Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) — The global hummus market is set to gain momentum from the increasing shift of people towards the vegan diet, especially in Europe and North America. The surging awareness of environmental sustainability and animal welfare is compelling people to opt for plant-based dips. As per Statista, in the U.S., sales of refrigerated plant-based dips went up to USD 11 million in April 2019. This information is published by Fortune Business Insights™ in a report, titled, “Hummus Market Size, Share & COVID-19 Impact Analysis, By Type (Classic, Roasted Garlic, White Bean, Black Olive, Red Pepper, and Others), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Grocery Stores, Online Retails), and Regional Forecast, 2021-2028.” As per the report, the market size was USD 2.62 billion in 2020. It is predicted to grow from USD 2.95 billion in 2021 to USD 6.60 billion in 2028 at a CAGR of 12.17% in forecast period.
COVID-19 Pandemic: Stockpiling of Ready-to-eat/cook Foods will Favor Growth
The outbreak of the COVID-19 pandemic has impacted the food sector and the economy worldwide severely. But, lockdown and social distancing rules implemented by government bodies in various countries have resulted in the rising preference of people to cook food at their homes. This is why they are constantly stocking up on essential items, such as ready-to-eat/cook foods and hummus in bulk. