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 2025
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:
| Name and ticker | Market cap | Dividend yield | Industry |
|---|---|---|---|
| Nestlé (OTC:NSRGY) | $244.3 billion | 3.81% | Food Products |
| Mondelez International (NASDAQ:MDLZ) | $70.7 billion | 3.49% | Food Products |
| Hershey (NYSE:HSY) | $36.7 billion | 3.03% | Food Products |
| Chocoladefabriken Lindt & Sprüngli Ag (OTC:CHLS.Y) | $13.9 billion | 1.26% | Food Products |
| Kraft Heinz (NASDAQ:KHC) | $29.0 billion | 6.53% | Food Products |
| Tootsie Roll Industries (NYSE:TR) | $2.7 billion | 0.96% | Food Products |
| Simply Good Foods (NASDAQ:SMPL) | $1.9 billion | 0.00% | Food Products |
1. Nestlé
OTC: NSRGY
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NASDAQ: MDLZ
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3. Hershey
NYSE: HSY
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The U.S.-based chocolatier Hershey (HSY -1.03%) 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
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NYSE: TR
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NASDAQ: SMPL
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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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