Roasted Nuts and Peanut Butter Manufacturing (U.S.) — An Investor's Primer

NAICS 2022 code 311911. NAICS = North American Industry Classification System, the standard code set U.S. statistical agencies use to define industries.

1. Overview

This is the business of turning raw nuts and peanuts into shelf-stable food: roasting, salting, and canning nuts, and grinding peanuts (and almonds, cashews, and other tree nuts) into butters and spreads. It is a classic branded-food-plus-commodity-processing industry — part consumer packaged goods (CPG), part agricultural processing. The end products are cheap, storable, protein-dense staples that Americans buy in good times and bad, which makes the category unusually steady for a food business.[1][2]

Why an investor cares: peanut butter is a defensive, "trade-down-proof" staple with durable demand, while snack nuts ride the health-and-protein trend. But margins live and die on two things a manager only partly controls — the price of the raw nut and the safety record of the plant. A single Salmonella or Listeria event can shut a factory and dent a brand for a year.[3][4][5]

Public-market investors cannot buy a pure "peanut butter" stock among the giants — the leading brands sit inside diversified food conglomerates (J.M. Smucker, Hormel, Post). The closest pure play is a mid-cap nut processor, John B. Sanfilippo & Son, though even that company derives only about 16% of gross sales from peanuts and peanut butter.[6][7] Private investors encounter the industry as regional roasters, private-label contract manufacturers ("co-packers"), and grower cooperatives — many of them sizable, family- or member-owned businesses.[8]

2. What it is, and how it's structured

Scope (what's in 311911). The federal definition covers salting, roasting, drying, cooking, or canning nuts; processing grains or seeds into snacks; roasting seeds; and manufacturing peanut butter and peanut-butter-based spreads.[9][10] In plain terms: snack nuts (Planters, Fisher, Wonderful), peanut butter (Jif, Skippy, Peter Pan), and other nut butters (almond, cashew).

What it excludes — and the adjacent codes. The industry does not include:

• Growing the crop — peanut farming is NAICS 111992; tree-nut farming is 111335 (agriculture, not manufacturing).
• Chocolate- or candy-coated nuts and candy-covered popcorn — classified in NAICS Industry Group 3113 (Sugar and Confectionery Product Manufacturing), e.g., 311340 and 311352.[9]
• Chips, popped popcorn, pretzels, and pork rinds — NAICS 311919, Other Snack Food Manufacturing.
• Oilseed butters made from soybeans or sunflower seeds.[10]

So a peanut is farmed (111992), shelled and roasted and ground into butter (311911), and — if it's dipped in chocolate — finished as candy (3113). Upstream shelling and ingredient supply blur into the agricultural side. NAICS classifies establishments by primary activity, so a diversified food company may have some plants in 311911 and others elsewhere.

Ownership mix. Three overlapping business models:

1. Branded CPG lines inside food giants — Jif (Smucker), Skippy and Planters (Hormel), Peter Pan (Post). High advertising, shelf power, and pricing power; the peanut-butter/snack-nut economics are buried inside larger reporting segments.
2. Independent processors and pure plays — John B. Sanfilippo & Son (Fisher, Orchard Valley Harvest, Squirrel Brand, Southern Style Nuts) and many regional roasters, running both their own brands and heavy private-label volume. JBSS sells through consumer, commercial-ingredient, and contract-manufacturing channels.[7]
3. Grower cooperatives and private specialists — Blue Diamond Growers (almonds), The Wonderful Company (pistachios/almonds), Hampton Farms (in-shell peanuts and store "grind-your-own" peanut butter), and dedicated private-label co-packers.[8][11][12]

3. How big it is

Our federal ground-truth figures for NAICS 311911:

SBA = U.S. Small Business Administration; its size standard is the employee headcount below which a firm counts as "small" for federal programs.

The newer Annual Integrated Economic Survey reported $13.8 billion of 2023 sales, $12.9 billion of operating expenses, and $1.1 billion of payroll — the roughly $900 million gap (about 6.6% of sales) should not be read as an industry EBITDA or net margin, since Census operating-expense definitions differ from public-company GAAP accounts.[15]

Reading the numbers. About $14.4 billion in manufacturer shipments flows from roughly 280 plants and 239 companies — a real, well-established manufacturing industry, not a cottage trade. Those factory shipments feed retail markets worth more at the shelf: U.S. peanut-butter retail sales were about $5.6 billion in 2024 and snack-nut retail sales about $5.2 billion.[2][16] A useful retail cross-check is Circana's broader nuts, seeds, and trail-mix category: JBSS reports fiscal 2025 retail dollar sales of $9.4 billion at an average $6.12 per pound — but those figures include retail margins and a different product perimeter than Census manufacturer shipments.[17]

