The Hershey Company sweeps Food & Beverage category at the Middle East International Business Awards 2023 with innovative Wafer Lineup

The company rapidly transformed the confectionery landscape, capturing hearts and market share in Saudi Arabia.

The Hershey Company has achieved a significant milestone at the Middle East International Business Awards 2023, where they clinched a prestigious victory in the Food & Beverage category. This achievement underscores the company's dedication to meeting the ever-changing preferences of Middle Eastern consumers in the fiercely competitive confectionery industry.

With their well-established global reputation and strong presence in the Middle East, The Hershey Company is known for its capabilities and insights into consumer behaviors and customers’ needs. The confection giant is a fierce competitor in the market, particularly adept at understanding the confectionary market and the dynamic nature of what consumers are looking for in their sweet indulgences. Moreover, they recognise the Middle Eastern consumers' thirst for innovation.

The triumph of The Hershey Company at the Middle East International Business Awards 2023 can be credited to their keen understanding of consumer behavior and market trends in the region. Through its consumer insights capabilities, Hershey identified a promising trend: the rapid ascent of the wafer segment in Saudi Arabia. According to a Nielsen MAT study, wafers have now emerged as the dominant category in the Chocolate segment in Saudi Arabia, constituting over a fifth of the entire category.

While Hershey had established itself in the region with their category-leading products like Cookies ‘n’ Creme and the distinctive Reese’s range, the surge in the wafer segment presented an exciting new growth opportunity.

With a legacy of delivering delightful moments for more than 125 years, The Hershey Company is no stranger to quickly applying consumer insights to harness growth. Utilising its deep understanding of Middle Eastern consumer desires and their dynamic behaviors, Hershey introduced a new delight to bring joy to consumers. Building on their history of crafting delectable, high-quality products and embracing their role as a market disruptor, Hershey stepped forward with two innovative offerings to conquer the wafer category: Chocotubes Cookies ‘n’ Creme and Reese’s Sticks.

Hershey skillfully tapped into the popularity of their iconic brands, seamlessly entering a flourishing segment within an established category. They also closely monitored the evolving tastes and preferences of consumers, tailoring their innovations to cater to specific local markets. This strategic approach has propelled Hershey into a phase of rapid growth within the wafer segment.

Backed by a multi-channel launch campaign that highlights the delightful combination of the beloved Cookies ‘n’ Creme flavor in an innovative wafer format, Chocotubes rapidly won over consumers, despite being newcomers to the category. Complementing this success is Reese’s Sticks, a delightful, snackable format that marries sweet chocolate with savoury peanut butter. Hershey is well on its way to establishing a formidable presence in the Middle East's wafer market.

In just one month since their launch, Hershey witnessed a 10-basis point increase in market share within the wafer category in Saudi Arabia, according to the Nielsen Retail Audit of April 2023. With Chocotubes products expected to reach more retailers and Reese's Sticks poised to grace store shelves, the company anticipates substantial growth in the near future. Ahmad Nasser, General Manager Middle East and Africa at The Hershey Company, stated “The Hershey brand has been creating moments of goodness around the world for more than 125 years. A big thank to the amazing Hershey team behind our two unique innovations: Chocotubes and Reese's sticks”.

The Middle East International Business Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2023 awards programme and be acclaimed for your company's outstanding contributions in your organisation's growth, please contact Danica Avila at [email protected].