The two largest chocolate makers in the United States are Mars and Hershey. Hershey has traditionally been the industry leader, with 43% of the market share. In 2019, Mars generated $37 billion in revenue compared to Hershey’s $7.4 billion. Mars is just behind Hershey with 29.8% of the market share. Mars has a current market value of $74.921 billion, while Hershey’s is valued at $22.03 billion. Mars is a leader in the food industry, but Hershey has been around for a long time and is globally recognized for its iconic chocolate candy.
It all started when Frank Clarence Mars, the founder of Mars Inc., approached William Murie, the then President of the Hershey Company, looking for a modest credit on a steady supply of milk chocolate for his newly developed candy bar, Milky Way. The Milky Way took off, becoming an instant hit, and Mars Inc. expanded rapidly, soon becoming a national brand. With its success grew Hershey’s revenue from supplying its top rival with milk chocolate – a fact which made Milton Hershey realize that the candy bar could be a threat to sales of his finished products.
Mars and Hershey are the two largest chocolate makers in the United States. With 43% market share, Hershey has traditionally led the industry. Mars offers significant competition, generating $37 billion revenue in 2019 versus Hershey’s $7.4 billion.
With over 40% market share, Hershey remains slightly ahead of Mars. However, Mars, with an estimated net worth of $94 billion, is much higher than Hershey’s $22 billion due to its diversification, owning brands spanning candy, pet food, and more.
Both companies drive US chocolate market innovation. Consumers see Mars’ sweeter chocolates contrasting with Hershey’s more sour profile. The two companies control over 60% of the $16 billion US chocolate market. Their storied rivalry has continually forced each other to improve and expand their offerings.