Nutella bets US consumers will go nuts for peanuts

Start spreading the news: Nutella is getting its first flavor update in 60+ years.

Ferrero, European parent company of the product regularly eaten with a spoon right out of the jar, announced Friday that it’s adding a peanut version of its classic hazelnut spread in a bid to win over US consumers.

That’s nuts: In 2022, peanuts were (ironically) responsible for 65% of all US nut consumption, with each person consuming 8 lbs of the legume annually.

Not just New-tella: The company is also making other American-focused updates to its product lines, including turning Ferrero Rocher spheres into squares and adding a Dr Pepper Tic Tac flavor.

The US market = not peanuts

For decades, the US business of Ferrero, which traces its roots back to 1946 in war-ravaged Italy, centered around Nutella, per CNBC. But the family-owned company is now focused on expanding in what its chairman refers to as “the most important market in the world.”

• Via acquisitions, the company in recent years has made inroads in cookies (Keebler, Famous Amos), ice cream (Blue Bunny, Halo Top), and protein snacks (Power Crunch).
• It’s also grown to become the third-largest US candy company (brands include: Nerds, Butterfingers), trailing only Hershey and Mars.

Looking ahead…Ferrero is investing $75 million to expand US manufacturing, and gearing up for a “very large” marketing push in 2026 that reportedly includes prominent placement at major events like the Super Bowl and World Cup.