diff --git a/api/app/controllers/spree/api/products_controller.rb b/api/app/controllers/spree/api/products_controller.rb
index 5477a14015..859eab17e6 100644
--- a/api/app/controllers/spree/api/products_controller.rb
+++ b/api/app/controllers/spree/api/products_controller.rb
@@ -9,10 +9,12 @@ def index
           @products = product_scope.where(id: ids)
         else
           products_includes = [
-            :variants,
             :option_types,
             :product_properties,
-            {classifications: :taxon}
+            {classifications: :taxon},
+            {master: {stock_items: :stock_location}},
+            {variants: {stock_items: :stock_location}},
+            {variants_including_master: {stock_items: :stock_location}}
           ]
           @products = product_scope
             .ransack(params[:q])
diff --git a/api/spec/requests/spree/api/products_spec.rb b/api/spec/requests/spree/api/products_spec.rb
index 8396e5db19..82eb922245 100644
--- a/api/spec/requests/spree/api/products_spec.rb
+++ b/api/spec/requests/spree/api/products_spec.rb
@@ -58,6 +58,13 @@ module Spree::Api
         expect(json_response["per_page"]).to eq(Kaminari.config.default_per_page)
       end
 
+      it "loads stock for every product variant without an N+1" do
+        2.times { create(:variant, product: create(:product)) }
+
+        expect { get spree.api_products_path }
+          .to make_database_queries(matching: /from .spree_stock_items./i, count: 3)
+      end
+
       it "retrieves a list of products by id" do
         get spree.api_products_path, params: {ids: [product.id]}
         expect(json_response["products"].first).to have_attributes(show_attributes)