Best known for its chocolate products, Hershey has chosen the Brazilian market to initiate product line expansion outside the US.
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This month, South American Business Information revealed, Hershey plans to launch four new cereal bars and extend its ‘light’ product line in Brazil.
The Brazilian market offers a growth rate of 15% per year and, the company estimates, 350m cereal bars were manufactured there in the past year – more than double the volume registered in 2004. Isabel Maranhao, Hershey’s marketing manager, said the cereal bars market grew 50% in value during 2005, SABI reported.
In August 2002, Hershey began production in Brazil in order to reduce costs. At the same time, the company outlined an aggressive expansion strategy for the market.
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