato Soup flavors.

Another new trend within the snack food market is the rising demand for vegan and allergen-free snacks. Today, many consumers are more health conscious and are looking to adopt vegan diets while taking note of the contents of their snacks to ensure none of them are likely to trigger underlying allergies. As a result of this, many snack food industry companies have made vegan cookies, bars, and other snacks more available in the market. An example of a food company taking this route is Upfield, a Dutch food company, which launched its first vegan cheese brand under the name of Violife in July 2021. The product is now available in the form of cheese slices, boxes, and grated cheese.

All in all, the new trends rising in the food and snack industry show that it is continuing to perform well in 2023. As a result, many investors today are looking to cash in on major companies operating within this space. In light of this, we have compiled a list of the best confectionary, cookie and snack stock to buy today.

Pixabay/Public Domain

Let’s now take a look at the 10 best confectionary, cookie and snack stocks to buy.

Our Methodology

To compile our list below, we selected the top confectionery, cookie, and snack stocks in the market today based on hedge fund sentiment. We used Insider Monkey’s hedge fund data for the fourth quarter, when 943 hedge funds were tracked, for this purpose. The stocks are thus ranked based on the number of hedge funds holding stakes in them, from the lowest to the highest number. We also used data from TipRanks to show the upside potential of the stocks alongside analyst ratings and price targets.

Best Confectionery, Cookie and Snack Stocks to Buy

10. Tootsie Roll Industries, Inc. (NYSE:TR)

Number of Hedge Fund Holders: 12

Tootsie Roll Industries, Inc. manufactures and sells confectionery products in the US, Canada, Mexico, and internationally. It is based in Chicago, Illinois.

Shares of Tootsie Roll Industries, Inc. are up by 24.67% over the past year. The company is forecasted to grow its revenue by 15% until 2026. Tootsie Roll Industries, Inc. is also expected to maintain a stable gross margin of 34.5% during 2023.

GAMCO Investors was the largest shareholder in Tootsie Roll Industries, Inc. at the end of the fourth quarter, holding 83,400 shares. In total, 12 hedge funds were long the stock, with a total stake value of $25.2 million.

Tootsie Roll Industries, Inc., like Kellogg Company, Tootsie Roll Industries, Inc., and PepsiCo, Inc., is a snack stock many investors are eyeing today.

9. J&J Snack Foods Corp. (NASDAQ:JJSF)

Number of Hedge Fund Holders: 13

J&J Snack Foods Corp. manufactures and distributes nutritional snack foods and beverages in the US, Mexico, and Canada. Its products include soft pretzels under brands like SuperPretzel and Pretzel Fillers, and more.

Analysts have placed an average price target of $175 on J&J Snack Foods Corp.. The shares were trading at $153.20 on April 30. This gives the stock an upside potential of 14.23%. In the fiscal first quarter of 2023, J&J Snack Foods Corp. generated revenues of $351.34 million. This represented a revenue growth of 10.32% year-over-year. With one Buy rating placed on the stock, analysts on Wall Street consider it to be a Moderate Buy.

J&J Snack Foods Corp. was found among the 13F holdings of 13 hedge funds in the fourth quarter, with a total stake value of $60.8 million.

8. TreeHouse Foods, Inc. (NYSE:THS)

Number of Hedge Fund Holders: 18

TreeHouse Foods, Inc. (NYSE:THS) manufactures and distributes private-label foods and drinks in the US and internationally. Its snacking products include crackers, pretzels, in-store bakery items, and more.

On March 19, Cody Ross, an analyst at UBS, initiated coverage of TreeHouse Foods, Inc. shares with a Buy rating and a $60 price target.

Analysts have placed an average price target of $56.50 on TreeHouse Foods, Inc. shares, which were trading at $53.25 on April 30. This gives the stock an upside potential of 6.1%. They also see TreeHouse Foods, Inc. as a Moderate Buy since the stock has one Buy rating and one Hold rating.

There were 18 hedge funds long TreeHouse Foods, Inc. in the fourth quarter, with a total stake value of $330 million. JANA Partners was the largest shareholder in the company, holding 4.7 million shares.

FPA Queens Road, an investment management firm, mentioned TreeHouse Foods, Inc. in its first-quarter 2021 investor letter. Here’s what the firm said:

“TreeHouse Foods, Inc. (NYSE:THS), a manufacturer and distributor of private label food, announced in November 2021 a plan to explore strategic alternatives. The company has been under pressure from activist investor Jana Partners. The company has resisted a sale of the entire business but continues to look for strategic divestitures. While the company appears reasonably valued, we are concerned about its long-term outlook and have reduced our holdings.”

7. Campbell Soup Company (NYSE:CPB)

Number of Hedge Fund Holders: 24

Campbell Soup Company (NYSE:CPB) is a packaged foods and meat company based in Camden, New Jersey. Its Snacks segment offers Pepperidge Farm cookies, crackers, fresh bakery, and frozen products.

Matthew Smith, an analyst at Stifel, resumed coverage of Campbell Soup Company shares with a Hold rating on April 13.

In the fiscal second quarter of 2023, Campbell Soup Company generated revenues of $2.49 billion, beating analyst estimates by $55.55 million. This also represented a revenue growth of 12.49% year-over-year. Campbell Soup Company is also a dividend stock with a yield of 2.73% as of April 30.

Our hedge fund data shows 24 hedge funds long Campbell Soup Company in the fourth quarter. Their total stake value was $641 million.

