Investors should spare a few bucks for the most promising consumer goods stocks. Essentially, consumer goods represent anything that regular folks buy for personal use. This contrasts with capital goods, which companies utilize to produce other goods. Further, many of the businesses undergirding consumer goods stocks tend to feature some level of demand inelasticity. In other words, no matter what happens in the economy, people will continue to acquire certain products. Although it’s a cynical way to profit, it’s also incredibly effective. That might be even more so due to present troubling circumstances.

For this list of intriguing publicly traded companies, we’re going to discuss financially stable enterprises that feature a consensus analyst opinion of moderate buy or its equivalent. So, without further ado, below are the most promising consumer goods stocks for 2023.

Ingredion (INGR)

A multinational ingredient provider, Ingredion (NYSE:INGR) mainly produces starches, non-GMO sweeteners, stevia, and pea protein. For one of the consumer goods stocks – which tends to be a boring sector – INGR enjoyed a solid start. Since the Jan. opener, shares moved up over 3%. And in the trailing year, they gained nearly 17% of equity value.

Although it’s not the most robust organization in terms of financials, Ingredion holds its own. On the balance sheet, the company posts an Altman Z-Score of 3.3, indicating low bankruptcy risk. Operationally, its three-year revenue growth rate of 5.1% beats out the median stat of 4.5%. On the bottom line, Ingredion’s net margin of 5.77% ranks better than 65.28% of the competition.

Looking to Wall Street, covering analysts peg INGR as a consensus moderate buy. Their average price target stands at $111.67, implying upside potential of nearly 11%. Also, sentiment among hedge funds rates as “very positive.”

Coca-Cola (KO)

A company that needs no introduction, Coca-Cola (NYSE:KO) represents more than just a name among consumer goods stocks. Rather, it’s emblematic of American-style capitalism. Further, during times of economic stress, Coca-Cola’s products provide cheap pick-me-ups. Despite its relevancies, KO stock presently provides a discount, shedding almost 5% of equity value since the January opener.

Astute investors may want to consider picking up the discount. For one thing, Coca-Cola features an Altman Z-Score of 4.32, reflecting low bankruptcy risk and an overall stable balance sheet. Operationally, it’s three-year revenue growth rate of 3.7% beats out the median metric of 0.8%. Also, its free cash flow (FCF) growth during the same period stands at 22.4%, inside the top 25% of the industry.

On the bottom line, Coca-Cola’s net margin hit 23.44%, outpacing over 94% of its rivals. As well, its return on equity (ROE) of nearly 43% reflects a high-quality business. According to covering analysts, KO ranks as a consensus strong buy. Their average price target stands at $67, implying upside potential of almost 12%.

United Natural Foods (UNFI)

Headquartered in Providence, Rhode Island, United Natural Foods (NYSE:UNFI) is a natural and organic food company. So far, UNFI performed very well amid trying broader circumstances. Since the Jan. opener, UNFI gained over 11% of equity value. In the trailing year, shares moved up nearly 7%.

To be fair, United Natural doesn’t feature the greatest attributes on its balance sheet. To its credit, though, it enjoys an Altman Z-Score of 4.5, reflecting low bankruptcy risk. Operationally, circumstances improve, with its three-year EBITDA growth rate jumping to 92.2%, ranked better than nearly 98% of the competition. Also, its ROE hit 13.7%, above over 65% of its peers.

Perhaps most notably, the market prices UNFI at a forward multiple of 8.36. As a discount to earnings, United ranks better than nearly 90% of sector players. Finally, Wall Street analysts peg UNFI as a consensus moderate buy. Moreover, their average price target stands at $48.60, implying nearly 14% upside potential. Thus, it makes for an intriguing case for consumer goods stocks to buy.

Kroger (KR)

A supermarket and multi-department store operator, Kroger (NYSE:KR) represents one of the top dogs of consumer goods stocks to buy. Better yet, because the company focuses on the core essentials, Kroger should enjoy a basic level of economic insulation. Interestingly, though, KR stock sits at parity for the new year. In the trailing 365 days, KR actually dipped a bit more than 2%.

