Other than apple pie, what American food is as iconic as peanut butter? A traditional school lunchbox staple for kids and go-to protein source for vegetarians, it shouldn’t be a surprise that U.S. sales this past year were almost $2 billion dollars, according to the market research firm SPINS.
But given that the typical jar contains only about two ingredients, options for new product development are limited. In fact, the last big breakthrough in peanut butter NPD, adding a layer of jam in each jar, occurred when men still wore corduroy suits. This slow pace of innovation has affected sales growth, which last year slid 4.5 percent.