US peanut butter maker JM Smucker has revealed that it is planning to branch out into speciality nut butters, with two significant product launches planned for the category.
Speaking during the Consumer Analyst Group of New York conference in Florida yesterday (21 February), CEO Richard Smucker revealed that the group planned to leverage the strength of its Jif peanut butter brand by expanding into the speciality nut category.
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“Historically, our participation in the nut butter category has been limited to the US$1.8bn peanut butter category. As we continue to push out on innovation we are excited to announce our launch into speciality nut butters,” he said.
According to Smucker, the speciality nut category is currently valued at $260m in the US. However, he emphasised, the segment has witnessed considerable growth, rising in value by 40% this year.
“To capitalise on this growth area we will be launching two varieties of Jif hazelnut spreads in early fiscal 2013 – chocolate and mocha cappuccino. This is yet another opportunity to leverage the strength of the Jif brand.”
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By GlobalData
