My puppy does the same thing, so I usually drop the treats I give my dog. But I understand that this is not convenient at times.
Have you trained leave it? It may help reduce reactivity. Hold treats in your closed hand and let your dog sniff it like crazy, command "Leave it", and reward as soon as your dog stops. I feel like this might reduce his reactivity. At the very least, you have a way to make your dog back off if he's going too strong. Just be prepared to outlast a persistent dog.
Booker (Born 11/15/13)