McCormick & Company (NYSE:MKC) is a top-class firm in the spices and condiments market sector. Founded in 1889, currently based in Sparks, Maryland, with a workforce of 8,000 employees and a market capitalization of $13.57 billion, McCormick has managed to establish itself as a dominant player in this lucrative sector.

Sizable market presence, a diverse and expanding product portfolio, and the slow-changing nature of the spices and condiments sector provide McCormick with a threefold competitive advantage. For 2016 Q1, McCormick posted a 1.96% increase in total revenue, while its competitors posted a 4.55% decline in total revenue for the same quarter. This is in large part due to the market share that McCormick has: the company has a 14.28% share of the consumer food segment market, and a 27.76% share of the industrial food segment market.

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