From children to astronauts to presidents, peanut butter's popularity has transcended time and space to cement its legacy as an American staple. Watch the full video:
Peanut butter holds a 90% household penetration rate, comparable to other grocery staples such as breakfast cereal, granola bars, soup and sandwich bread, according to Matt Smith, VP of Equity Research at Stifel Financial Corp.
Senior Vice President and General Manager of Smucker's consumer foods division, Rebecca Scheidler, says the brand has been showing double-digit growth for multiple years in a row, held back only by the capacity of the company's plants. "That was a real pivot for Hormel into kind of a non-meat center of store product to help evolve the company into a more consumer product-facing company. They hold near 20% of the market share today behind that Skippy brand," said Smith.
"We were already back at a number one position," said Scheidler. "And we just continue to see growth as we look into the future as well," she added. Food giants Smucker's and Hormel Foods are concentrating on innovation either by product count, development or international reach.Hormel Foods is eyeing countries that are already curious about the snack, such as Mexico, Canada or China, where Christofferson says they are meeting consumers' needs differently than in the U.S.
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