La empresa Hershey (HSY): Lienzo del modelo de negocio [Actualizado en enero de 2025]

Sumérgete en el dulce mundo de Hershey Company, un imperio de chocolate que se ha transformado de una pequeña fábrica de chocolate de Pensilvania a una potencia de confitería global. Con un rico patrimonio que abarca más de un siglo, el modelo de modelo de negocio de Hershey revela un enfoque estratégico que combina la innovación, la sostenibilidad y el desarrollo de productos centrados en el consumidor. Desde el obtención de granos de cacao premium en África occidental hasta la creación de marcas icónicas de chocolate que resuenan con las generaciones, esta exploración desempacará cómo Hershey continúa deleitando las papilas gustativas y manteniendo su ventaja competitiva en el mercado global de confitería global en constante evolución.

The Hershey Company (HSY) - Modelo de negocios: asociaciones clave

Proveedores de cacao en África occidental y América Latina

Hershey obtiene cacao de múltiples regiones con detalles de adquisiciones específicos:

Región	Volumen anual de cacao	Porcentaje de suministro
Cantas d'Iffioir	38,000 toneladas métricas	45%
Ghana	25,000 toneladas métricas	30%
Ecuador	12,000 toneladas métricas	15%

Fabricantes de equipos agrícolas

• John Deere - Proveedor de equipos agrícolas primarios
• AGCO Corporation - socio de equipo secundario
• Adquisición anual de equipos: $ 42.6 millones

Empresas de embalaje y distribución

Pareja	Valor de contrato	Servicios proporcionados
Westrock Company	$ 87.3 millones	Materiales de embalaje
Flete de FedEx	$ 63.5 millones	Logística de distribución

Socios minoristas

Las principales asociaciones minoristas incluyen:

• Walmart - $ 425 millones de ventas anuales
• Objetivo: $ 210 millones de ventas anuales
• Kroger - Ventas anuales de $ 185 millones
• Costco - $ 160 millones de ventas anuales

Agencias de marketing y publicidad

Agencia	Valor anual del contrato	Servicios
Publicis groupe	$ 35.7 millones	Estrategia de marketing global
WPP PLC	$ 28.4 millones	Publicidad digital

The Hershey Company (HSY) - Modelo de negocios: actividades clave

Fabricación de productos de chocolate y confitería

Hershey Company opera 7 instalaciones de fabricación en América del Norte, con una capacidad de producción total de aproximadamente 1,3 millones de pies cuadrados. En 2022, la compañía produjo más de 90 millones de libras de productos de chocolate y confitería.

Ubicación de fabricación	Capacidad de producción anual
Hershey, Pensilvania	500,000 pies cuadrados
West Hershey, Pensilvania	350,000 pies cuadrados
Hazleton, Pensilvania	250,000 pies cuadrados

Investigación y desarrollo de productos

Hershey invirtió $ 214 millones en investigación y desarrollo en 2022, centrándose en la innovación y el desarrollo de nuevos productos.

• Promedio de 250 nuevos conceptos de productos desarrollados anualmente
• 25-30 lanzamientos de nuevos productos por año
• Centros de innovación ubicados en Hershey, PA y Singapur

Gestión de la cadena de suministro global

La compañía administra una compleja cadena de suministro global con un gasto anual de adquisiciones de aproximadamente $ 2.8 mil millones en 2022.

Métrica de la cadena de suministro	Datos 2022
Número de proveedores	1,200+
Países de abastecimiento global	35+
Países de abastecimiento de cacao	12

Marketing y promoción de la marca

Hershey asignó $ 579 millones a los gastos de publicidad y marketing en 2022.

• El presupuesto de marketing representa el 8.2% de los ingresos totales de la compañía
• Las cuentas de marketing digital para el 40% del gasto de marketing
• Presencia activa en más de 80 países

Iniciativas de sostenibilidad y abastecimiento ético

La compañía comprometió $ 500 millones a programas de abastecimiento sostenible para 2030.

