Hummus Market Trends, Share, Size, Demand, Growth Opportunities, Industry Revenue, Future and Business Analysis by Forecast 2028
Companies profiled in the hummus market report are:
Nestlé S.A. (Vevey, Switzerland)
Cedar’s Mediterranean Foods, Inc. (Massachusetts, U.S.)
Haliburton International Foods, Inc. (California, U.S.)
Strauss Group, Ltd. (Sabra Dipping Company, LLC) (Petah Tikva, Israel)
Bakkavor Group Plc (London, United Kingdom)
Tribe Hummus (Massachusetts, U.S.)
Boar’s Head Brand (Florida, United States)
Hummus Gourmet, LLC (Lantana Foods) (Texas, U.S.)
The Kraft Heinz Company (Illinois, U.S.)
Hope Foods, LLC. (Colorado, U.S.)
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We have conducted extensive primary and secondary research to gather information about various aspects of this report. Our special interviews with end-user respondents and supply side respondents helped in gaining insights into the average pricing, per capita consumption trend, and average spending on products, growth rate, market size, and dynamics. We have also taken information from reputed journals, articles, and press releases of companies operating in this industry.
Drivers & Restraints:
Rising Usage of Functional Ingredients to Improve Immunity will Aid Growth
Consumers across the globe are nowadays demanding for unique flavors in their dips. Hence, several manufacturers are striving constantly to come up with novel products to cater to the taste and preferences of consumers. O'Dang Foods, for instance, introduced two new flavors of balsamic feta and classic Mediterranean hummus in the U.S. in June 2020 to fulfill the high demand for Mediterranean cuisine. A few other companies are equipping their dips with various functional ingredients, such as lime, turmeric, blueberry, and lavender because of the ongoing COVID-19 pandemic for enhancing immunity. However, the increasing availability of substitutes, namely, salsa and tahini may hamper the hummus market growth.
North America to Dominate Fueled by Higher Consumption of Dips and Spreads in the U.S.
Geographically, North America held USD 1.33 billion in terms of revenue in 2020. It is anticipated to dominate the market in the upcoming years. The surging consumption and production of spreads and dips, especially in the U.S. would bolster growth. Also, companies are trying to produce attractive and new dips to generate more sales. Argania Foods, for instance, introduced vegan cauliflower hummus dip in the U.S. in December 2019. On the other hand, Europe is likely to remain in the second position backed by the high popularity of the product in the U.K. In Asia Pacific, the rising disposable income of people is expected to aid growth.
Classic Segment Earned 41.40% Share in 2020: Fortune Business Insights™
Based on type, the market is divided into red pepper, classic, black olive, white bean, roasted garlic, and others. Out of these, the classic segment is set to remain at the forefront in the near future because of its versatility and easy availability. It can be consumed as a dip, spread, or appetizer. At the same time, it is highly nutritious and naturally gluten-free. The segment generated 41.40% in terms of the hummus market share in 2020.
Key Players Focus on New Product Development to Intensify Competition
The global market houses a large number of international and local companies that are constantly launching state-of-the-art products in various sizes to meet consumers’ needs. Most of them are conducting R&D activities to create unique dips.
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Detailed Table of Content:
Definitions and Assumptions
Overview on the Parent/Related Market
Industry SWOT Analysis
Recent Industry Developments - Policies, Mergers & Acquisitions, and
New Product Launches
Market Analysis and Insights (in Relation with COVID-19)
Impact of COVID-19 on the Market
Supply Chain Challenges due to the Pandemic
Potential Opportunities to Support the Market during the Global Crisis
Global Hummus Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Size Estimates and Forecast
By Type (Value)
Roasted Garlic Hummus
White Bean Hummus
Black Olive hummus
Red Pepper Hummus
By Distribution Channel (Value)
By Region (Value)
Middle East & Africa
KEY INDUSTRY DEVELOPMENTS:
April 2021: Ithaca Hummus unveiled two popular flavors, namely, Lemon Dill and Lemon Garlic in the sharing-size 17 oz. container for the first time. It would help the company to offer innovative products to those who consume the product on a regular basis.
May 2020: Brami launched a new hummus made from lime juice, sunflower & olive oil, and lupini beans. It does not require refrigeration or contain artificial preservatives.
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