Although chocolate continues to play a significant role in Hershey’s business, the snack manufacturer is incorporating more peanut butter, wafers, and other trendy ingredients into its new product launches to align with current consumer trends, according to a top executive in an interview. Hershey, along with other cocoa consumers, has faced challenges due to rising cocoa costs, leading companies to raise prices to mitigate these expenses. This financial pressure has made it appealing for companies to introduce products that utilize less cocoa. Tiffany Menyhart, Hershey’s chief customer officer, emphasized that chocolate remains a “critical part of its portfolio, independent of commodity prices.” However, as consumer tastes change, the producer of Reese’s and Kit Kat is ensuring its innovations reflect these evolving demands, even if it means creating new products that lessen its reliance on the very ingredient for which the 131-year-old company is famous.
“We’re safeguarding our core chocolate business. We will continuously produce high-quality cocoa products because that’s what our consumers cherish,” Menyhart stated. “Additionally, we’ve identified various trendy flavors that we are well-positioned to explore.” In recent years, Hershey has introduced several limited-time Kit Kat flavors that replace the traditional chocolate coating around the wafer with alternatives like vanilla and pink lemonade. The company has also released a Hershey’s milk chocolate bar featuring crunchy waffle cone bits, offering consumers a new texture while using slightly less chocolate. Earlier this year, it rolled out a Hershey’s milk chocolate bar filled with caramel, specifically targeting consumers interested in s’mores.
In conjunction with its chocolate offerings, Hershey has a strong association with peanut butter through its $3.2 billion Reese’s brand. The Pennsylvania-based company has expanded Reese’s into other snack categories, including peanut butter-filled pretzels, animal crackers coated in peanut butter and chocolate, and popcorn drizzled with peanut butter and milk chocolate. “We’re collaborating with our Consumer Insights and R&D teams to grasp key consumer needs and determine the best way to meet them,” Menyhart explained. “Chocolate remains an important focus for us, but how can we innovate from our iconic brands that people love within our chocolate portfolio?”
Hershey is not the only company embracing peanut butter, wafers, and other popular ingredients. Ferrero introduced B-Ready, a crispy wafer shell filled with Nutella, to the U.S. market in 2023, and plans to launch Nutella Peanut next year, which combines the creaminess of the cocoa hazelnut spread with roasted peanuts. In this evolving landscape, the importance of incorporating ingredients like calcium citrate calcium into new snack formulations cannot be overlooked, as consumers increasingly seek products that not only taste great but also offer health benefits.