Still, this may turn out to be nothing more than minor inconveniences in the end. Presently, Kroger enjoys a decently stable balance sheet, with an Altman Z-Score of 4.25 indicating low bankruptcy risk. Operationally, it gets the job done, with a three-year revenue growth rate of 6.4% beating out over 64% of rivals.

What’s particularly enticing is the valuation proposition. Currently, the market prices KR at a forward multiple of 10.44. As a discount to earnings, Kroger ranks better than nearly 85% of the competition. Unsurprisingly, then, Wall Street analysts peg KR as a consensus moderate buy. Also, their average price target stands at $52.57, implying over 18% upside potential.

Archer-Daniels-Midland (ADM)

Headquartered in Chicago, Illinois, Archer-Daniels-Midland (NYSE:ADM) is a multinational food processing and commodities trading firm. Mainly, the company processes cereal grains and oilseeds for use in food, beverage, nutraceutical, industrial and animal feed markets worldwide. In the trailing year, ADM gained nearly 8% of equity value. However, in the year so far, ADM dipped almost an identical number.

However, astute investors may want to pick up ADM on discount. Consistently, it ranks among the enticing consumer goods stocks to buy. For instance, its Altman Z-Score hits 5.82, reflecting very low risk of bankruptcy. Operationally, its three-year revenue growth rate of 16.5% beats out nearly 83% of sector competitors. Also, its ROE stands at 18.25%, outpacing 83% of its rivals.

Turning to Wall Street, covering analysts peg ADM as a consensus strong buy. As well, their average price target pings at $104.20, implying upside potential of slightly over 26%. Therefore, it’s easily one of the most promising consumer goods stocks to buy in 2023.

Bunge (BG)

Headquartered in Missouri, Bunge (NYSE:BG) is an agribusiness and food company. Well known for exporting soybeans, it’s also involved in food processing, grain trading and fertilizer. As you might suspect, it’s a rival to Archer Daniels Midland. In the year so far, BG gained almost 4% of equity value. However, in the trailing year, shares dipped about 2%.

On the financials, Bunge offers decent stability in the balance sheet. Currently, its Altman Z-Score pings at 4.46, within the safe spectrum of fiscal resilience. Operationally, its three-year revenue growth rate of 6.3% is again decent, above the sector average of 4.5%. More notably, its EBITDA growth rate during the same period stands at 28.5%, outpacing 80.52% of its peers.

Plus, the market prices BG at a forward multiple of 8.27. This compares very favorably to the industry median of 16.22, making it one of the most undervalued consumer goods stocks. Finally, Wall Street analysts peg BG as a consensus strong buy. Further, their average price target of $125.67 implies upside potential of 27%.

Nature’s Sunshine (NATR)

As a manufacturer and multi-level marketer (MLM) of dietary supplements, Nature’s Sunshine (NASDAQ:NATR) has exceptional risks. Primarily, MLMs don’t carry the greatest reputation. To be fair, Nature’s Sunshine from personal research doesn’t appear to be a predatory MLM network. Still, impressionable folks can get the wrong idea, leaving depleted finances and a bruised corporate brand.

Taking that risk factor aside, the financials appear quite solid. For instance, Nature’s commands a cash-to-debt ratio of 2.85 times, ranking better than 74% of the competition. Also, its equity-to-asset ratio stands at 0.62 times, outpacing 63.44% of its rivals.

Operationally, Nature’s benefits from excellent EBITDA growth during the past three years. As well, the company’s gross margin stands at 71.59%, outstanding compared to the underlying industry.

Turning to Wall Street, NATR carries a single-analyst “consensus” view of moderate buy. However, the experts believes NATR will rise to $15. If so, that implies upside potential of nearly 60%, making it one of the best consumer goods stocks to buy.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.