Comparison of Hershey and Mars
The two largest chocolate makers in the United States are Hershey and Mars. Hershey leads the industry with 43% of the market share. Mars follows with 29.8% of the market share. In 2019, Mars generated $37 billion in revenue. Hershey’s revenue was $7.4 billion.
History and Competition
When Mars founder Frank C. Mars approached Hershey for a chocolate supply to produce Milky Way, Hershey benefited from selling Mars chocolate. However, Milton Hershey realized Mars could threaten Hershey’s own candy sales.
Today, Hershey remains the top US chocolate company with over 40% market share, slightly ahead of Mars. However, Mars is more diversified, owning brands spanning candy, pet food, and more. This has earned Mars a higher net worth of $94 billion, compared to Hershey’s $22 billion.
Market Dominance and Innovation
While smaller, Hershey maintains global brand recognition. Both companies drive US chocolate market innovation. Consumers see Mars’ sweeter chocolates contrasting with Hershey’s more sour profile. Nevertheless, the two companies control over 60% of the $16 billion US chocolate market. Their rivalry has continually forced each to improve and expand offerings over decades.