Shanghai — The Hershey Co.’s Lancaster brand milk candy in three varieties is launching in China, an attempt to tap into the $1.2 billion Chinese milk candy market, which accounts for a quarter of the total confectionery market, Hershey reports.
Marking the company’s first launch of a new brand outside the U.S. and the first overall brand introduction in 30 years, Lancaster Nai Bei candy comes in Original Pure Nai Bei, Pure Nai Bei filled with Rich Nai Bei, and Pure Nai Bei filled with strawberry. Bags holding 1.4 ounces carry a SRP of 98 cents, 3.8-ounce bags have a SRP of $2.11, and eight-ounce bags carry a SRP of $4.06.
Hershey claims China is a priority market and expects sales to reach $10 billion by 2017. Senior Vice-President of Global Sweets and Refreshments Steven Schiller says: “This demonstrates the company's deep commitment to China, as well as the importance of this market in Hershey’s global growth plans.”