As specialty eating experiences continue to become more sought after, big-name brands like Hershey are making moves to make their portfolios more appealing. Hershey recently shared its most recent strategy for capturing sales, announcing plans to expand the better-for-you (BFY) chocolate category with new and differentiated capabilities.
"We are setting the foundation for long-term sustainable growth in the better-for-you category at Hershey," commented President of Hershey U.S. Chuck Raup. "Everything we do is led by our consumers and our commitment to deliver only the most delicious snacks. We are driven to provide more choices to ensure they enjoy our brands and products in ways that are right for them."
Hershey has long offered a wide variety of choices for consumers to enjoy their favorite confection brands, from its beloved Reese's Peanut Butter cups, to miniature size offerings, thinner versions (Reese's THiNs), or an offering with zero sugar. Now, the maker is extending its confection leadership in the better-for-you category, as stated in a press release.
Building from its strength in portion-controlled choices, Hershey will expand its future portfolio to deliver more reduced sugar, organic, and plant-based alternatives while also continuing to build its classic array of beloved products. Behind this portfolio growth is a multi-pronged strategy that will continue to advance Hershey's leadership in confection and snacking.
This long-term strategy includes:
"We are the leader in U.S. confection, and our consumers rely on us to understand their needs for everyday moments, seasons, and special occasions, offering high-quality and great-tasting candy that's accessible for everyone,” said Kristen Riggs, Chief Growth Officer. "Expanding our expertise, building new capabilities, and delivering more choices in better-for-you confection is the next big category opportunity for us to lead."
As part of its BFY confection strategy, Hershey has partnered with ASR Group to co-lead an equity investment in Bonumose. The investment is part of Hershey's C7 Ventures, which enables new avenues for growth through capital investments in disruptive or emerging platforms focused on new occasions, technologies, and go-to-market opportunities. This investment enables a research and development partnership to advance the tastes of not only zero- and reduced-sugar chocolate, but also Hershey's broader BFY snack offerings going forward.
What new products will come of this exciting strategy? Keep reading Deli Market News to find out.