McCormick & Company (MKC) Barclays 17th Annual Global Consumer Staples Conference summary

Strategic priorities and performance

• Focused on strengthening global leadership in core categories, especially spices and seasonings, with increased investment in brand marketing and innovation for high-quality, volume-driven growth in 2024 and beyond.

• Achieved positive unit share and volume growth in the U.S. and EMEA, with improved consumption in hot sauce, mustard, and recipe mix categories, and growth in branded food service despite industry headwinds.

• Cost savings programs have enabled further investment and margin improvement, supporting continued growth into the second half of 2024 and setting up for 2025.

Consumer and market trends

• Consumers are exhibiting value-seeking behaviors, favoring smaller basket sizes, quick trips, and reduced waste, with a shift toward more at-home meal occasions and perimeter store shopping.

• Growth in both large and mini/trial product sizes, with recipe mixes gaining traction as affordable meal solutions; Gen Z is driving demand for higher-quality, gourmet flavors and seasoning blends.

• E-commerce and delivery channels are expanding, supporting unit growth and ongoing flavor exploration.

Private label and pricing strategy

• Maintains leadership in both branded and private label spices and seasonings, with effective price gap management and broad portfolio coverage at all price points.

• Lawry's Opening price point line is driving trade-up from private label and expanding the category, with continued focus on category management and revenue management discipline.

• Successfully competes in both high-branded and high-private label markets globally.