At 7.8% CAGR, Hummus Market Size to hit USD 7378.5 Million by 2027 Says Brandessence Market Research
LONDON, July 19, 2021 /PRNewswire/ -- Brandessence Market Research has published a new report and According to the Study, "Global Hummus Market is valued at USD 4361.5 Million in 2020 and expected to reach USD 7378.5 Million by 2027 with a CAGR of 7.8% over the forecast period.".
Increasing demand for plant-based food, growing adoption of veganism and rising popularity of hummus are some of the major factors driving the growth of Global Hummus Market
Key Players for Global Hummus Market Report: Some major key players for Global Hummus Market report cover prominent players like Cedar's Mediterranean Foods Inc., Strauss Group, Hope Foods LLC, Hummus Goodness, Lantana Foods, Bakkavor Group, Haliburton International Foods, Tribe Hummus, Fountain of Health, Boar's Head Brand Nestlé, SABRA DIPPING CO and others.
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Hummus is a flavorful Middle Eastern dip made with cooked, mashed chickpeas combined with tahini, lemon juice, and garlic. Olive oil, a few whole chickpeas, parsley, and paprika are regular Middle Eastern garnishes. Its fundamental ingredients, chickpeas, sesame, lemon, and garlic, have been blended and eaten for generations in Egypt and the Levant. Chickpeas were widely consumed in the region, and they were frequently cooked in stews and other spicy foods. Chickpeas, which make up the majority of traditional hummus, are high in dietary fiber, protein, vitamin B6, manganese, and other minerals. The nutritional composition of hummus varies based on the proportions of chickpeas, tahini, and water used in the dish. Hummus is also high in polyunsaturated and monounsaturated fats, which can help lessen consumer's risk of heart disease and improve cholesterol when consumed in moderation. The global market for hummus is being boosted by the development of novel formulations with improved palatability, nutritional value, storage and shelf life, and other qualities.
During Covid-19 pandemic,the careful steps taken by governments of different nations have led the temporary suspension of organizations and reduce the production of hummus and this have shown some decline impact on the market growth. The COVID-19 outbreak upset operational efficiencies and worth chains because of the abrupt closure of national and international boundaries. However, rising inclination for healthy way of life and moved focus on foodstuff boosting immunity drives the market growth in the coming years. Further, the hummus producers are probably going to profit by online distribution channels for business development because of the rising inclination for requesting consumables online to avoid crowd and regard social distancing standards. The food retail channels are as of now working inside strict sanitization rules and lot of them are avoiding potential risk to lessen individual to-individual contact.
Increasing Number of Product Launches, Growing Adoption of Veganism and Rising Demand for Plant Based Foods are Some of the Major Factors Driving the Market Growth
The major factors driving the growth of global hummus market are increasing new product launches. For instance; Fresh Cravings introduced a new hummus in Kroger on 30th March 2021. It has launched a new line of hummus dips in Classic and Roasted Red Pepper varieties, which are now available at Kroger. In addition, Yalla Mediterranean has launched three new, delicious flavors such as Spicy Red Pepper Harissa Hummus, Chermoula Hummus, and Beet Hummus on 30th April 2021. In addition, growing adoption of veganism is also supplementing the market growth. According to the data from WTVOX, Vegans account less than one percent of the world's population. Based on the most recent United Nations estimates, the global population will be 7.9 billion in 2021. As a result, the total number of vegans in the globe is estimated to be around 79 million as of January 2021. Vegans in the United States increased by 600% from 4 million in 2014 to 20 million in 2018. With a 94.4 percent increase in vegans between 2011 and 2016, Italy had the fastest-growing vegan population.
Furthermore, growing demand for plant-based food is also fostering the market growth. According to Plant Based Food Association and SPINS data, plant-based food retail sales in the United States have exceeded overall food sales during the pandemic, indicating that more consumers are turning to plant-based foods during the crisis (PBFA 2020). Plant-based foods sales were up 90% in mid-March compared to the same time previous year. However, price fluctuation of raw materials may hamper the market growth. In spite of that, increasing number of new flavors in hummus and rising demand for healthy snacks can offer more opportunities for the further growth of the global hummus market.
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News: Little Sesame, a Newcomer to the Retail Game, has Landed its Hummus in Whole Foods Aisles.
On June 14th, 2021; Little Sesame, a fast-casual restaurant in the works, just gained a huge boost to its retail hummus operation. Little Sesame, whose bowls and pitas feature blitzed chickpeas, started selling three types of a new, packaged hummus at Whole Foods last week.The company, which prides itself on being environmentally responsible and sourcing all of its beans from a regenerative farm in Montana, signed a contract with the supermarket chain to open 13 outlets across the Mid-Atlantic. In May, Little Sesame launched its retail hummus at farmers' markets and the Foxtrot Market boutique.Little Sesame is selling 8-ounce containers of caramelized onion and jammy tomato hummus in addition to cups and pints of their "smooth original" hummus. Both of those choices, such as yoghurt with a concealed layer of fruit, have the toppings on the bottom.
North America is Expected to Witness a Significant Growth in the Global Hummus Market
North America is expected to witness a significant growth in the global hummus market due to the increasing popularity of hummus products and rising demand for plant-based foods in this region. For instance, according to the Cogent Food and Agriculture 2019, Mexico is the most populous country in North America, followed by the United States and Canada. The majority of chickpea production is destined for export; but, the rise of hummus as a popular value-added product in the United States has fueled domestic demand, which now accounts for over 65 percent of total production. According to the Plant Based Food Association, plant-based food sales have increased by 43 percent in the last two years, outpacing total food sales by nine times. Plant-based foods were purchased by 57 percent of all US households (about 71 million households) in 2020, up from 53 percent in 2019. Europe is also expected to show a significant growth in the global hummus market within the forecast period owing to increasing health awareness, rising hummus product popularity and increasing adoption of veganism in this region.
Hummus Market by Regional & Country Level:
North America
- U.S.
- Canada
Europe
- U.K.
- France
- Germany
- Italy
Asia Pacific
- China
- Japan
- India
- Southeast Asia
Latin America
- Brazil
- Mexico
Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
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