How Food Stocks Spoiled in 2023

Companies making packaged food were among the most notable U.S. stock underperformers of the year, and the causes were many. Next year might look better, if only by comparison.

In a year when the S&P 500 has gained 24% so far, Campbell Soup, J.M. Smucker and General Mills have all declined between 21% and 24%. The list goes on: Conagra Brands, maker of Hunt’s tomato products and Marie Callender’s frozen meals, is down 26%. Kraft Heinz is a relative outlier, having declined just 11%.