The Hershey Company (HSY): Analyse SWOT [Jan-2025 Mise à jour]

Dans le monde dynamique de la confiserie, la société Hershey est un géant doux naviguant des paysages de marché complexes. Avec un riche héritage couvrant plus d'un siècle et un 30 milliards de dollars La capitalisation boursière, le positionnement stratégique de Hershey révèle un mélange fascinant de forces durables et de défis émergents. Cette analyse SWOT se plonge profondément dans l'écosystème concurrentiel de l'entreprise, en découvrant des informations critiques qui illuminent son potentiel de croissance, d'innovation et de leadership soutenu sur le marché dans l'industrie mondiale du chocolat en constante évolution.

The Hershey Company (HSY) - Analyse SWOT: Forces

Leadership du marché dans l'industrie du chocolat nord-américain

Hershey contrôle approximativement 44.2% du marché du chocolat américain à partir de 2023. La part de marché annuelle du chocolat démontre le positionnement dominant avec 9,8 milliards de dollars dans le total des ventes de chocolat.

Reconnaissance de la marque et portefeuille

Hershey possède 80+ Marques avec une pénétration importante du marché:

Réseau de distribution

La présence approfondie de la vente au détail comprend:

• Sur 300,000 points de vente au détail
• 85% Couverture dans les épiceries à l'échelle nationale
• Distribution internationale 70+ pays

Intégration verticale

Les capacités de fabrication comprennent:

• 7 Installations de fabrication primaires
• 750 millions de dollars Investissement annuel dans les infrastructures de fabrication
• Direct de l'approvisionnement de cacao à partir de 15 pays

Performance financière

Mesures financières pour 2023:

The Hershey Company (HSY) - Analyse SWOT: faiblesses

Fourni dépendance du marché nord-américain

Depuis 2023, 88.4% Des ventes nettes de Hershey ont été générées sur le marché américain. Les ventes internationales représentent uniquement 11.6% du total des revenus.

Vulnérabilité aux fluctuations des prix des produits de base

Les prix du cacao en 2023 variaient de 2 300 $ à 2 800 $ par tonne métrique, impactant directement les coûts de production de Hershey.

Diversification limitée des produits

Le portefeuille de produits de Hershey est composé de environ 80% Produits de confiserie, avec une expansion limitée dans d'autres catégories d'aliments.

• Produits de confiserie: 80%
• Produits non-confectionneries: 20%

Coûts de production plus élevés

Les coûts de production de Hershey en 2023 étaient 12.7% Plus élevé par rapport à certains concurrents internationaux, principalement en raison des dépenses de fabrication nationales.

Problèmes de santé

La teneur en sucre dans les produits de Hershey va de 8-24 grammes par portion, potentiellement impactant les perceptions de la santé des consommateurs.

The Hershey Company (HSY) - Analyse SWOT: Opportunités

Demande croissante de produits de chocolat de qualité supérieure et biologiques

Le marché mondial du chocolat premium était évalué à 45,8 milliards de dollars en 2022 et devrait atteindre 67,9 milliards de dollars d'ici 2028, avec un TCAC de 6,8%. La croissance du marché du chocolat biologique devrait atteindre 2,7 milliards de dollars d'ici 2026.

Expansion potentielle sur les marchés émergents

Le marché du chocolat en Asie-Pacifique devrait atteindre 49,4 milliards de dollars d'ici 2026, avec un TCAC de 5,2%. Le marché du chocolat latino-américain prévoyait à 24,6 milliards de dollars d'ici 2027.

Développement de collations plus saines et de gammes de produits alternatives

Le marché mondial des collations saines prévoyant pour atteindre 98,4 milliards de dollars d'ici 2025, avec un TCAC de 5,2%.

• Le marché du chocolat à base de plantes devrait atteindre 1,5 milliard de dollars d'ici 2027
• Segment de chocolat à faible teneur en sucre en maîtrise à 7,3% par an
• Marché fonctionnel du chocolat évalué à 3,2 milliards de dollars en 2022

Augmentation du commerce électronique et canaux de vente directe aux consommateurs

Les ventes de chocolat en ligne devraient atteindre 30,5 milliards de dollars dans le monde d'ici 2026, représentant 15,3% du marché total du chocolat.

