While U.S. gross domestic product growth of 3.2% in the third quarter was higher than the average analyst estimate of 2.9%, the economy could soon find itself in a recession. This is because of the lag between interest rate hikes from the Federal Reserve and declines in consumer demand. 

With the potential for a recession, consumer staple stocks are a sure bet amid an economic downturn because consumers can't live without food. And few consumer staples are as proven as Hormel Foods (NYSE: HRL). Let's take a look at why this Dividend King could be a smart buy for passive income investors.

Hormel has come a long way since its founding in 1891. The Minnesota-based company boasts a portfolio of more than 40 brands that are ranked first or second in their categories and sold in over 80 countries around the world. These brands include the canned cooked pork brand known as Spam, the eponymous Hormel, Planters nuts, and the plant-based-proteins brand named Happy Little Plants. 

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Source Fool.com