In a May earnings call, Michele Buck, president of The Hershey Company, said the candy company would lean into products that are "less Cocoa intensive" as it navigates the inflation of cocoa prices. This is part of the company's vision to become a "snacking powerhouse" Buck said.

Hershey announced Wednesday it will raise U.S. retail prices later this fall due to the cost of cocoa remaining near record highs. Some of the company's products will see a price hike in the low double-digit percentages, while others will have a smaller pack size.

The price of cocoa is surging, creating a ripple effect for chocolate makers across the country. Hershey announced this week that it plans to raise prices this fall, citing soaring cocoa prices. Local chocolate shops are also trying to sweeten the blow.