Flavor manufacturer McCormick reported 6% sales growth and even higher operating income over the past several years at the Consumer Analyst Group of New York (CAGNY) meeting. Chief executive officer Brendan Foley said the growth has been buoyed by both a global interest in flavor and American consumers’ interest in global flavors.
“Flavor is our growth engine. Flavor is an enduring trend across food and beverage,” Foley said. “Heat is more than a trend; it’s a sustainable flavor profile. Millennials spend more on hot sauces than they do on ketchup.”
According to the company’s sales reports, McCormick’s sales are 53% in consumer products and 47% in flavor solutions. Sales from the flavor solutions business increased by 10% from 2023 to 2024. The company reaffirmed its long term objectives of 4-6% annual sales growth, 7-9% operating income growth and 9-11% increases in earnings per share.
Foley also noted five bullet points for continued growth into the future: drive global leadership in herbs, spices and seasonings; advance leadership in global flavors; strengthen global heat leadership; expand branded condiments; and accelerate new product innovation.
