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- Price of peanut butter has risen by 19% in a year
- Hike driven by local and global shortage of peanuts
- SA farmers are planting beans over peanut crops
The cost of a 400g jar of peanut butter has increased by 19% in a year, with a shortage of peanuts and high sugar prices contributing to the hike. The average price increased from R38.75 to R46.15 between March 2023 and 2024, according to Statistics SA.
Tiger Brands, which manufactures Black Cat, says 70% of its peanuts are locally sourced. But it says South African farmers are not planting as many peanuts and groundnuts, choosing other in-demand crops such as white beans, sugar beans and soybeans instead.
Drought and floods in South America has also led to pressure on supply and fewer peanuts are being imported. Argentina has had 3 years of drought, while floods in Brazil affected their peanut crops.
Peanuts from other African countries are generally not imported as they have a risk of high aflatoxin levels. Several SA brands of peanut butter were recalled this year after testing found high levels of aflatoxin, a toxin produced by fungi.
— 22 May, 2024Subscribe to the weekly newsletter for more charts like this