Undercount caveat. Unlike industries dominated by government or by tiny sole proprietors, 311911 is well captured by federal business statistics — the plants and payrolls are counted cleanly. The real blind spot is the opposite: the biggest players are conglomerates, so brand-level profitability (how much Jif or Planters actually earns) is invisible in Census data and only partly disclosed in corporate filings. A second nuance sits in the crop data — peanut farming (111992) and tree-nut farming (111335) are separate industries, so the roughly $9-billion-plus California almond crop and the multibillion-pound U.S. peanut harvest are not in this $14.4 billion figure.[18]

4. The investable universe

There is no large-cap pure play. The dominant brands are owned by diversified food companies; the one focused public company is a mid-cap nut processor.

Publicly traded owners/processors:

Share figures are of retail peanut-butter dollar sales; branded peanut butter is led by Jif (~32%), Skippy (~19%), and Peter Pan (~13%), with private label near 18%.[20]

Major private and other owners:

• Hampton Farms (Severn Peanut Co.) — private, family-owned; describes itself as the leading U.S. in-shell peanut roaster and a big supplier of store-brand and "grind-your-own" peanut butter.[11]
• Blue Diamond Growers — a grower-owned cooperative of 3,000+ California almond growers, describing itself as the world's largest tree-nut processor (~$1.6 billion revenue); roasted/flavored snack almonds sit in this industry.[8]
• The Wonderful Company (Resnick family, private) — Wonderful Pistachios & Almonds, a leader in roasted/flavored snack nuts; describes itself as a vertically integrated grower and processor.[12]
• Justin's — natural nut butters; owned by Hormel 2016–2025, then majority-sold to private-equity firm Forward Consumer Partners.[30]
• Private-label co-packers (e.g., Algood, Kanan, Once Again Nut Butter, 8th Avenue) — make the store brands: Costco's Kirkland Signature, Walmart's Great Value, Target's Good & Gather.
• Upstream shellers/ingredient processors — ADM's Golden Peanut & Tree Nuts and olam/ofi supply raw and semi-processed nuts to the manufacturers.

5. How the money works

Owners make money on the spread between the raw-nut cost and the price the product fetches, multiplied by how hard the plant runs.

• Input cost is the biggest lever. Nuts are the dominant cost of goods — at JBSS, nuts, other commodities, packaging, and edible ingredients represented about 73% of fiscal 2025 cost of sales.[7] Peanuts are relatively stable — federally supported and priced around $500–540 per ton in recent years, though USDA's March 2026 outlook projected the season-average farm price at about 23.5 cents per pound (~$470/ton) amid ample supply.[3][31] Tree nuts are more volatile: California almonds swing with drought and water, and cashews depend on imports from Vietnam, India, and West Africa. A processor's gross margin can move several points from crop swings alone — JBSS's gross margin fell from 20.1% to 18.4% in fiscal 2025 as its weighted-average raw-nut inventory cost rose 30%.[7]
• Two profit models. Branded players (Jif, Skippy, Planters) earn on brand equity, shelf placement, and pricing power — they can push list-price increases and hold margin. Private-label/contract processors earn on scale, procurement skill, and factory efficiency, at thinner margins but with volume that branded players won't chase.
• Volume vs. price. After 2021–2023 cost inflation, manufacturers raised prices; dollar sales rose but unit volumes softened and shoppers traded down to store brands — squeezing branded volume even as revenue held.[20][23]
• Capacity and throughput matter. These are high-volume, capital-intensive plants; utilization drives unit cost. That is also the risk — concentration in a few big factories means one plant's outage (Hormel's Suffolk, Virginia Planters plant; Smucker's Lexington, Kentucky Jif plant) can dent a whole brand's year.[4][5]
• Timing risk. Nut crops are harvested in relatively concentrated periods, while processors sell throughout the year. JBSS notes demand is highest in the final four calendar months; peanuts, pecans, and walnuts are primarily purchased September through February; and working-capital requirements generally peak in its fiscal third quarter. Some customer prices are fixed before the corresponding acquisition cost is fixed. Unlike major grains, established futures markets generally do not exist for nuts, limiting financial hedging.[7]
• Retailer concentration. The supply side is only moderately concentrated, but the buy side is not — at JBSS, Walmart represented about 40% of fiscal 2025 sales, Target about 11%, and the five largest customers collectively about 67%.[7]
• Recession resistance. Peanut butter is a cheap protein; demand actually firms when budgets tighten. That defensive quality is the category's core appeal to income-oriented and conservative investors.[1]

