McCormick & Company MKC regularly enhances its products through innovation in order to remain competitive and tap the rising demand for new flavors, spices and herbs, which are fast replacing demand for sugar, salt and fat. Last week, this global leader in flavors and spices introduced new flavors to its line-up, and to add to that, has released some tips and recipes to offer more variety to its consumers.
On Apr 9, McCormick’s Grill Mates Flavor Forecast was released featuring new trends to offer exciting new grilled flavors. These include Backyard Brunch, Grilling Salts, Reverse Sear, Smokin' Veggie Starters and Boss Burgers. For example, one can upgrade basic veggies and dip with these Smokin’ Veggie Starters. Also, one may add flavors like brown sugar bourbon or shawarma to meat, then build with unique toppers and condiments like grilled avocado, mango slaw or lime mayo to create the Boss Burgers.
Last week, the company launched 21 new products including flavored sea salts, chili peppers and burger sauce mix-ins to offer a wide range of options to spice up homemade meals. Other new products from McCormick brands include OLD BAY HOT Seasoning, Zatarain's Cajun Chicken Flavored Rice, Zatarain's Creamy Parmesan Rice Mix, and Zatarain's Creamy Cajun Style Pasta. (Read: McCormick Adds New Flavor Products to its Portfolio).
In Dec 2014, McCormick had introduced 25 new products including Skillet sauces and gluten-free recipe mixes to satisfy the growing consumer demand for flavor. Gluten-free mixes are becoming very popular among health-conscious consumers. These are made of natural herbs and spices and do not contain any artificial flavors. (Read: McCormick Continues to Focus on Product Innovation).
We note that the company has witnessed a 20% rise in spice, herb and seasoning purchases in the last five years, owing to the rising demand for flavors. We believe the announcement of new products will surely enable consumers to explore more flavors at home. This will further help the company boost its sales.
Zacks Rank
Currently, McCormick has a Zacks Rank #3 (Hold). Some better-ranked stocks in the consumer staples sector are Monster Beverage Corporation MNST, SUPERVALU Inc. SVU and Flower Foods, Inc. FLO. While Monster Beverage sports a Zacks Rank #1 (Strong Buy), SUPERVALU and Flower Foods hold a Zacks Rank #2 (Buy).
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