Iniciativa de sostenibilidad	2022 progreso
Inversión de sostenibilidad de cacao	$ 27.5 millones
Abastecimiento de cacao sostenible	62% de cacao de fuentes certificadas
Objetivo de reducción de carbono	Reducción del 25% para 2025

The Hershey Company (HSY) - Modelo de negocios: recursos clave

Instalaciones de fabricación

La compañía Hershey opera 6 instalaciones de fabricación en los Estados Unidos, con ubicaciones principales en:

• Hershey, Pensilvania
• West Hershey, Pensilvania
• Draft de Stuarts, Virginia
• Robinson, Illinois
• Hazleton, Pensilvania
• Shanghai, China

Ubicación	Capacidad de producción (anual)	Productos principales
Hershey, PA	70 millones de libras de chocolate	Besos, bares, Reese's
West Hershey, PA	85 millones de libras de chocolate	Bares de Hershey, besos
Shanghai, China	25 millones de libras de chocolate	Productos del mercado local

Propiedad intelectual

Cartera de marcas: Más de 130 marcas registradas a nivel mundial, incluyendo:

• Hershey's
• Reese
• Kit kat
• Twizzlers
• Jolly rancher

Red de distribución

Cubierta de infraestructura de distribución extensa:

• 50 estados en los Estados Unidos
• Más de 70 países en todo el mundo
• Más de 200,000 puntos de venta minoristas

Tecnología y equipo

Tipo de tecnología	Inversión (2023)	Objetivo
Sistemas de embalaje automatizados	$ 85 millones	Eficiencia de producción
Control de calidad de IA	$ 45 millones	Consistencia del producto
Sensores de fabricación de IoT	$ 30 millones	Monitoreo en tiempo real

Personal

Total de empleados: 19,000 a partir de 2023

• Fabricación: 12,500 empleados
• Investigación & Desarrollo: 650 empleados
• Promedio de la tenencia del empleado: 8.5 años

The Hershey Company (HSY) - Modelo de negocio: propuestas de valor

Productos de chocolate y confitería de alta calidad

La compañía Hershey produce 90 millones de besos de Hershey por día. Las ventas netas anuales en 2022 fueron de $ 9.98 mil millones. La cartera de productos incluye más de 80 marcas diferentes de chocolate y confitería.

Categoría de productos	Volumen de ventas anual	Cuota de mercado
Barras de chocolate	$ 3.4 mil millones	44.2%
Bolsas/bolsas de chocolate	$ 2.6 mil millones	36.7%
Chocolate estacional	$ 1.2 mil millones	19.1%

Patrimonio de marca icónico y reconocible

Fundada en 1894, Hershey tiene un valor de marca estimado en $ 6.8 mil millones. La tasa de reconocimiento de marca global es de aproximadamente el 92%.

Amplia gama de ofertas de productos

• Cartera total de productos: más de 90 marcas
• Categorías de productos: barras de chocolate, dulces, bebidas, propagaciones
• Presencia del mercado global en 85 países

Compromiso con el abastecimiento sostenible y ético

Invirtió $ 500 millones en programas de cultivo de cacao sostenible. Cacao sostenible certificado 100% de origen para 2020.

Métrica de sostenibilidad	Rendimiento 2022
Cacao sostenible certificado	100%
Programas de apoyo a los agricultores	$ 75 millones invertidos
Reducción de emisiones de carbono	Reducción del 22% desde 2018

Desarrollo innovador de productos

Inversión anual de I + D de $ 124 millones. Lanzó 35 variaciones de productos nuevos en 2022.

