Hummus Market Global Research Report by Top Key Players Trend | Tribe Mediterranean Foods, T. Marzetti and Cedar's Mediterranean Foods | MRFR
Hummus is a popular Levantine or Egyptian food spread made of cooked, mashed chickpeas, beans, blended with a variety of toppings such as tahini, olive oil, lemon juice, garlic etc. Hummus enjoys wide acceptance in regions of Middle East, and North Africa and has spread to other regions of the globe. Growing popularity aided by globalization, diaspora spread, and the tradition of hummus are aiding the market to a high growth. Hummus has enjoyed average global consumption growth rates of 8.8 % during the last decade. The rising income and lifestyle changes, growing quick service restaurants network, advent of urbanization, food services web apps, growing awareness of healthy foods, developments of global air-conditioned supply chains and trucking are other driver of the market. Increasing preference for artisanal food products, development of newer flavors and growing number of high end restaurants, are aiding the growth of the market. Popularity of hummus is also in part to its being made of ingredients which follow Jewish dietary laws, and it can be combined with both meat and vegetarian meals.
The consumption of hummus has grown tremendously in recent years. A food item native to the Middle East is now penetrating markets in North America and Asia Pacific (APAC). In countries such as Levant, Israel, and Egypt the product is habitually prepared at home and used as a food dip or spread. Meanwhile, in the U.S. and some of the European and Asian countries hummus is viewed as an exotic food, which is creating opportunities for its commercial production. In 2017, more than USD 2,000 Mn worth hummus was consumed globally. The global market for hummus is projected to exhibit a compound annual growth rate of 12.84% during the forecast period (2018-2027). The sheer increase in popularity of the product has encouraged hummus producers to ramp up production volume and focus towards implementing robust product marketing strategies. At the same time, introduction of organic variants as a response to the changing consumer sentiments towards processed food is expected drive the global sales further.
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Negative effects such as changes in the texture due to refrigeration, transport are the greatest restraint on the market. Value addition is the best strategy in the market. Fluctuations in the price of raw materials and the lack of trading consensus for agriculture products has resulted in seasonal inflation of chick peas, soy, lentils, lemon, garlic, edible oil etc.
Major Key Players Review:
The key market players in the Global Hummus Market are Tribe Hummus, Haliburton, Sabra, Marzetti, Cedar's Mediterranean Foods, Inc. Athenos and others.
To generate an accurate assessment of the global hummus market the report has been segmented based on type, application and region.
Based on type the market has been sub segmented by Lentil Hummus, Classic Hummus, Garlic Hummus, Edamame Hummus, Black Hummus and white bean hummus.
On the basis of application, the market has been sub segmented by desserts, paste & spreads, sauces & dips and others.
On the basis of Region, the market has been sub segmented by North America, Europe Asia Pacific, Middle East and Africa.
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USA and the Middle East holds the largest market share In terms of value led by the traditional hummus producing regions of Middle East. USA accounted for 34 % of the global hummus market by volume in 2015. The high penetration of tourism and hoteling in the U.S., high influence of media, coupled with the growing influence of expats and diaspora are the drivers behind the growth of the U.S. market.
Europe led by Germany, Turkey, France, and the U.K. account for the second largest market. The growing tourism industry is also a strong driver of the market in the Asia Pacific region. The market is expected to shift towards Asia Pacific region led by Japan, China, and India.
The Middle East and Africa regions are expected to demonstrate a high CAGR growth due to the traditional popularity of hummus. The nations of Saudi Arabia, UAE, Kuwait and Israel account for the largest share of the Middle East and Africa market.
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