Outside of the technology arena, one of the best places to find growth stocks tends to be in the consumer goods space. This is a wide-ranging market that can range from retailers to brands to streaming services and more.

Let's look at three consumer growth stocks that investors should not sleep on.

1. Amazon

The king of e-commerce and cloud computing, much of the recent narrative around Amazon (AMZN -1.79%) has been how the company's cloud computing unit, AWS, has been the slowest growing of the big three and how it has been ceding some market share. However, AWS remains the largest cloud computing business in the world and is still growing at a solid pace given its size, with revenue for the unit up 19% in the fourth quarter.

AWS is Amazon's largest business from a profitability standpoint, and the company continues to benefit from increasing artificial intelligence (AI) demand related to its services. Amazon has never been afraid to spend to grow and will outspend all its competitors building new AI data center infrastructure, with it budgeting $100 billion in capital expenditures (capex) this year. It also has developed its own AI chips, which can help give it a cost and efficiency advantage.

Meanwhile, the company's consumer business continues to hum along, both growing revenue and seeing operating leverage. The company is using AI to help third-party sellers list and sell items, as well as consumers find items. In addition, it is using AI to help find the best routes for its delivery drivers and make its warehouses more efficient. One of the best-performing parts of the company's business, meanwhile, is its high-margin advertising services business, led by promoting sponsored ads on its site.

Amazon is a company that spends big to win big, and I would not underestimate its potential and the AI opportunity in front of it.

Image source: Getty Images

2. e.l.f. Beauty

e.l.f. Beauty (ELF 0.57%) has been one of the best growth stories in the consumer goods space, as the cosmetics company has been able to take a huge share of the mass cosmetics market the past few years. However, the company hit a snag last quarter, when it lowered its fiscal 2025 outlook.

e.l.f. continued to show tremendous revenue growth last quarter, seeing sales rise 31%. However, for fiscal Q4 quarter ending in March, it projected revenue growth of only 1% to 2% due to weak industry trends and the disruptions with a potential TikTok ban. The company promotes heavily with social media influencers, so TikTok possibly going away in January was a distraction.

However, the company will see expanded shelf space this spring at Target and Walgreens, which should help sales rebound in fiscal year 2026. Meanwhile, e.l.f. continues to have a big opportunity in skincare and with international market expansion. Its international revenue surged 66% last quarter, and still has several countries ripe for expansion. 

e.l.f. is a growth stock that's been thrown in the bargain bin. It trades at a forward price-to-earnings (P/E) ratio of 19 times based on analysts' fiscal 2026 estimates and a forward price/earnings-to-growth ratio (PEG) of under 0.4, with PEGs under 1 considered undervalued.

3. Philip Morris International

It's rare to find a growth stock in a defensive industry such as tobacco, but that is exactly what Philip Morris International (PM 1.22%) has become. The company's smokeless portfolio has helped power growth, led by its Zyn nicotine pouches and heated-tobacco Iqos system. While the stock has performed well, it's still not a stock on many growth investors' radars.

Zyn, a pouch made with nicotine powder and flavoring instead of tobacco, has been a star for the company with soaring sales, including seeing a 46% surge in volume last quarter. Meanwhile, both Zyn and Iqos have better unit economics than Philip Morris' traditional cigarettes. That said, unlike its U.S. counterparts, the company has not had to deal with large volume declines in its cigarette business, instead seeing modest volume growth along with strong pricing power boosting revenue.

With strong Zyn momentum and the company looking to launch Iqos in the U.S. after buying back its U.S. rights, Philip Morris' growth outlook continues to look bright. Given that the company does not sell cigarettes in the U.S., all Iqos U.S. sales would be incremental, unlike in international markets, where it is often converting customers from its cigarettes to Iqos. That's a big potential opportunity.

With a forward P/E of 21 times based on 2025 analyst estimates and a PEG of 0.4 times, this is not a stock to ignore.