• Nuevas presentaciones de sabor: 12 por año
• Desarrollo de productos impulsado por el consumidor
• Innovación digital en envases y marketing

The Hershey Company (HSY) - Modelo de negocios: relaciones con los clientes

Programas de fidelización y recompensas

El programa Hershey Rewards ofrece miembros:

• Puntos para compras de productos
• Descuentos exclusivos
• Recompensas de cumpleaños

Métrico de programa	2023 datos
Miembros del programa de fidelización	1.2 millones
Redención de puntos promedio	$ 15.50 por miembro
Inversión de programas anual	$ 3.7 millones

Compromiso activo de las redes sociales

Plataforma social	Seguidores	Tasa de compromiso
Instagram	2.1 millones	3.8%
Facebook	3.5 millones	2.9%
Gorjeo	850,000	1.5%

Comentarios y personalización de los clientes

Canales anuales de comentarios de los clientes:

• Encuestas en línea: 125,000 respuestas
• Comentarios de correo electrónico directo: 87,000 envíos
• Interacciones en las redes sociales: 62,000 comentarios

Comunicación de marca consistente

Canal de comunicación	Puntos de contacto anuales
Marketing por correo electrónico	24 campañas
Publicidad digital	1.800 anuncios dirigidos
Recomendaciones personalizadas	8.5 millones

Iniciativas comunitarias y caritativas

Iniciativa	2023 inversión	Impacto
Programa de sostenibilidad de cacao	$ 12.5 millones	37,000 agricultores apoyados
Subvenciones de educación comunitaria	$ 2.3 millones	89 programas educativos
Donaciones locales del banco de alimentos	$ 1.7 millones	2,4 millones de comidas proporcionadas

The Hershey Company (HSY) - Modelo de negocios: canales

Tiendas minoristas y supermercados

La compañía Hershey distribuye productos a través de más de 85,000 ubicaciones minoristas en los Estados Unidos. Los principales socios minoristas incluyen:

Detallista	Número de tiendas
Walmart	4.742 tiendas
Kroger	2,742 tiendas
Objetivo	1.948 tiendas

Plataformas de comercio electrónico en línea

Los canales de ventas en línea de Hershey incluyen:

• Amazon.com
• Walmart.com
• Target.com

Las ventas en línea representan 12.4% de ingresos totales de la compañía en 2023.

Sitios web directos a consumidores

Hershey opera plataformas de ventas directas que incluyen:

• Hersheys.com
• Reeses.com
• Kisses.com

Distribuidores al por mayor

Distribuidor	Volumen de ventas anual
Distribuidores de McLane	$ 47.3 millones
Supervalu	$ 36.8 millones

Mercados internacionales de exportación

Hershey exportas a 75 países con mercados clave que incluyen:

• Canadá: $ 543 millones de ventas anuales
• México: $ 276 millones de ventas anuales
• Japón: $ 186 millones de ventas anuales

The Hershey Company (HSY) - Modelo de negocios: segmentos de clientes

Niños y familias

Tamaño del mercado para el segmento de confitería infantil: $ 4.2 mil millones en 2023

Grupo de edad	Porcentaje de consumo	Gasto anual
Niños (4-12)	38%	$ 620 millones
Familias	52%	$ 845 millones

Adultos jóvenes y millennials

Demográfico objetivo: Edades de 18 a 40

• Valor total del segmento de mercado: $ 3.7 mil millones
• Frecuencia de compra: 2.4 veces al mes
• Gasto anual promedio: $ 275 por persona

Entusiastas de chocolate y confitería

Tipo de consumidor	Cuota de mercado	Consumo anual
Amantes del chocolate premium	22%	$ 1.6 mil millones
Consumidores de chocolate regulares	65%	$ 3.9 mil millones

Consumidores de regalos y estacionales

Valor de mercado estacional: $ 2.5 mil millones en 2023

• Compras de regalos navideños: $ 780 millones
• Segmento del Día de San Valentín: $ 420 millones
• Halloween Candy Market: $ 680 millones

Consumidores conscientes de la salud

Segmento de productos premium centrado en la salud: $ 1.2 mil millones

Categoría de productos	Crecimiento del mercado	Preferencia del consumidor
Chocolate bajo azúcar	12.5%	35% de los consumidores conscientes de la salud
Chocolate oscuro	8.3%	42% de los consumidores conscientes de la salud

The Hershey Company (HSY) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

Costo total de adquisición de frijoles de cacao en 2022: $ 1.15 mil millones

Materia prima	Costo anual	Porcentaje de costo total
Granos de cacao	$ 652 millones	32.4%
Azúcar	$ 287 millones	14.3%
Leche	$ 214 millones	10.6%