Investissement dans des pratiques d'approvisionnement durables et éthiques

Le marché du chocolat durable devrait atteindre 12,6 milliards de dollars d'ici 2027, avec 68% des consommateurs prêts à payer des primes pour les produits d'origine éthique.

• Le marché du chocolat Fairtrade augmente à 8,5% par an
• Les investissements en durabilité de Cocoa ont atteint 1,2 milliard de dollars en 2022
• 60% des consommateurs préfèrent les marques ayant des pratiques d'approvisionnement transparentes

The Hershey Company (HSY) - Analyse SWOT: menaces

Concurrence intense des marques de confiserie mondiales

Le marché mondial de la confiserie démontre une pression concurrentielle importante:

Changer les préférences des consommateurs

Les tendances alimentaires des consommateurs indiquent des changements importants:

• 48% des consommateurs préfèrent des alternatives de collation plus saines
• 35% recherchent activement des produits de sucre réduits
• 22% Prioriser les options de confiserie à base de plantes

Perturbations potentielles de la chaîne d'approvisionnement

Impact du changement climatique sur la production de cacao:

Volatilité du coût des matières premières

Récentes fluctuations des prix du cacao et du sucre:

• Les prix du cacao ont augmenté de 18,6% en 2023
• Les prix du sucre ont augmenté de 12,4% en glissement annuel
• Le matériel d'emballage coûte 9,2%

Défis de conformité réglementaire

Paysage réglementaire de la sécurité alimentaire:

The Hershey Company (HSY) - SWOT Analysis: Opportunities

You're looking at where The Hershey Company can really build out its next leg of growth, moving beyond just the core chocolate business. Honestly, the biggest opportunities right now are in diversifying the portfolio into adjacent, high-growth snacking categories and expanding that global footprint. We have clear evidence from their recent execution that this strategy is working.

Strategic expansion into salty and better-for-you snacks

This isn't just dabbling anymore; it's a full-on portfolio build. The recent acquisition of LesserEvil in April 2025 for a reported $750 million solidifies this push into the better-for-you (BFY) space, adding organic popcorn and puffs to the mix alongside SkinnyPop, Pirate's Booty, and Dot's Pretzels. The momentum is real: in 2024, the salty portfolio grew 1.5 times faster than the preceding three years. To be clear, this isn't a small side project; the company has an audacious goal to make salty snacks account for 20% of revenue over the next decade. Consumer data supports this, showing 40% of U.S. consumers are actively looking for BFY options for specific snacking occasions.

Here's a quick look at how the existing salty brands are performing as of mid-2025:

What this estimate hides is the integration risk with LesserEvil; maintaining that brand's clean-label identity while leveraging Hershey's scale is the key execution challenge.

Accelerate growth in key emerging markets like India and China

While North America is the bread and butter, global scale is where the long-term compounding returns live. The International segment is showing good traction, which is defintely encouraging. For instance, in the fourth quarter of 2024, India delivered high-single-digit growth, and the overall International segment saw organic sales jump 15.0% year-over-year. In the second quarter of 2025, the International segment posted 10.0% organic, constant currency net sales growth. The action here is simple: keep pouring resources into markets where the middle class is expanding and brand awareness can be built efficiently.

Potential for targeted M&A to acquire high-growth, non-chocolate brands

The LesserEvil deal is a template for future moves. You buy brands that have strong equity in emerging categories-like BFY or premium jerky-and then you apply Hershey's massive distribution muscle. The company has a history of this, picking up brands like Amplify Snack Brands and Dot's Pretzels. The opportunity is to continue acquiring smaller, agile players that have already cracked a specific consumer trend, rather than trying to build that niche from scratch. This is about buying relevance.

