New York, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Hummus Market: Key Insights
According to our new research study on “Hummus Market to 2028 – Global Analysis and Forecast – by Type, and Application,” the Hummus Market is projected to reach US$ 8,267.07 million from US$ 4,577.35 million in 2019 by 2028; it is expected to grow at a CAGR of 7.6% from 2021 to 2028. Health benefits associated with the consumption of hummus is catalyzing the growth of hummus market.
Hummus Market: Competition Landscape and Key Developments
are Bakkavor Group; Cedar’s Mediterranean Foods Inc.; Haliburton International Foods; Strauss Group; Tribe Hummus; Hope Foods, LLC; Fountain of Health; Hummus Goodness; Boar’s Head Brand; and Lantana Foods are among the key hummus market players.
In 2020, Europe held the largest share of the global hummus market. Germany, France, Italy, the UK, and Russia are among the major countries in Europe. Consumers in these countries are shifting to a plant-based diet. According to a veganism-related research in Europe conducted by Veganz, a Berlin-based vegan supermarket chain, the number of vegans doubled from 1.3 million in 2016 to 2.6 million in 2020.
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Furthermore, according to a report published by the EU-funded SMART PROTEIN project, the plant-based industry in Europe registered the growth of 49% during 2018–2020. Consumers nowadays are inclining toward maintaining healthy lifestyles, which further supporting veganism. In recent years, hummus bars have come into existence in Europe where local artisans make their own fresh hummus in a variety of flavors for sale. The concept is derived from the Middle East where hummus is a traditional food in the diet. In the European region, hummus is becoming a trendy fast food for the consumers looking for a healthy snack on the move. It has also been reinvented as an appetizer, a sandwich spread, and a dip. These hummus bars are serving hummus-based for dine-in as well as takeaway options. Thus, the growing trend of veganism and increasing preference for healthy, plant-based food products, and a rise in the number of hummus bars would drive the growth of the hummus market in Europe during the forecast period.
Increasing Focus of Manufacturers on Introducing Innovative Products:
Hummus manufacturers are focusing on introducing new varieties of the product. In May 2018, the SAJJ Mediterranean Company introduced chocolate hummus on its menu. SAJJ's chocolate hummus is a low-sodium, fat-free, and carbohydrate-free dessert claiming low calorie content of 240 calories per 6-ounce container. Chocolate hazelnut spread, garbanzo beans (chickpea), maple syrup, tahini, cocoa powder, and vanilla extract are the primary ingredients in this dish. In addition, Boar's Head Brand added pumpkin pie hummus to its product line to expand its line of dessert hummus; the product is made from steamed chickpeas with real pumpkin, vanilla beans, sugar, and spices. Further, Sabra Dipping Co. introduced a new jackfruit flavored hummus, which is a gluten-free, organic, kosher, and GMO-free product. It is a plant-based hummus that also has the flavors of BBQ. Moreover, new companies are venturing into this segment with the aim to meet the rising demand from the consumers. Launch of new products helps them secure greater profit margins, market share, and revenues. The launch of such innovative products is encouraging the manufacturers to invest more in R&D to come up with their own new varieties, which is likely to fuel the hummus market growth during the forecast period.
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Hummus Market: Segmental Overview
By type, the hummus market is segmented into original/classic, red pepper, black olive, white bean, and others. In 2020, the white beans segment is expected to have highest growth rate. White beans are among the common beans that have been domesticated in North and South America. The most common type of white beans are cannellini beans, which is also known as white kidney beans because of the slight kidney shape of the beans. The cannellini beans have a nutty, earthy flavor and tender flesh. This type of hummus is prepared with cannellini beans instead of the traditional chickpeas; the beans provide more nutrition with protein and fiber and is a good source of vitamins and minerals. Moreover, they provide a smooth and creamy texture to the hummus.
Based on application, the hummus market is segmented into the tubs and cups, jars and bottles and others. The cup containers that are used for dip packaging is mostly made up of food-grade virgin plastic. These are small and convenient containers, as they can provide on the go food to the consumers. These tubs and cups are microwave safe and comes with a lid or sealable option that makes them airtight and leak proof. The hummus dip is packaged in a PET plastic tub. The tub packaging of hummus can vary from a family sized hummus tub to small sized ones, which are mostly suitable for an individual consumption. As plastic is cheap, the packaging derived from it is inexpensive in most cases.
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Impact of COVID-19 Pandemic on Hummus Market
The COVID-19 pandemic has been hindering the hummus market performance, mainly, due to disrupted raw material production and supply chains, weather condition uncertainties, and other reasons. The outbreak disturbed operational efficiencies and value chains due to the sudden shutdown of national and international boundaries. However, with many the economies striving to revive and normalize their operations, the demand for hummus is presumed to rise in the foreseeable future. Further, growing preference for healthy lifestyle and shifted focus on foodstuffs boosting immunity, would continue to contribute to the hummus market growth in the coming years. Further, the hummus manufacturers are likely to capitalize on online distribution channels for business expansion. This is mainly due to the escalating preference for ordering consumables online to avoid crowd and respect social distancing norms. The food retail channels are already operating within strict sanitation guidelines; however, many of them are taking extra precautions to diminish person-to-person contact. A few of the safety measures followed by the companies include limiting direct contact with truck drivers and other visitors, communicating, and highlighting proper hygiene practices, and conducting complete sanitations and eliminating possibilities of personnel contact during shift changes.
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