Food, considered vital for the existence of mankind, is a thriving business around the globe. The primary reason behind its success is the strong bond between food and consumers. Sources claim that the global food industry witnessed a record 20% on yearly basis during 2020. Based on the increase, the food industry climbed by $8.2 trillion mainly due to the coronavirus outbreak. The global pandemic confined people to their homes. The consumers loaded their carts while shopping before lockdowns which resulted in 76% increase of food sales. During lockdowns, the global food supply chain was disrupted. The food industry in the US is very vast and diverse with several subsectors. According to a report by Moody, it is expected that the food sales will decline during 2021 while a slight increase is expected during next year i.e., 2022 and beyond. Last year’s pandemic was disastrous for the food industry because people remained confined to their homes and there was a global ban on dine-out operations. As per a survey report by International Food Information Council, 60% of US citizens were of the view that they started cooking at home since the pandemic while 32% were of the view that they are snacking more. So, it means the overall global value of food witnessed an upward trend. This article discusses the Top 5 Food Stocks to Buy as shared by Insider Monkey in a Yahoo post.
Let’s start with the companies on the list. Tyson Food, Inc. is one of the biggest food companies. It is the largest processor of chicken, pork, and meat items. During December 2020, the share price of the company witnessed an increase. The company is considered as a leader in the food services and restaurant industry. According to an analysis by Insider Monkey a month ago:
“The stock of one of the largest processors of chicken, beef and pork in the world, is down by more than 22% since the beginning of the year as the company has been hit hard by the pandemic with several facilities closed over outbreaks. However, Tyson posted better than expected EPS and revenue for the last quarter and provided a strong full year-guidance, saying that it expects strong performance of its Beef and Pork segments and growth in Chicken and Prepared foods segments. The analyst suggested that a reopening of the economy as a vaccine is released will boost food service sales, although eat-at-home trends will also remain strong.”
Another food company is General Mills, Inc. The company is headquartered in Minnesota. The famous brands including Old El Paso, Cheerios and Haagen-Dazs are owned by General Mills, Inc. During the second fiscal quarter of 2021, the company reported a 7% increase in sales. To read more about other food stocks, visit 10 Best Food Stocks To Buy Now on Yahoo.
