China’s taste for candy hasn’t been lost on American chocolate giant Hershey.
Hershey is still a small player in China. Chocolate-makers Mars, Nestlé and Ferrero control some 70 percent of the chocolate confectionery market there. The most important thing about Golden Monkey acquisition may not be the added manufacturing capacity it gives Hershey, but the Chinese firm’s expertise on flavors that appeal to the local market. Golden Monkey “has a strong history of innovation,” Hershey said in a statement; some of its more successful creations, according to the WSJ, include strawberry-flavored cheese chews and seaweed-flavored wafers. Hershey seems determined to find tastes that Chinese consumers will like; earlier this year, the company launched a new caramel candy in China called Yo-man, inspired by the success of White Rabbit, a condensed-milk candy made by another Chinese firm.