COMPANY PROFILE -McCormick & Company
Business Sector :Consumer Staple Products - Food Processing
Operating Geography :United States, North America, Global
About McCormick & Company :
McCormick & Company is a multinational food company that produces, markets, and distributes spices, seasoning mixes, condiments, and other flavouring items to retailers, food manufacturers, and foodservice establishments. The company is headquartered in Hunt Valley, Maryland, United States. In 1889, Willoughby M. McCormick founded the company in Baltimore. He started out selling root beer, flavouring oils, fruit syrups, and juices door-to-door from a single room and a cellar. McCormick entered the spice industry seven years later when he purchased the F.G. Emmett Spice Company. The consumer division of McCormick has products in over 160 countries and territories. Spices and herbs, recipe blends, extracts, condiments, marinades, stocks, broths, bouillons, sauces, toppings, homemade desserts, rice mixes, salad dressings, and breads are among the supermarket offerings. For food producers, food service providers, and restaurants all over the world, McCormick produces flavourings, branded food services products, condiments, coating systems, and ingredients. In January 2021, McCormick & Company, was named the world's 6th most sustainable corporation and No. 1 in the Packaged and Processed Foods and Ingredients sector on the Global 100 Sustainability Index by Corporate Knights. As of early 2023, McCormick employed over 14,000 people.
McCormick & Company's Unique Selling Point or USP lies in it being a global leader in flavour, and that it is ideally placed to meet the growing demand for flavour around the world with its diverse and balanced flavour portfolio. The company's vision statement reads, "A World United by Flavor—where healthy, sustainable and delicious go hand in hand."
McCormick & Company Revenue :
USD 6,351 million - FY ending 31st November 2022 (y-o-y growth 1%)
USD 6,318 million - FY ending 31st November 2021
Competitive Analysis of McCormick & Company
The SWOT analysis for McCormick is presented below in a matrix followed by the detailed analysis report:
| Strengths | Weaknesses |
1. Diverse brand portfolio with operation in 150 countries
2. Strong financial performance with no impact of pandemic
3. Excellent supply chain management
4. Strong social media presence with Buzzfeed partnership and flavor App
| 1. McCormick Australia workers’ strike highlights wage issues, could be detrimental to business |
| Opportunities | Threats |
1. Hot Sauce & seasoning market to see growth by 2026 due to worldwide high demand
2. immunity boasting Spices see surge demand during the pandemic
3. Gen Z is highly focused on flavors and food personalization.
| 1. Frauds and adulteration in herbs and spices market
2. Agricultural raw material prices are rising
3. Climate change is raising uncertainty in availability and quality of agricultural products
4. Food industry woes of labor shortage increase
|
McCormick & Company SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed SWOT Analysis of McCormick & Company
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
1. Hot Sauce & seasoning market to see growth by 2026 due to worldwide high demand: Hot Sauce & seasoning global market is expected to reach $3.77 billion by end of 2026, this segment is experiencing a growth of 6.5% CAGR. This is due to increasing awareness and demand for spicy, and exotic international cuisines. Growing economies have been seeing increase in disposable per capita income, and the change in lifestyle of consumers. The rising popularity of spicy Asian and Indian food is driving hot sauce and various seasoning demand in western markets, as well the increasing fast-food consumption has raised demand for seasoning. Bakery & confectionery segment is also seeing high demand for spices and seasoning owing to emergence of regional products. This creates huge opportunity for Hot spices processor companies. As the global Hot sauce market is fragmented, niche producers can take benefit of it.
The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.
Threat
This section is available only in the 'Complete Report' on purchase.
The PESTLE analysis for McCormick is presented below in a table followed by the detailed analysis report:
| Political | Economic |
| 1. Trade wars and export restrictions are impacting food processing industry | 1. Food industry is expected to see slower recovery compared to national economy |
| Social | Technological |
1. Rising veganism demand for meat alternative is influencing food processing companies
2. Health-conscious consumer preferring to buy healthy foods
| 1. Artificial intelligence and automation redefining food processing industry
2. App strategy and user experience to inspire great food
|
| Legal | Environmental |
1. Compliance with European strict food safety requirements
2. EU’s directive on unfair trading and ban on discounting could hurt marketing practices
| 1. European countries demanding sustainable and higher quality spices imports
2. Organisations signed commitment to use reusable & plastic-free packaging by 2025
|
McCormick & Company SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
Detailed Pestle Analysis of McCormick & Company
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
1. Artificial intelligence and automation redefining food processing industry: Emergence of Artificial Intelligence (AI) has found its way into food industry. Many food restaurants and fast-food outlets have started leveraging AI into their operations such as Chatbots for customer orders and issue resolution, forecasting demand, assisting workers in handling machines, food supply, sorting food, and automating many food processing techniques. AI is being used to process data on purchasing habits of consumers, to analyze demand based on internet trends, climate, and popularity. McCormick in association with IBM have implemented AI in its spices and seasoning manufacturing. They are using AI to explore flavors quickly, learning flavors combinations etc. McCormick has years of data on flavors, this data is being leveraged along with AI by developers to create flavor profiles and bring creativity to food.
The remaining section under "Technological" is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
This section is available only in the 'Complete Report' on purchase.
Major Brands :
- Aeroplane Jelly
- Billy Bee
- Brand Aromatics
- Cattlemen’s BBQ Sauce
- Cholula Hot Sauce
- Club House
- Drogheria & Alimentari (D&A)
- Ducros
McCormick & Company SWOT and PESTLE Analysis PDF Report is a custom report and will be delivered to your email inbox within 2 business days from purchase.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in McCormick & Company SWOT & PESTLE Analysis Report
1. Our Brands - https://www.mccormickcorporation.com/en/brands
2. Annual Report - https://ir.mccormick.com/static-files/f9c9fba0-7feb-4916-9416-7f61f6dd1fae
3. Spices and Seasonings Market to Reach USD 22.87 Billion by 2026; High Consumption of Organic Spices Worldwide to Surge Demand: Fortune Business Insights - https://www.prnewswire.com/in/news-releases/spices-and-seasonings-market-to-reach-usd-22-87-billion-by-2026-high-consumption-of-organic-spices-worldwide-to-surge-demand-fortune-business-insights-877246647.html
4. Grain export restrictions during COVID-19 risk food insecurity in many low- and middle-income countries - https://www.nature.com/articles/s43016-020-00211-7
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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