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2mo ago

Hershey to Raise Chocolate Prices by Low Double-Digit Percentage

Reflecting unprecedented cocoa costs unrelated to tariffs, Hershey’s price adjustment includes smaller pack sizes with retailers set to roll out changes within roughly 90 days.

Hershey's chocolate bars are shown on July 16, 2014 in Chicago, Illinois.
Hershey's Miniatures chocolates arranged in San Francisco, California, US, on Monday, Dec. 9, 2024.

Overview

  • Hershey confirmed it will increase prices across its confection portfolio by a low double-digit percentage to offset soaring cocoa costs.
  • The company emphasized the hike is driven solely by rising ingredient expenses and is not linked to tariffs or trade policies.
  • Retailers can expect price changes and reduced pack sizes under Hershey’s updated price-pack architecture to take effect in about 90 days.
  • Global cocoa futures climbed 178% in 2024 after a 61% rise in 2023 as poor harvests in Ghana and Ivory Coast were worsened by climate-related weather and crop disease.
  • Hershey is preparing to shift focus toward less cocoa-intensive products as part of its long-term strategy against sustained commodity volatility.