It's the leftover economy headed into July 4 grilling season.

"There's more going on than just consumers focusing on leftovers. We see a big convergence right now. Consumers seeking value but also health and wellness. And it's really creating a lot of growth opportunity for McCormick," McCormick (MKC) CEO Brendan Foley said on Yahoo Finance's Opening Bid (watch above).

Foley added that consumers are looking for value in flavor products and buying bigger sizes. They're also purchasing more meat and produce to make meals at home.

"They're making more trips to the grocery store, maybe putting a few items fewer in the basket. But largely they're still exploring with flavor, and they still need flavor," he said.

With shoppers battling higher prices for everything from sneakers to snack foods in part due to tariffs, growth continues to be a tough slog for packaged food players such as McCormick.

McCormick's second fiscal quarter sales rose 1% from the prior year. Adjusted earnings per share was unchanged year over year but beat analyst estimates by $0.04.

Sales for the consumer segment rose 2.9%, powered by demand for hot sauce and mustard.

The flavor solutions segment, which supplies products to restaurants, remained under pressure. Sales for the segment dropped 1.3% from a year ago.

"Broad weak CPG and QSR trends remain a watch-out in the Flavor Solutions business, but despite the softer environment, margin progression remains on track," Stifel analyst Matthew Smith wrote in a note.

Smith maintained a Hold rating on McCormick shares.

For the full fiscal year, McCormick forecasts sales to range from flat to up 2% year over year. Adjusted operating profits are expected to jump 3% to 5% as the company pushes through price increases.

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This week, fellow food player General Mills (GIS) warned that more-cautious shoppers are pressuring sales of cereal and snack foods. The company missed profit estimates and had an underwhelming earnings call.

Investors have generally soured on Big Food stocks amid the various headwinds on the business and relatively high valuation multiples, which are partly driven by their often-defensive business models in times of weak economic growth.

McCormick shares are up 1.7% year to date relative to a 4.5% advance for the S&P 500 (^GSPC). Campbell's (CPB) shares are down 26%, and Kraft Heinz (KHC) is off by 16%. PepsiCo's (PEP) stock is hovering near a 52-week low after a 15% decline this year.