Cinnamon / Cassia Bark

World's largest spice and seasoning company; $6.6B revenue in 2024; market leader globally. Dual strategy: retail brands (McCormick, French's, Frank's RedHot, Lawry's, Old Bay, Zatarain's) and industrial/foodservice (supplying spice systems to Tyson, Smithfield, JBS, McDonald's). McCormick's industrial segment supplies flavor systems directly to US and global processed meat processors. Also the leading supplier of spice blends to QSR chains. McCormick + Olam + Ajinomoto together control ~38% of global spice/seasoning market. McCormick's global sourcing includes direct relationships with pepper farmers in Vietnam, paprika processors in Spain/Hungary, and garlic processors in China.

Olam's food ingredients division (spun out as 'ofi'); world's largest black pepper exporter from Vietnam (27,800 MT in 2024, 11.1% of Vietnam's total exports, 19.65% of Vietnam export value). Also major trader/processor of coffee, cacao, nuts, dairy, and other food ingredients globally. Olam's Long Binh branch (Vietnam) is the dominant single-company black pepper exporter. The 'ofi' business controls farm-to-factory supply chains for multiple critical food ingredients simultaneously — pepper for meat seasoning and coffee for beverage supply chains from the same sourcing network.