6. Kellogg Company (NYSE:K)

Number of Hedge Fund Holders: 26

Kellogg Company manufactures and markets snacks and convenience foods. Some of its brands include Kellogg’s Cheez-it, Pringles, and Eggo.

Morgan Stanley’s Pamela Kaufman holds an Equal Weight rating on Kellogg Company shares as of April 11.

The average price target placed on Kellogg Company by Wall Street analysts is $72.40. The shares were trading at $69.77 on April 30. This gives the stock an upside potential of 3.77%. Kellogg Company generated revenues of $3.83 billion in the fourth quarter, representing a revenue growth of 12.01% year-over-year.

Humankind Investments was the largest shareholder in the company at the end of the fourth quarter, holding 7,159 shares. A total of 26 hedge funds held stakes in Kellogg Company, with a total stake value of $522 million.

Kellogg Company, like Tootsie Roll Industries, Inc. and PepsiCo, Inc., is a snack stock that is highly popular among hedge funds today.

5. Post Holdings, Inc. (NYSE:POST)

Number of Hedge Fund Holders: 35

Post Holdings, Inc. (NYSE:POST) is a consumer packaged goods holding company. Its products include branded and private-label ready-to-eat cereal, peanut and nut butter, and more.

On April 13, Matthew Smith at Stifel resumed coverage of Post Holdings, Inc. shares with a Buy rating.

Analysts have placed an average price target of $104.50 on Post Holdings, Inc. shares, which were trading at $90.49 on April 30. This gives the stock an upside potential of 15.48%.

Post Holdings, Inc. had 35 hedge funds long its stock in the fourth quarter. Their total stake value was $1.01 billion.

Diamond Hill Capital Management, an investment advisor, mentioned Post Holdings, Inc. in its second-quarter 2022 investor letter. Here’s what the firm said:

“On an individual holdings’ basis, top contributors to return in Q2 included Post Holdings, Inc. (NYSE:POST), UFP Technologies (UFPT) and First Interstate BancSystem (FIBK). Diversified food company Post Holdings is benefiting from solid organic revenue growth and a recovery in its foodservice business. In general, its management has been a good allocator of capital, creating value while moving away from its legacy cereal business toward faster growing segments like nutrition products.”

4. The Hershey Company (NYSE:HSY)

Number of Hedge Fund Holders: 37

The Hershey Company (NYSE:HSY) manufactures and sells confectionery products and pantry items. Its products include chocolates, mints, spreads, snack bites, popcorn, and more.

On April 28, BofA analysts reiterated a Buy rating on The Hershey Company shares.

Analysts see The Hershey Company as a Moderate Buy since the stock has five Buy ratings and nine Hold ratings. In the fiscal first quarter of 2023, the company generated revenues of $2.99 billion, representing a growth of 12.05% year-over-year.

There were 37 hedge funds long The Hershey Company in the fourth quarter, with a total stake value of $1.3 billion.

3. General Mills, Inc. (NYSE:GIS)

Number of Hedge Fund Holders: 40

General Mills, Inc. (NYSE:GIS) manufactures and markets branded consumer foods. Its products include cereals, snack bars, fruit and salty snacks, ice cream, and more.

Stifel’s Matthew Smith resumed coverage of General Mills, Inc. shares with a Buy rating on April 13.

Analysts have placed an average price target of $90.08 on General Mills, Inc. shares. The stock was trading at $88.63 on April 30. This gives it an upside potential of 1.64%.

Our hedge fund data shows 40 hedge funds long General Mills, Inc. in the fourth quarter, with a total stake value of $775 million.

2. Mondelez International, Inc. (NASDAQ:MDLZ)

Number of Hedge Fund Holders: 46

Mondelez International, Inc. (NASDAQ:MDLZ) manufactures snack food and drinks for sale. It offers products such as cookies, crackers, salted snacks, snack bars, and more.

Matthew Smith at Stifel holds a Buy rating on Mondelez International, Inc. shares as of April 28.

Analysts see Mondelez International, Inc. as a Strong Buy since the stock has 14 Buy ratings and two Hold ratings. The company generated revenues of $9.17 billion in the fiscal first quarter of 2023, representing a revenue growth of $18.06% year-over-year.

In total, 46 hedge funds were long Mondelez International, Inc. in the fourth quarter. Their total stake value was $1.5 billion.

1. PepsiCo, Inc. (NASDAQ:PEP)

Number of Hedge Fund Holders: 70

PepsiCo, Inc. is a consumer staples company that offers food and beverage products. Its snack products include cheese-flavored snacks, tortilla chips, granola bars, and more under various brands like Lay’s, Doritos, and Cheetos.

An Overweight rating was reiterated on PepsiCo, Inc. shares on April 27 by Barclays analysts.

Analysts have placed an average price target of $196.46 on PepsiCo, Inc., which was trading at $190.89 on April 30. This gives the stock an upside potential of 2.92%.

PepsiCo, Inc. was found among the 13F holdings of 70 hedge funds in the fourth quarter, with a total stake value of $4.4 billion.

Madison Investments, an investment advisor, mentioned PepsiCo, Inc. in its first-quarter 2023 investor letter. Here’s what the firm said:

“PepsiCo, Inc. (NASDAQ:PEP) announced that it will commit $3.3 million in funds toward water replenishment projects across North America. These projects aim to reduce absolute water use and replenish back into the local watershed more than 100% of the water used at company-owned and third-part sites in high water-risk areas.”