6. What drives demand

• Everyday staple + kids. Peanut butter is a household constant (the PB&J, school lunches). Peanut butter accounts for more than 60% of peanuts consumed for food in the United States, and 2024/25 consumption was 6% above the preceding ten-year average, supported by record U.S. peanut production.[32][33]
• Protein and "better-for-you" snacking. Nuts and nut butters ride the high-protein, plant-based, low-sugar trend; almond- and cashew-butter demand is growing faster than the mature peanut base.[34]
• Tree-nut consumption rising. USDA estimates 2024/25 per-capita availability at 1.9 pounds for almonds, 0.7 pounds for pistachios, 0.6 pounds for walnuts, and 0.5 pounds for pecans. Average almond availability in 2022/23–2024/25 was approximately twice its early-2000s level, while pistachio availability had more than tripled.[35]
• Price sensitivity works for the category. When consumers trade down from meat or restaurant meals, cheap protein like peanut butter benefits — even as they shift within the category toward private label.[20]
• Snacking and entertaining. Snack nuts (Planters, Wonderful, Blue Diamond) track social occasions, holidays, and gifting.
• Exports. U.S. peanut exports hit a record ~$890 million in 2023, with Mexico the top destination — an added demand channel beyond the domestic shelf.[36]

7. Regulation

Food safety is the defining regulatory reality.

• FDA oversight and FSMA. The U.S. Food and Drug Administration (FDA) regulates these plants under the Food Safety Modernization Act (FSMA), which requires written preventive controls and environmental monitoring for pathogens.[9] Low-moisture foods like peanut butter don't grow Salmonella, but the bacterium can be unusually heat-resistant in ready-to-eat nuts; roasting must be a validated kill step, and post-roast cooling, blanching, sorting, milling, and packaging must prevent recontamination.[37] FDA's investigation of the 2022 Jif outbreak identified post-roasting environmental-control failures and issued a warning letter to Smucker citing preventive-controls violations.[5][38]
• Aflatoxin limits. Peanuts and tree nuts can carry aflatoxin, a mold toxin; the FDA action level for total aflatoxins in peanut products is 20 parts per billion, enforced through mandatory grading and testing.[39]
• Allergen labeling. Under the Food Allergen Labeling and Consumer Protection Act (FALCPA), peanuts and tree nuts are among the major food allergens that must be declared plainly; the FASTER Act (2021) added sesame as the ninth major allergen, effective January 1, 2023. Cross-contact controls are a serious operational burden and a liability exposure — multi-nut and seed plants must control segregation and maintain exact ingredient and label changeovers.[40]
• Standard of identity. FDA's standard of identity for "peanut butter" requires at least 90% peanuts and caps additives — which is why lower-peanut products are labeled "peanut spread."
• USDA peanut program. The U.S. Department of Agriculture (USDA), via the Farm Service Agency (FSA), runs marketing-assistance loans that set a price floor for growers (2024 runner-type loan rate ~$354/ton; the 2018 Farm Bill set the national rate at $355/ton). This stabilizes the peanut input market that processors buy from.[41]
• Trade/tariffs. Import tariffs raise the cost of imported nuts (notably cashews — JBSS sourced about 28% of the dollar value of its fiscal 2025 nut and dried-fruit purchases abroad), and retaliatory tariffs can threaten export demand; the Peanut and Tree Nut Processors Association has flagged both as concerns.[7][42]

8. Competitive dynamics and consolidation

Here the federal data and the supermarket shelf tell two different stories — and both are true.

At the shelf, branded peanut butter is highly concentrated: Jif, Skippy, and Peter Pan together hold roughly two-thirds of retail dollars.[20] But at the manufacturing level, the industry is only moderately concentrated: the top four firms account for about 29.6% of receipts, the top eight about 46.3%, the top 50 about 92.7%, with a Herfindahl-Hirschman Index (HHI) of just 370 — well inside the "unconcentrated" range.[13][43] (HHI is the standard concentration measure; U.S. antitrust agencies treat below 1,500 as unconcentrated.) The gap exists because 311911 also contains snack nuts, private label, and a long tail of regional roasters and co-packers, diluting the branded-peanut-butter concentration.

