Nutella, you've got competition

The Hershey Company said it was introducing a new line of chocolate spreads. One of which might just hit close to home for Italian company Ferrero, creators of the iconic creamy hazelnut spread Nutella.Hershey, in a statement to the press, has said the new line of chocolate spreads include Chocolate, Chocolate with Almond and Chocolate with Hazelnut (Nutella anyone?).The new line is supported by an integrated marketing campaign that began in the fourth quarter of 2013 and will continue through 2014."The average American snacks more than two times a day and what better way to transform everyday snacks into delicious treats, than with the genuine chocolate flavor that only Hershey can deliver," Anna Lingeris, spokesperson, The Hershey Company said."We have been delivering genuine chocolate experiences in a variety of forms for 120 years and our legacy as the leader in chocolate continues with Hershey's Spreads."According to the Associated Press, the move points to the strong growth in the category. In the last five years, sales figures of Nutella in the US have more than tripled to US$240.4 million, according to market researcher Euromonitor International. Also, in 2012, J.M. Smucker Co.  got into the game with its Jif hazelnut spreads.The Hershey Company has operations throughout the world and approximately 14,000 employees.With revenues of more than US$6.6 billion, Hershey offers confectionery products under more than 80 brand names, including such iconic brands as Hershey's, Reese's, Hershey's Kisses, Hershey's Bliss, Hershey's Special Dark, Kit Kat, Twizzlers, Jolly Rancher and Ice Breakers.The company is also focused on growing its presence in key international markets such as China, Mexico and Brazil while continuing to build on its market share in the United States and Canada.