The current generation of investors might associate massive gains with tech stocks. Indeed, such stocks have changed how people do specific activities, and investors tend to respond well to such transformations.

However, such changes also occur outside of tech, and this has not precluded the success of a few consumer stocks, which have also earned massive gains. Although they may not generate the interest of tech counterparts, one should not ignore growth stocks such as Tractor Supply (TSCO 3.26%) and Monster Beverage (MNST 0.41%).

1. Tractor Supply

Tractor Supply bills itself as a "rural lifestyle retailer." It targets recreational farmers, ranchers, pet owners, gardeners, and other demographics. It operates nearly 2,200 Tractor Supply locations in 49 states and 189 Petsense stores.

Nearly all of these stores are in rural or suburban locations, and the stock steadily increased as more people moved to such areas. That growth accelerated in 2020 when the pandemic led many people to move out of cities in search of more space, effectively increasing Tractor Supply's customer base.

Since its 1994 IPO, Tractor Supply's shares rose more than 54,000%, meaning a $10,000 investment would hold a value of about $5.4 million today.

The increases continue. In its fiscal 2023 first quarter (which ended April 30), the company's revenue grew 9% year over year to $3.3 billion. Revenue increased 12% in 2022, but spring weather trends in the Northeast and Midwest hindered its growth in fiscal Q1.

Also, a significant increase in operating expenses weighed on the company. Consequently, net income in fiscal Q1 dropped 2% year over year to $183 million.

These factors weighed on the stock, and it is down year to date. Still, its price-to-earnings ratio is 23, a relatively low level considering that its earnings multiple has rarely fallen below 20 over the last 10 years.

Also, the factors that dragged on the company's growth in recent quarters are likely to prove temporary, which suggests that the stock's struggles this year should probably be viewed as a buying opportunity.

Tractor Supply may not offer the excitement of many tech stocks. Nonetheless, as more people move to rural and suburban communities, and look to spend money on their properties and pets, Tractor Supply's growth story is likely not over.

2. Monster Beverage

Monster Beverage -- originally known as Hansen's Natural -- led the way in the energy drink market. So successful were its energy drinks that it rebranded itself as Monster Beverage. Soon after that, in 2015, it sold the non-energy drink part of the business to Coca-Cola.

Since then, Monster Beverage has been an acquirer. Amid competition from Celsius Holdings, it will acquire Vital Pharmaceuticals, which makes Bang energy drinks. The addition of this brand and its revenue should bode well for the stock long term.

Not that it has not risen before. Since the beginning of 2000, it has clinbed about 125,400%, taking a $10,000 investment to around $12.5 million.

Despite that impressive performance, the stock receives relatively little coverage. In the first quarter of 2023, net sales rose 12% year over year to $1.7 billion. That was only slightly less than its 14% revenue growth in 2022. Monster increased prices in both periods as costs rose, though foreign currency impacts appeared to hurt its Q1 sales result.

Nonetheless, operating income rose during that time. As a result, net income in Q1 surged 35% over the previous year to $397 million.

Amid this rapid growth, the company's price-to-earnings ratio has become elevated -- at 46, it's near a five-year high. Admittedly, investors should not expect Monster stock to repeat its massive gains of the past.

Still, analysts predict its double-digit percentage revenue growth to continue and foresee a 39% increase in net income. Given those rates of growth, investors will likely continue to buy the stock despite its currently high earnings multiple.