Chocolate is one of the most popular sweet treats on the planet. Global annual sales are approaching $135 billion. As consumers in developing countries acquire more wealth, they consume more chocolate. That's driving steady growth in the chocolate market of about 4% per year.
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 -0.62%) is a sprawling empire of food and household staples and a top chocolatier. The Swiss company sells many sweets under the Nestlé name and has the rights outside of 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 for investing in basic consumer staples, and it 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 around the globe. Nestle stock also pays a decent dividend along the way and has a long history of gradually boosting its shareholder payout over time.
2. Mondelez International
NASDAQ: MDLZ
Key Data Points
Mondelez (MDLZ +1.54%) 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 as the No. 2 player in the chocolate market, with a 12.3% share of the market.
Mondelez is the former snacking division of Kraft Foods (now Kraft Heinz (KHC +1.49%)), 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 the possibility of acquiring Hershey in late 2024.
This snacking specialist is another slow-grower, but it's been tightening up expenses and raising profitability over the past decade. Mondelez 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 been consistently raising since it became an independent business.
3. Hershey
NYSE: HSY
Key Data Points
The U.S.-based chocolatier Hershey (HSY +1.33%) 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 returns growth as its sweets and snacks brands have remained top of mind in North America and expanded into new markets internationally. 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
NASDAQ: KHC
Key Data Points
While Kraft Heinz (KHC +1.49%) 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 +1.45%) 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
NASDAQ: SMPL
Key Data Points
The Simply Good Foods Company (SMPL +1.19%) is a consumer packaged food and beverage company. Its portfolio features the Quest, Atkins, and OWYN brands. It sells a variety of nutritional snacks and beverages such as high-protein chips, bars, ready-to-drink shakes, and low sugar, low carb sweets and baked goods.
Many of the company's products feature chocolate. For example, Atkins sells chocolate creme wafer crisps, chocolate chip cookies, chocolate shakes, and chocolate-covered treats. Meanwhile, OWYN makes many chocolate-based shakes and protein powders; many Quest bars, cookies, candy, and drinks feature chocolate.
Benefits and risks of investing in chocolate stocks
Investing in chocolate stocks has its pros and cons. Some of the benefits include:
- Steady growth: Demand for chocolate tends to be fairly stable and steadily growing.
- Income: Many publicly traded chocolate companies pay dividends.
On the other hand, some cons include:
- Changing consumer tastes: Chocolate companies need to innovate as consumer tastes change, including the current trends towards healthier options with less sugar.
- Cocoa prices: Cocoa costs can be volatile. While many chocolate companies aim to pass through cost inflation to customers by raising prices, many consumers have started to buy less chocolate in response to rapidly rising prices.
Related investing topics
Are chocolate stocks a good investment?
As part of the consumer staple sector of the stock market, chocolate isn't the highest-growth investment theme out there. However, the demand for chocolate and other sweets isn't going away anytime soon. In fact, chocolate sales are still rising as consumers in developing markets join the middle class, and previously out-of-reach products such as chocolate have become a more regular part of the grocery shopping list.
If gradual growth accompanied by dividend income is what you're after, these chocolate stocks could be right up your alley.
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