BOCA RATON, FLA. — The J.M. Smucker Co. is discontinuing production of its Jif Power Ups. Introduced in 2018, Power Ups were an effort by the company to extend the Jif peanut butter brand into the snack category.

“We view the platform as being a success at attracting new consumers to the Jif brand,” said Mark T. Smucker, president and chief executive officer, during the company’s Feb. 19 presentation at the Consumer Analyst Group of New York conference. “However, in the spirit of our financial discipline principles, we found it important to reallocate resources to areas of the portfolio that we believe will generate greater financial returns.”

In response to a follow-up question, Mr. Smucker said Power Ups fell into the bar category and that the product line’s returns were not going to justify the sales growth management thought it could achieve.

In fiscal 2021, Mr. Smucker said the company will introduce a no added sugar variety of Jif peanut butter and a “squeezeable” container solution.

“Built on the insight nearly 60% of peanut butter consumers are concerned with the amount of sugar in peanut butter, we are launching the first national no-stir offering with zero added sugar,” he said.

The company also has plans to extend its Uncrustables line into category adjacencies.

“We are excited to expand the Uncrustables brand by offering more lunch and snack options to the platform,” Mr. Smucker said. “The launch includes a line of thaw-and-eat roll-ups, including varieties of meat and cheese and a line of heat-and-eat bites featuring barbecue chicken and taco varieties. Found in the freezer section, these offerings are made with high-quality ingredients, are little to no prep and provide more choices for today’s busy families.

“While sales from these launches are expected to be a small portion of the brand’s overall growth next year, we are enthusiastic about the long-term prospects of leveraging the equity of the Smucker’s Uncrustables brand.”

The Uncrustables brand reached $289 million in sales during fiscal 2019, and Smucker management expects brand sales to reach $500 million by fiscal 2023. Supporting the growth is a dedicated manufacturing plant in Longmont, Colo.

“In its current state, it is the largest single-line bakery in the world,” Mr. Smucker said. “Another line is starting up this year — and phase two expansion at the facility is underway, providing ample capacity to support demand in all channels of trade, including K-12. We remain on track to achieve our goal to grow net sales for the Uncrustables brand to over $500 million in fiscal 2023.”