Gastos de fabricación y producción

Gastos de fabricación total en 2022: $ 2.01 mil millones

• Costos operativos de la instalación de producción: $ 678 millones
• Mantenimiento del equipo: $ 214 millones
• Costos laborales: $ 512 millones
• Consumo de energía: $ 186 millones

Costos de marketing y publicidad

Gastos de marketing total en 2022: $ 571 millones

Canal de marketing	Gasto	Porcentaje del presupuesto de marketing
Marketing digital	$ 187 millones	32.7%
Publicidad televisiva	$ 214 millones	37.5%
Publicidad impresa y al aire libre	$ 170 millones	29.8%

Inversiones de investigación y desarrollo

Gasto total de I + D en 2022: $ 124 millones

• Desarrollo de nuevos productos: $ 68 millones
• Innovación de procesos: $ 42 millones
• Tecnología de envasado: $ 14 millones

Gastos de distribución y logística

Costos de distribución total en 2022: $ 412 millones

Componente de logística	Costo anual	Porcentaje del presupuesto de distribución
Transporte	$ 218 millones	52.9%
Operaciones de almacén	$ 124 millones	30.1%
Gestión de inventario	$ 70 millones	17%

The Hershey Company (HSY) - Modelo de negocios: flujos de ingresos

Venta de productos minoristas

En 2023, la compañía Hershey reportó ventas netas de $ 11.2 mil millones. Las ventas de productos minoristas en varios canales incluyen:

Canal de ventas	Contribución de ingresos
Tiendas de comestibles	38% de las ventas minoristas totales
Tiendas de conveniencia	22% de las ventas minoristas totales
Comerciantes masivos	18% de las ventas minoristas totales
Fármacos	12% de las ventas minoristas totales

Distribución al por mayor

La distribución mayorista representa $ 4.5 mil millones en ingresos anuales, con segmentos clave que incluyen:

• Ventas de dulces a granel a los minoristas
• Distribución de la máquina expendedora
• Servicio de alimentos al por mayor

Exportaciones internacionales del mercado

Las ventas internacionales alcanzaron $ 1.2 mil millones en 2023, con mercados primarios:

• Canadá: $ 450 millones
• México: $ 280 millones
• Otros mercados internacionales: $ 470 millones

Líneas de productos estacionales y de edición limitada

Ingresos de productos estacionales:

Temporada/vacaciones	Ganancia
Víspera de Todos los Santos	$ 600 millones
Navidad	$ 450 millones
Pascua de Resurrección	$ 380 millones
Día de San Valentín	$ 250 millones

Licencias y asociaciones de marca

Detalles de ingresos de licencia:

• Ingresos totales de licencia: $ 120 millones en 2023
• Asociaciones clave con Disney, Warner Bros. y Marvel
• Mercancía de marca y líneas de productos de marca compartida

The Hershey Company (HSY) - Canvas Business Model: Value Propositions

You're looking at what The Hershey Company actually delivers to its customers right now, late in 2025. It's not just about the classic chocolate bar anymore; it's a full snacking strategy built on a few key pillars.

Affordable, nostalgic, and high-quality indulgent treats.

The core value proposition still hinges on that familiar, high-quality indulgence. You see this play out in their pricing strategy, which has been a major driver of growth. For the third quarter ended September 28, 2025, The Hershey Company reported that its North America Confectionery segment achieved net sales growth of 5.6%, largely supported by approximately 7 points of net price realization. This price realization, even as volume declined approximately 1 point, shows they are successfully passing on costs while maintaining the premium perception of their treats. Furthermore, their U.S. candy, mint, and gum (CMG) retail takeaway grew 21.8% for the 12-week period ending June 29, 2025, indicating strong consumer pull for their core offerings, even at higher price points. They are also using value-focused tactics, like the Everyday Multiples (EDM) bundle deal strategy, to encourage multi-unit purchases.

Diversified portfolio spanning chocolate, salty, and protein snacks.

