Halloween meets GLP-1s: Hershey’s candy Super Bowl, with CEO Kirk Tanner

Kirk Tanner described Halloween as Hershey’s “Super Bowl” and go-to season, with the company leading in market share and looking for further growth. The season is not driven only by trick-or-treat packs in its final week: different pack types matter at different points. Hershey tracks retail performance daily, while measuring consumer sentiment separately, giving the company distinct views of sales and shoppers’ attitudes.

Tanner said cocoa prices reached unprecedented levels after years of inflationary pressure and have since eased, but remain above historic norms. Hershey is balancing that cost environment with affordability: he said 75% of its portfolio is priced under $4. He also framed the products as treats, not meals or meal replacements, a distinction relevant to how the company thinks about shifting consumer habits.

On GLP-1 use, Tanner said Hershey’s research and conversations with consumers suggest the snack category has been resilient. Users still want their favorite treats, he said, but consume less; more than 30% of Hershey’s portfolio is available in portion-controlled formats. Bob Safian noted that predictions that GLP-1 users would move spending away from food were not necessarily borne out by the numbers he had seen. Tanner said direct conversations with users gave him a stronger understanding of their confidence in making dietary choices than research or news reports alone.

Hershey’s consumer work also includes confidential home visits to learn about people’s pantries, routines, and choices. Tanner said he draws on store visits and on his 32 years at PepsiCo to listen to shoppers. He said Hershey’s brands across sweet and salty snacks appear in about 25% of U.S. snacking occasions, and sees room to expand that presence by offering both familiar products and new experiences.

Premium is one growth opportunity, though Tanner said it remains a relatively small part of the category; he said it is growing three times faster than the category overall. Hershey is developing products including Hershey Crembars, Cadbury, and Brookside, while Hershey Crembar and Offegato are aimed at younger consumers seeking accessible premium options. Tanner described the goal as creating “affordable experiences.” Reese’s Oreo, he said, came from consumers combining the products themselves. After criticism of Reese’s recipe changes, he said the company should listen to consumer feedback. Hershey is also taking Reese’s into markets including the UK, Mexico, and Brazil.

Tanner said Hershey extended its “one Hershey” approach to customer relationships after customers said the company could be a better supplier and growth partner by presenting its portfolio together. Combining confection and salty-snack sales teams gives sales representatives the opportunity to execute across both portfolios, with customer data in one place. AI tools can suggest priority stores, customer stops, and in-store activities, reducing time spent gathering and selecting data.

The planned Milton Hershey film will tell a broader story of the company’s history and purpose, Tanner said, including the Milton Hershey School and the effort to make chocolate accessible. Safian raised whether the film could attract the kind of attention associated with Barbie and noted that Hershey is 132 years old and that Milton Hershey founded the school in 1909.