Consolidation has been steady on the branded side:

• Hormel bought Skippy from Unilever (2013) and Planters from Kraft Heinz (2021, $3.35 billion).[21]
• Post bought Peter Pan from Conagra (2021) and the remaining stake in 8th Avenue Food & Provisions (2025, ~$880 million including assumed finance leases, against expected $115 million of next-twelve-month adjusted EBITDA — though that multiple cannot be treated as a nut-butter benchmark because 8th Avenue also contained pasta, granola, and dried-fruit businesses).[27][28]
• Sanfilippo has rolled up brands (Squirrel Brand, Southern Style, a Lakeville snack-bar business) to scale its platform.[7]
• Justin's passed from Hormel to private equity (2025).[30]

Meanwhile retailer private label keeps gaining share, made largely by independent co-packers — a structural check on branded pricing power.[20]

9. Risks

• Food-safety events. The industry's signature risk. The 2009 Peanut Corporation of America Salmonella outbreak killed 9 people, sickened 714, triggered recalls of 3,900+ products, and sent the owner to prison for 28 years.[44] Jif's 2022 Salmonella recall (Lexington, Kentucky) drew an FDA warning letter citing preventive-controls failures; Planters' 2024 Listeria recall and five-week plant closure (Suffolk, Virginia) each hit sales and reputation.[4][5][38]
• Commodity and weather volatility. Tree-nut costs swing with drought, water access, alternate-bearing cycles, and global supply — the 2025 U.S. pistachio crop was 43% larger than the prior crop because it was an "on" year; a bad crop compresses margins quickly.[3][35]
• Single-plant concentration. Reliance on a few large factories means an outage can cost a brand a year of momentum.[4]
• Private-label trade-down. Store brands erode branded volume and pricing power, especially when budgets tighten. JBSS reported lower snack-nut, trail-mix, and bar demand in fiscal 2025 as higher retail prices pushed consumers toward private label, cheaper nut varieties, and other snack categories.[7][20]
• Allergen and social trends. Nut-free schools and rising allergy awareness cap some venues for peanut products, and "clean-label"/sugar-reduction pressure keeps reformulation costs up.
• Trade policy. Tariffs cut both ways — raising imported-nut costs and threatening export demand.[42]
• Near-term oversupply. USDA's March 2026 outlook projected 2025/26 peanut ending stocks at 2.6 billion pounds, more than 1 billion pounds higher year-over-year — a signal that processor input relief can coincide with softer product demand.[31]

10. How to invest, and the outlook

Public-market routes. No pure large-cap exists. The most direct exposure is John B. Sanfilippo & Son (JBSS) — a focused nut/peanut-butter processor whose results move with nut crops and private-label volume, though trail mixes, bars, dried fruit, and ingredient sales make it an imperfect industry proxy.[7] For the leading brands, you buy a diversified food company and accept dilution: Hormel (HRL) for Skippy and Planters (no separate disclosure), Smucker (SJM) for Jif ($828 million in FY2025 peanut-butter revenue), Post (POST) for Peter Pan and 8th Avenue (no separate disclosure), and Hain Celestial (HAIN) for natural nut butters. These are the classic dividend-paying, defensive consumer-staples names; the peanut-butter/snack-nut lines are one piece of a broader thesis.[19][22][23][25][26][29]

Private routes. Private investors meet the industry as regional roasters, private-label co-packers (the makers behind Kirkland, Great Value, and Good & Gather), and grower cooperatives (Blue Diamond) or family firms (Wonderful, Hampton Farms). Justin's 2025 sale to Forward Consumer Partners shows private equity's continued appetite for scalable "better-for-you" nut-butter brands.[8][30] The most important diligence questions are crop ownership and purchasing discipline, inventory age and valuation, fixed-price customer commitments, customer concentration, private-label versus owned-brand mix, validated kill steps and environmental monitoring, allergen segregation, recall history, retailer certifications, plant redundancy, and maintenance capital.

Near-term drivers (forward-looking). The setup looks steady rather than exciting. Peanut supply is ample — U.S. production hit a record ~6.5 billion pounds in 2024/25 (25% above 2014/15), with Georgia growing roughly half — which should keep peanut-butter input costs contained.[18][32][45] Watch three things: (1) tree-nut crops and tariffs, the main swing factor for snack-nut margins; (2) the branded-vs.-private-label share battle, which is likely to keep pressuring branded volumes if shoppers stay value-focused; and (3) plant reliability and recall risk, the fastest way for any of these names to lose a year. The long-run tailwind — cheap protein plus the health-and-snacking shift toward nuts and nut butters — remains intact.[34]

Common misreadings. The industry is commonly misreported in three ways. First, Census manufacturer shipments are called "market size," even though they exclude retail margins. Second, national peanut-butter brand prominence is mistaken for concentration across the much broader 311911 code — the Census four-firm ratio was only 29.6%. Third, diversified-company segment margins are presented as nut-industry margins. Authoritative current figures for the peanut-butter-versus-roasted-nut split of NAICS shipments, brand-level market shares, and industry-wide EBITDA could not be established and should not be inferred from the available data.

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