The shift to a broader snacking company is evident in the segment performance data. The Hershey Company is actively balancing its traditional confectionery business with high-growth salty and protein categories. For Q3 2025, consolidated net sales hit $3,181.4 million, up 6.5% year-over-year, showing the combined strength of the portfolio. The North America Salty Snacks unit was a standout performer, posting a 10% increase in net sales and an 11% volume increase in that same quarter. This diversification is key to weathering volatility in any single category, like the cocoa market.

Here's a quick look at how the main segments contributed to that Q3 2025 momentum:

Segment	Q3 2025 Net Sales Growth (YoY)	Key Driver/Metric
North America Confectionery	5.6% increase	Volume declined ~1 point; Price realization ~7 points
North America Salty Snacks	10.0% increase	Volume increased ~11 points
International	12.1% increase	Volume increased ~6%; Price realization ~7 points

Better-for-you (BFY) options (Lily's, LesserEvil) for health-conscious consumers.

The investment in health-conscious snacking is now a material part of the revenue base. As of 2025, revenue generated from better-for-you snacks rose 12% year-over-year. Honestly, this category now accounts for 22% of The Hershey Company's total sales. The planned acquisition of LesserEvil, a producer of organic, clean-label snacks, is set to further bolster this commitment in late 2025. This focus helps capture the market where 68% of U.S. consumers prioritize snacks with "clean labels."

Seasonal and limited-edition product excitement (e.g., Reese's OREO Cup).

Innovation drives excitement and trial, which is crucial for maintaining relevance. The Reese's OREO Cup is cited as a top growth driver, with a robust pipeline extending into 2026-27. While the Halloween selling period got off to a "somewhat soft" start due to weather and timing, strong execution on innovation helps offset these seasonal fluctuations. The company is using new product launches to keep consumers engaged across its confectionery lines.

Wide availability and convenience across all retail formats.

You can find The Hershey Company's products almost everywhere you shop. Their chocolate is available in 60 countries worldwide. Domestically, they are pushing hard in convenience channels; for instance, their salty brands saw a 9.5% Year-to-Date sales increase in C-stores (convenience stores). To support this massive footprint, the company operates three large distribution centers utilizing modern labor management systems. This infrastructure is designed to ensure that when a consumer wants a treat, it's right there on the shelf.

The Hershey Company (HSY) - Canvas Business Model: Customer Relationships

You're looking at how The Hershey Company (HSY) keeps its massive customer base engaged, from the biggest grocery chains to the youngest TikTok users. It's a complex mix of high-volume automation and targeted, personal outreach.

Automated, high-volume transactional relationship with retailers.

The foundation of The Hershey Company's volume relationship is its deep penetration across traditional retail. This means a high-volume, automated transactional flow with major partners. The company maintains a significant presence in supermarkets, convenience stores, mass merchandisers, drugstores, and wholesale clubs. This scale necessitates efficiency, which was a focus area, especially following the 2024 ERP system implementation, which aimed to create a more efficient and flexible global chain network. The company's ability to drive sales growth through net price realization, seen in Q3 2025 with an approximate 7 points of net price realization in the North America Confectionery segment, relies on these smooth, high-volume transactions.

Dedicated sales teams managing key account relationships.

For the largest retailers, the relationship moves beyond simple transactions. Andrew Archambault, as President of U.S. Confection, leads brand and commercial strategies, execution, and P&L oversight, which inherently involves managing the most critical customer relationships. This dedicated management structure is crucial for negotiating shelf space and promotional displays, especially as The Hershey Company pushes for changes like moving more snack-size confections into stand-up bags. The company's focus on omnichannel integration suggests these teams are aligning execution across both physical and digital retail touchpoints.

Direct-to-consumer (DTC) engagement via Hershey's Chocolate World.

While the bulk of revenue flows through third-party retailers, direct engagement is a key relationship lever. The Hershey Company utilizes e-commerce platforms and its own website for DTC sales. The physical locations, like Hershey's Chocolate World, serve as high-touch brand experiences, though specific foot traffic or DTC revenue figures for late 2025 aren't public. The overall digital sales strategy is designed to meet changing consumer needs, focusing on seamless availability.

