Hershey Co. is a leading brand of confectionery (candy) products. It is especially strong in the United States, but has not been among the leaders in China. To thrive in the future, that must change. So, with that in mind, Hershey is stepping up its efforts in China — where Mars is the dominant firm.
According to Colum Murphy, writing for the Wall Street Journal: “Aware that it needs China’s sweet tooth, Hershey Co. is rolling out a Chinese brand designed for the world’s fastest-growing candy market. In a first launch beyond the U.S. market, Hershey unveiled a candy known in English as the Lancaster and in Chinese as Yo-man. The Pennsylvania company plans to spend ‘several million dollars’ marketing three kinds of the condensed-milk candy to gain a share of China’s market for milk candy, which Hershey estimated to be worth 7.5 billion yuan ($1.2 billion). Premium milk candy is the fastest-growing segment in China’s candy market, Hershey said.”