Use digital channels and direct-to-consumer (DTC) to defintely boost engagement

Brand awareness is a core strength, but it needs to be amplified where the next generation of consumers lives. Hershey is increasing its investment in digital media across platforms. They are actively planning to sustain engagement and boost awareness for innovations like Reese's Oreo across TikTok and Instagram. Plus, when working with retailers, optimizing digital shelf space is just as important as the physical aisle layout to capture impulse buys online.

• Invest in social media campaigns for new product launches.
• Optimize search result placement for key brands online.
• Use digital channels for targeted micro-marketing efforts.
• Leverage data from digital engagement to refine innovation.

Finance: draft 13-week cash view by Friday

The Hershey Company (HSY) - SWOT Analysis: Threats

You're looking at the headwinds The Hershey Company faces as we move through 2025, and honestly, the biggest story is the cost of cocoa-it's been a brutal year for margins, even with some recent policy shifts.

Sustained commodity price inflation, particularly for cocoa futures

The sustained, wild swings in cocoa futures are definitely the most immediate threat to your bottom line. While you benefited from derivative hedges in 2024, those gains are fading, and the underlying cost is biting hard in 2025. Hershey is projecting a significant squeeze, expecting its adjusted gross profit margin for fiscal 2025 to contract by approximately 650 to 700 basis points, driven heavily by these historically high cocoa prices and sugar inflation. This pressure is so intense that the company is forecasting an adjusted earnings per share decline in the mid-30% range for the full year 2025.

To be fair, there was a major development in late 2025: President Trump enacted an executive order on September 8, 2025, exempting cocoa imports from existing US tariffs. This was a relief, as the company had reported as much as US$100 million in costs for Q3 and Q4 2025 due to those import duties alone. Still, the underlying supply issue persists; US port inventories were down to a 21-year low recently, signaling that even without tariffs, sourcing remains tight and prices are likely to stay elevated for a while.

Here's a quick look at the margin impact from Q1 2025:

Increasing regulatory and public health scrutiny on high-sugar food products

The regulatory environment isn't getting any softer, especially concerning sugar. The FDA's focus on the 'Total Sugars' declaration, based on the 2020-2025 Dietary Guidelines for Americans, keeps the pressure on for transparency and potential reformulation. You are already looking at adjusting recipes to manage costs, but any mandatory changes to labeling or sugar content could force costly re-engineering of your iconic products. This scrutiny pushes consumers toward perceived healthier alternatives, which is why your salty snacks portfolio is becoming so important. If onboarding takes 14+ days, churn risk rises.

Intense competition from private-label brands and smaller, agile craft confectioners

While you've historically been insulated, the competitive landscape is always shifting. The US confectionery market was valued at over $83.54 billion in 2024, and while you hold about 24% market share, that leaves a lot of room for others to fight for the rest. In other consumer packaged goods (CPG) categories, private-label trading down is a constant threat, and while candy distribution has been a barrier, retailers are still investing in their own store brands. Furthermore, smaller, agile craft confectioners and better-for-you (BFY) brands are constantly innovating with niche positioning. Your recent acquisition of LesserEvil, for example, raises the bar for those smaller BFY salty snack brands, meaning they have to work harder to differentiate themselves against your deep pockets and logistics.

You are using pricing as a key lever, taking an average of 3% pricing in fiscal 2024, but this volume elasticity is a risk. You are baking in a historical minus 1% average impact on volumes across the portfolio due to these price hikes.

Supply chain disruptions and labor cost increases eroding operating leverage

Beyond cocoa, general manufacturing and labor costs are eating into your operating leverage. The Q1 2025 results clearly showed this, with adjusted operating profit falling nearly 30% year-over-year, driven by higher commodity and manufacturing costs. CFO Steven Voskuil specifically cited incremental labor costs as a factor contributing to the expected margin contraction for 2025. You are trying to offset this with supply chain productivity and transformation savings, but the initial impact in early 2025 was severe. You need those productivity initiatives to hit their targets fast. Finance: draft 13-week cash view by Friday.