There's nothing like an end of summer barbecue. Cramer likes to fill his plate with sizzling foods and his portfolio with sizzling hot stocks.
And the Mad Money host thinks few areas are hotter than organics.
"I have been a huge backer of the natural and organic food theme for years now. Organic food is already a $63 billion industry worldwide and it's growing at a 9.5% clip here in the United States, incredible considering that food plays tend to be slow and steady growers, not ultra-fast ones," Cramer said.
However Cramer added not all companies in this part of the food and beverage sector should be viewed through the same prism or cast iron cooking grates. Some stocks are downright mouthwatering while others are a little stale.
If you're looking for something delicious, Cramer says look no farther than Whole Foods which has sold off in recent weeks.
"Since late July it's been clobbered, falling from $56 to $53," Cramer said.
However, the Mad Money host thinks the selling is nothing more than growth investors cashing out after Whole Foods released earnings that were in-line with Street expectations. Growth investors sometimes worry that in-line results are a sign that growth is ebbing.
But Cramer doesn't think that's the case.
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"The company plans to add 33 to 38 new stores next year, which would be 8 to 9 percent growth, and in the out-years Whole Foods could start adding as many as 50 new locations per year," Cramer said.
In other words, rather than ebbing, he thinks the growth is still in early innings.
And he added, there are many other reasons to like the stock aside from its growth potential.
"The company's existing stores are performing quite well, with 5.8% same store sales growth in the latest quarter," Cramer said.
And on a relative basis, Cramer added that the stock was cheap. "Right now Whole Foods is selling for 30 times next year's earnings with a long-term growth rate of nearly 19%--not too pricey," Cramer said.
On top of all that, Cramer said Whole Foods has the cache of a luxury brand. That is, in addition to shoppers looking for organic foods, Whole Foods also attracts wealthier consumers who view their products as a sign of status.
All told, Cramer is a buyer. "It's simply best of breed," he said.
Elsewhere in the space, Cramer is also bullish on WhiteWave, the maker of Silk, in part because WhiteWave is getting into almond milk, aggressively. Cramer thinks almond milk is 'the hot new thing with solid double digit growth."
And Cramer likes Hain because it's growing into new categories, like baby food, and creating new products that can be picked up by more and more supermarkets. "Hain really knows what it's doing, they are the unparalleled experts and I think there's more room for the company to expand," he said.
By contrast, the Mad Money host is growing cautious of many other names in this space.
Although The Fresh Market, another natural and organic supermarket chain, also can be viewed as a growth play, Cramer is concerned that this regional chain may have trouble breaking into the Northeast. "The company reports at the end of August, so I'll revisit then, but unless the results are spectacular, I'd stick with Whole Foods," Cramer said.
Also he said with gains of more than 120% since its IPO, if you're long Natural Grocers by Vitamin Cottage – take profits. "While the 68-store chain is also expanding rapidly and therefore a growth play, it's too expensive for me, trading at 58 times next year's earnings estimates. I say ring the register if you own any."
In addition, Cramer is also a seller of Fairway. "It still sells for an exorbitant 91 times next year's numbers. If the market keeps getting hit based on worries of higher interest rates, then high multiple stocks like this one could get hammered.
Also he says if you're holding Sprouts Farmers Market hit the sell button. "It jumped 122% on its first day of trading. If you got in on this deal, you already have a double. Again, I say it's time to take profits."
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