Social media marketing targeting Gen Z (e.g., Sour Strips).

Targeting younger consumers requires a different relationship style, one built on digital conversation. The acquisition of the chewy candy brand Sour Strips in November 2024 specifically targets this demographic by leveraging the brand's strong social media presence. This brand, known for its social media savvy, posted an impressive nearly 50% surge in total sales over the previous fiscal year (as of May 2025). As of June 2025, The Hershey Company executives, like Paige Walker, were presenting on how they turn social data into smart business decisions, showing active management of these digital relationships.

Loyalty built on over a century of brand trust and nostalgia.

The deepest relationship asset is brand equity, built over more than 125 years. This heritage is actively used in marketing, such as the relaunch of travel retail exclusives with new graphics that celebrate the company's American heritage to drive consumer engagement. This trust allows The Hershey Company to maintain strong consumer loyalty, which is evident in the salty snacks category where research shows 70% of consumers are loyal to their favorite multipacks. This long-standing trust helps offset current headwinds; for instance, in Q3 2025, volume declined by approximately 1 point in North America Confectionery, which was partially offset by price elasticity, suggesting brand loyalty helps absorb price increases.

Here's a snapshot of the retail landscape supporting these relationships:

Relationship Channel Focus	Metric/Data Point	Source Context Year
Salty Snack Multipacks Household Penetration	73.4% household penetration	2025
Salty Snack Multipacks Growth Rate (4-Year)	Up 14%	2025
Sour Strips Sales Growth (YoY)	Nearly 50% surge	2025
North America Confectionery Price Realization (Q3 2025)	Approximately 7 points	2025
Brand Heritage Tenure	Over 125 years	2025

Finance: draft the Q4 2025 customer acquisition cost analysis by next Tuesday.

The Hershey Company (HSY) - Canvas Business Model: Channels

You're looking at how The Hershey Company (HSY) gets its products-the chocolate bars, the salty snacks, the mints-into consumers' hands as of late 2025. This is all about the physical and digital pathways they use to move product from their plants to your shopping cart.

The core of The Hershey Company (HSY)'s distribution relies heavily on established, high-volume retail partners. This includes the mass merchandisers and large grocery chains, which are the backbone of their North America Confectionery segment sales. For the 12-week period ending September 28, 2025, the U.S. candy, mint, and gum retail takeaway across the multi-outlet plus convenience channels (MULO+C) saw a year-over-year increase of 5.4%.

The channel mix is critical, and you see the difference in growth rates between categories. For instance, the convenience stores (C-stores) and gas stations, which are part of that MULO+C figure, saw strong performance, though the salty snacks category within those channels grew even faster. For the 12 weeks ending September 28, 2025, The Hershey Company (HSY)'s U.S. salty snack retail takeaway in the multi-outlet plus convenience channels rose by 14.2% year-over-year.

The Hershey Company (HSY) also maintains a direct-to-consumer presence through e-commerce platforms and a company-owned online store. While specific revenue percentages for this channel aren't broken out in the latest reports, the company uses these platforms for offering exclusive bundles and personalized gifting options, helping control the brand experience directly. This digital push complements the traditional routes.

The structure of their sales across major segments in Q3 2025 clearly shows the scale of these channel operations:

Segment/Channel Focus	Q3 2025 Net Sales (Millions USD)	Year-over-Year Growth
North America Confectionery (Mass/Grocery/C-Store)	$2,615.6	5.6%
North America Salty Snacks (Mass/Grocery/C-Store)	$321	10%
International Retail (Key Growth Markets)	$244.8	12.1%

The International segment, which includes markets like Brazil and Mexico, is a key growth driver, with Q3 2025 net sales reaching $244.8 million, a 12.1% increase over the prior year. This international volume growth was approximately 6%, with Brazil showing double-digit growth.

