Market Research Future (MRFR) projects the hummus market to attain a strong CAGR of 12.84% during the analysis period (2020-2027).
Top Drivers and Key Deterrents
Rapid growth of the tourism sector as well as hoteling worldwide, strong influence of social media, and the rising prominence of diaspora and expats are the major growth boosters in the market. Hummus sale has been booming at an impressive pace, as large number of Middle Easterners are migrating to different regions, ultimately introducing their traditional cuisines. Therefore, hummus has emerged as an exotic dish among Americans, Europeans, and Asians, as the desire to explore new cuisines continues to rise. Additionally, with the upsurge of vegetarians and vegans in these regions, hummus is now viewed as an excellent addition to the diet.
Hummus' rising popularity backed by globalization and the rapid diaspora spread are a few key growth inducers in the global industry. Hummus' consumption rate has also been surging in response to the rising disposable income as well as lifestyle changes.
Other factors encouraging the demand could be the soaring number of quick service restaurants, emergence of new food service apps, growing health awareness and urbanization. Consumer preference among consumers for artisanal food items and the continuous launch of newer flavors could foster further business growth.
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Different hummus types are lentil hummus, classic hummus, garlic hummus, edamame hummus, white bean hummus, and black hummus. Classic hummus is the biggest segment in the worldwide market and will continue to enjoy dominating all through the review period. Mounting prominence of Middle Eastern cuisine and renowned players like Sabra Dipping Co., Moorish, and Strauss offering classic hummus in different flavors should add to the segmental value. Meanwhile, the fastest growth will be noted by the lentil hummus segment from 2020 to 2027, thanks to the host of health advantages associated with the same and the rising consumer knowledge.
Top applications of hummus are sauces & dips, paste & spreads, desserts, and more.
The United States along with the Middle East has secured the leading spot in the global hummus market. However, the MEA market holds a higher value since hummus is a traditional dish in the region. In the global industry, the USA holds nearly 34% share, thanks to the thriving tourism sector and the rise in hoteling across the country. Soaring influence of social media, combined with the prevalence of diaspora and expats also strengthen the market position in the country.
Another strong market is Europe, where the market size is primarily fuelled by the surge in R&D activities, technical innovations in processing methodologies and advances in the packaging technology. The firms in the region are presented lucrative opportunities in the form of expanding population of health-conscious consumers who view hummus as a highly nutritious cuisine. Spain is known for its vast production and consumption of olive oil as well as paprika, which has fostered the demand for hummus in the country. Surging consumer interest in exotic and ethnic flavours will do wonders for the hummus market in Spain over the coming years. Also, soaring number of new launches, with majority of them being exciting flavour combinations such as coriander, pesto, sesame, and harissa can contribute to the market growth in Spain.
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Haliburton, Cedar's Mediterranean Foods Inc., Marzetti, Athenos, Sabra, Tribe Hummus are the biggest hummus developers identified and listed in the MRFR research study.
Majority of these contenders focus on adopting competitive strategical measures including new product launches, business expansions, and acquisitions, with the aim to solidify their market positions.
Veeba, a reputed name in the food processing industry and known for their mouth-watering dressings, dips, and sauces, have introduced a line of organic hummus in attractive packaging as well as exciting flavours in the Indian market. The products have been launched in Mumbai and Delhi NCR under the brand name Earthmade Organix. There will be four types of hummuses sold, namely plain, olive, tandoori, and habanero.
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