Hackettstown, NJ — Mars Chocolate North America is instituting a seven percent price increase, a company spokesperson tells Candy & Snack TODAY.
These pricing gains follow those of The Hershey Co. and Nestlé SA, which cited rising costs for key ingredients such as sugar, cocoa and nuts as the impetus for the increases.
Mars reports increases are also being instituted in order to strike a balance between desired marketing levels and manufacturing capabilities.
“We have worked to hold down costs by undertaking a number of business transformation initiatives,” says a company spokesperson. “In the three years since our last price increase, in March 2011, we have invested significantly in the category and have experienced a dramatic increase in our costs of doing business. We have invested dollars in advertising, domestic manufacturing, sales resources and key innovations, which have contributed to category growth.”