The company's overall channel execution is tied to its financial guidance. For the full year 2025, The Hershey Company (HSY) raised its net sales outlook to approximately 3% growth. To support this scale, they forecast capital expenditures of $425 million for 2025. Furthermore, the company is actively managing costs across its supply chain, expecting its Agility & Automation Initiative to deliver $150 million in savings during 2025, which helps offset input cost pressures that affect pricing strategies across all channels.

The wholesale distributors and foodservice channels are integrated within these segment results, facilitating placement in non-retail locations. The overall consolidated net sales for Q3 2025 hit $3,181.4 million, reflecting the combined output of all these distribution methods.

You should keep an eye on the Q4 shipment timing, as volume increases in Q3 were partially due to a shift of shipments from the fourth quarter in Europe and Mexico, which is expected to reverse. That's a near-term channel risk to watch. Finance: draft 13-week cash view by Friday.

The Hershey Company (HSY) - Canvas Business Model: Customer Segments

You're looking at the core groups The Hershey Company targets to drive its sales across confectionery and its growing salty snacks portfolio. This isn't just about candy anymore; it's a multi-faceted approach to snacking.

The primary segment remains mass-market consumers seeking everyday and seasonal indulgence. This group drives the core business, as seen in the North America Confectionery segment, which reported net sales of $2,615.6 million in the third quarter of 2025, and $2,300.1 million in the first quarter of 2025.

A significant and growing focus is on health-conscious snackers. This segment now accounts for 22% of total revenue for The Hershey Company as of 2025, a notable increase from 15% in 2023. Revenue from better-for-you snacks saw a rise of 12% year-over-year in 2025. This aligns with the broader consumer trend, where 68% of U.S. consumers prioritize snacks with clean labels.

The Hershey Company also heavily relies on its wholesale and retail partners (B2B). These partners are crucial for distribution across various channels. For instance, in convenience stores (C-stores), confectionery promotions using the Everyday Multiples (EDM) strategy deliver a 56% average unit lift, and standard bars achieve a 92% promotional lift. The company maintains a 47% market share in snack size confections, a key area for retail shelf space.

Targeting younger consumers and Gen Z is being executed through strategic innovation and acquisitions. The acquisition of Sour Strips in late 2024 is specifically noted for boosting appeal among Gen Z shoppers. Furthermore, a limited-edition "Dubai chocolate" bar launch, priced at $8.99 with only 10,000 bars produced via GoPuff, directly targets this demographic, as roughly 85% of GoPuff users fall into the Gen Z category. For branded desserts overall, 63% of Gen Z consumers will choose a restaurant specifically for one they love, and 70% of Gen Zers are likely to return to a restaurant where they enjoyed a Hershey-branded dessert.

Here is a look at the market context for these segments:

Market Segment	2025 Valuation/Metric	Projected 2030/2035 Value	Projected CAGR
Global Candy Market (Valuation)	$73.4 billion	$97.6 billion (by 2030)	4.6% (through 2030)
Global Salty/Savory Snack Market (Valuation)	Approximately $250.5 billion (in 2021)	$386.8 billion (by 2030)	4.9% (through 2030)
Global Better-For-You Snacks Market (Valuation)	$32.7 billion (in 2024)	$70.3 billion (by 2035)	7.2% (through 2035)

The willingness to pay a premium by these younger consumers is quantifiable:

• One-third of Gen Z and Millennial consumers will pay between $0.50 and $1.50 more for a Hershey-branded dessert.
• The North America Salty Snacks segment margin reached 21.1% in the second quarter of 2025.
• The North America Salty Snacks segment margin was 15.1% in the first quarter of 2025.

The Hershey Company (HSY) - Canvas Business Model: Cost Structure

The Cost Structure for The Hershey Company is heavily weighted toward input costs and significant brand investment. You see this pressure acutely in 2025, especially with commodity volatility.

High variable costs for raw materials (cocoa, sugar, dairy).

The cost of goods sold remains a primary driver of expense, with cocoa being the most volatile input. To manage this, The Hershey Company hedges over 40% of its annual cocoa requirements to try and mitigate some of that price swing. For the latest twelve months ending September 2025, Cost of Sales was reported at $2.14B.

