Eastern - McCormick alliance establishes market for international trade of spices

US based multi-national McCormick and Indian company Eastern Condiments established collaborative partnership for the establishing a market for the international trade of spices and seasonings. McCormick has purchased 26% stake at Eastern Condiments based on the fact that demand for Indian spices in the US market have been displaying trends of a substantial increase.

The American market for spices and seasonings is Rupees 6750 crores while the European market for trade of spices and flavours is estimated to be Rupees 72,000 crores. The demand for condiments in the US has doubled during the last years.

CEO of McComick, Alan Wilson commented that the Indian market for condiments is approximately 5 times larger than the American market and therefore, McCormick will show a keen interest in launching its products in the Indian Market, through Eastern Condiments. The market for spices in India though substantially larger than the western markets, shows extreme segregation with only 10% of the condiments being branded, he said.

Eastern Condiments Chairman, M.E. Meeran stated that the alliance with McCormick will provide Eastern Condiments a boost when it comes to production, development and trade of condiments on a global scale. Research may also be conducted on customizing Eastern products to the western cuisine, he said.

McCormick has invested close to 36 million USD on the 26% stake in Eastern Condiments. This effectively introduces two of McCormicks representatives in the Board of Directors of Eastern Condiments. McCormick currently has an trade relations of close to Rupees 300 crores with India.

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