Chocolate is one of the most popular sweet treats on the planet. Global annual sales are approaching $130 billion, making it one of the biggest food and beverage markets. As consumers in developing countries acquire more wealth, they consume more chocolate.
Chocolate is a favorite for many investors, too. A handful of snack food conglomerates dominate the industry. Given their size, growth is rather pedestrian. However, if you're after slower but more stable growth paired with dividend income, chocolate stocks can be a tasty option.
Investing in chocolate stocks in 2026
The production and sale of chocolate and related candy are largely controlled by a few massive multinational companies. The largest chocolate goods producer, Mars (responsible for world-famous candies such as Snickers and M&Ms), is privately owned by the Mars family. As for the publicly traded companies, here are the top stocks in the chocolate business we'll consider:
1. Nestlé
OTC: NSRGY
Key Data Points
Nestlé (NSRGY +0.03%) is a sprawling empire of food and household staples, as well as a top chocolatier. The Swiss company sells many sweets under the Nestlé name and has rights outside the U.S. to various candy bars, such as Butterfinger, Milky Way, and KitKat.
The company has grown its chocolate business over the years. In late 2023, Nestlé bought a majority stake in Grupo CRM, a premier chocolate company in Brazil. The company sells the Kopenhagen and Brazil Cacau brands.
Nestlé is a top brand in basic consumer staples and has a sizable presence in the global chocolate market. The food company isn't going to provide much in the way of growth, but its products are a daily essential for millions of households worldwide. Nestle stock also pays a decent dividend and has a long history of gradually boosting its shareholder payout.
2. Mondelez International
NASDAQ: MDLZ
Key Data Points
Mondelez (MDLZ -0.17%) is another snack food giant, and on the chocolate side, you'd know the company by its ownership of brands such as Oreo, Cadbury, Chips Ahoy!, Milka, and more. In 2025, it ranked No. 2 in the chocolate market, with a 12.3% share.
Mondelez is the former snacking division of Kraft Foods (now Kraft Heinz (KHC -0.84%)), which spun off the business to shareholders in 2012. The company has bulked up its chocolate business since then, buying premium chocolate company Hu in 2021 and leading Mexican chocolate and candy company Ricolino a year later. It also reportedly explored acquiring Hershey in late 2024.
This snacking specialist has also been expanding its presence in the health food segment as the global consciousness of healthy eating grows. It pays a dividend, too, and has consistently raised the payout since becoming an independent business.
3. Hershey
NYSE: HSY
Key Data Points
The U.S.-based chocolatier Hershey (HSY -3.95%) is responsible for some of the most popular candies around. Besides the various products bearing its name, the company also makes Reese's, Almond Joy, Heath, Milk Duds, York Peppermint Patties, and others, as well as an expansive portfolio of baking products. Hershey's has also been expanding into snacking, buying SkinnyPop, Dot's Homestyle Pretzels, Pirate's Booty, and LesserEvil in recent years.
Although the Swiss claim dominance in high-end chocolate, Hershey is one of the fastest-growing businesses on this list. Hershey's has organically grown its revenue at a 4.6% annual rate over the last seven years. Meanwhile, it has delivered double-digit annual earnings, free cash flow, and total shareholder return growth as its sweets and snacks brands have remained top of mind in North America and expanded into new international markets. Paired with the growth this business offers, Hershey also pays a dividend that it's been raising almost every year for decades.
4. Lindt & Sprungli
Next on this list is a premium chocolate leader: Switzerland-based Lindt & Sprungli (LDSVF -1.89%). It's one of the smallest stocks listed here, but also one of the fastest-growing big confectionery businesses. The holding company owns Lindt, Ghirardelli, Russell Stover, Caffarel, Hofbauer, and Küfferle.
Lindt distributes its chocolates worldwide through retail partners, but its own store base is a notable differentiator and attracts consumers in tourist and shopping areas with high foot traffic. The company aims to deliver 6%-8% annual organic sales growth over the medium- to long-term. Lindt doesn't have a very high dividend yield at the moment, but its higher growth rate more than makes up for that.
5. Kraft Heinz
NASDAQ: KHC
Key Data Points
While Kraft Heinz (KHC -0.84%) spun off most of its chocolate business when it created Mondelēz, the company still has some exposure to the chocolate market.
Kraft Heinz owns Baker's Chocolate, which sells bulk chocolates (including white and unsweetened) used by professional and home bakers. Additionally, the company's Jello-O brand sells chocolate-flavored instant puddings and pie fillings.
6. Tootsie Roll Industries
NYSE: TR
Key Data Points
Tootsie Roll Industries (TR -1.29%) is a family-run confectionery company that has been selling candies since 1896. The company sells many familiar candy brands, including Tootsie Roll, Andes Mints, Charleston Chew, and Cella's Chocolate-Covered Cherries. It uses chocolate to make many of its candies.
The company's growth rate slowed considerably in the first half of 2025 as customers became more resistant to higher prices. Tootsie Roll has been trying to pass through price increases to offset the impact of higher cocoa and chocolate prices.
7. The Simply Good Foods Company
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About the Author
Matt DiLallo has positions in Hershey. The Motley Fool has positions in and recommends Hershey. The Motley Fool recommends Kraft Heinz, Nestlé, and Simply Good Foods. The Motley Fool has a disclosure policy.
