Despite the recessionary fears raised by high inflation and consecutive rate hikes, food demand remains robust due to inelasticity. As food stocks are often considered excellent defensive investments, I think fundamentally strong Kellogg Company (K), Want Want China Holdings Limited (WWNTY), and Glanbia plc (GLAPY) are worth adding to your watchlists.
The food sector is expanding with advanced procedures, increased dining out spending, and a growing preference for fast food consumption. According to Statista, food market revenue will amount to $9.24 trillion in 2023 and is expected to grow at 7.3% CAGR until 2028.
