Trending post
The Hershey Co. said that it is acquiring Sour Strips, a quickly growing sour candy brand famous for its bold flavors and social media buzz. The acquisition adds another category of strength in the sour candy segment while introducing the brand to an even larger consumer base, expanding the snacking portfolio at Hershey’s.
Launched by social media influencer Maxx Chewning in 2019, Sour Strips was looking to shake up the sour candy landscape. Within a few short months, the company’s unique approach of combining seriously sour flavors with some fun and catchy branding began to take hold. With the slogan of “sour candy that doesn’t suck,” Sour Strips created an interesting niche for themselves as something refreshingly different in an otherwise crowded candy market. Chewning will remain in charge of marketing and innovation for the Sour Strips brand, which he founded, within the Hershey family.
Hershey’s is strengthening its portfolio of Hershey’s growing confection and sweets portfolios with this acquisition,” Mike Del Pozzo, Hershey’s president for U.S. Confection, said. “The acquisition of Sour Strips strengthens our growing sweets portfolio with a product that has already captured the hearts of consumers. We are thrilled to welcome Maxx and the Sour Strips team to Hershey as we continue to drive growth in the sweets category.”
Being a part of The Hershey Company brings a huge step forward to our mission of setting new standards in the candy industry, and Hershey’s success in building iconic brands across the globe aligns perfectly with our vision of Sour Strips, said Chewning. “Together, we will continue delivering unique and extraordinary experiences to candy lovers around the world,” he added.
With Hershey’s portfolio now complimented by the Sour Strips, this company can tap into the growing sour candy market, along with utilizing Sour Strips’ solid online networking presence and vibrant, edgy brand identity. Sour Strips has already received a loyal following in its early life, and its acquisition opens the door to much more growth and innovation opportunities for this brand.
Hershey is a global leader in the snack market with more than 20,000 employees and a portfolio of more than 90 brands sold in 80 countries. Some of the best-known brands owned by the company are Hershey’s, Reese’s, Kisses, Kit Kat, Twizzlers, and Jolly Rancher as well as salty snack brands such as SkinnyPop, Pirate’s Booty, and Dot’s Homestyle Pretzels. The annual revenues of the company are above $11.2 billion and hold the leading place in the sweet and salty snacks markets.
The acquisition of Sour Strips would not only help Hershey to extend its product but also increase its ability to reach more youthly, social media savvy consumers who have become attracted by the fun, lively brand of Sour Strips and its bold flavors. This is one evidence that Hershey is serious about innovation and intends to diversify its portfolio to overcome the cutthroat competition in the snack industry.
Under the wings of Hershey, Sour Strips can be claimed to adapt to all the creative lines in the brand’s self while suppressing the emotions that gained the heart of the market-a creative marketing move into unique flavors with a sense of continuity and attraction towards a greater number. It’s a strategic acquisition for Hershey to increase the numbers in the market and continue leading the global confectionery market.