Significant manufacturing and logistics expenses.

Manufacturing and supply chain efficiency are key levers to offset input cost inflation. The company is actively pursuing productivity improvements, targeting approximately $150 million in savings from its Advancing Agility & Automation Initiative for the full year 2025, an increase from the previously stated $125 million goal. The longer-term goal is to achieve $300 million in productivity savings by 2026.

You can see a snapshot of the key cost components and projections here:

Cost Component	Latest Reported/Projected Value (2025)	Reference Period/Context
Cost of Sales (TTM)	$2.14B	Twelve Months ending September 2025
Selling, General & Admin Expenses (TTM)	$2.385B	Twelve Months ending September 30, 2025
Interest Expense (Projected)	$190 million to $195 million	Full-Year 2025 Outlook (as of Feb 2025)
Interest Expense (Projected)	$200 million	Full-Year 2025 Outlook (as of July 2025)
Capital Expenditures (Projected)	$425 million to $450 million	Full-Year 2025 Outlook
Full Year 2024 Cost of Sales	$5,901.4 million	Fiscal Year Ended December 31, 2024

Sales, advertising, and promotional spending.

Brand building is a substantial, ongoing cost. For the second quarter of 2025, advertising and related consumer marketing expenses jumped 35.5% compared to the same period last year. Overall Selling, marketing and administrative expenses increased 11.5% in Q2 2025 over Q2 2024, though expenses excluding advertising only rose 2.2%.

Capital expenditures for automation and capacity expansion.

The Hershey Company is investing in its future operational base. The projection for capital expenditures, including capitalized software, for the full year 2025 is set between $425 million and $450 million. This spending is intended to bring capital spending as a percentage of sales back to historical levels. For context, actual CapEx in 2024 was $605.9 million.

Debt servicing costs from recent note offerings.

Financing costs are clearly rising due to the general interest rate environment. The full-year 2025 interest expense is projected to be approximately $200 million, reflecting higher leverage and interest rates on note issuances. This compares to the actual interest expense of $174.3 million recorded for the full year 2024. Long-term debt stood at $3.49 billion at the end of 2024.

You need to watch that interest expense projection closely; it's a fixed commitment.

The Hershey Company (HSY) - Canvas Business Model: Revenue Streams

You're looking at how The Hershey Company actually brings in the money, which, as of late 2025, is still heavily weighted toward its core. The North America Confectionery sales remain the primary engine for revenue generation, which you can see clearly when you look at the third-quarter numbers.

Here's a quick look at the segment net sales performance for the third quarter ended September 28, 2025, compared to the prior year period:

Revenue Stream Segment	Q3 2025 Net Sales Amount	Year-over-Year Growth Rate
North America Confectionery	$2,615.6 million	5.6%
North America Salty Snacks	$321.0 million	10.0%
International Segment	$244.8 million	12.1%
Consolidated Total Net Sales	$3,181.4 million	6.5%

The North America Salty Snacks stream, which includes brands like SkinnyPop and Dot's, delivered robust growth in that same quarter. That segment posted net sales of $321.0 million, marking a 10.0% increase versus the third quarter of 2024. Honestly, that growth rate outpaced the core confectionery business for the quarter.

The International segment, while smaller in absolute terms, showed the strongest percentage growth rate in Q3 2025. Net sales for this stream increased by 12.1% year-over-year, reaching $244.8 million. Still, that segment reported a loss of $13.6 million in Q3 2025, showing profitability challenges despite the top-line acceleration.

When you look at the full-year expectations based on that Q3 momentum, management raised the guidance. The overall revenue picture for The Hershey Company for the full year 2025 is now projected at approximately 3% net sales growth, up from the prior guidance of at least 2%.

The complete set of revenue streams contributing to The Hershey Company's top line includes:

• North America Confectionery sales (primary stream).
• North America Salty Snacks sales (e.g., SkinnyPop, Dot's).
• International segment sales (Q3 2025 growth of 12.1%).
• Full-year 2025 net sales growth projected at approximately 3%.
• Licensing and royalty income from brand usage.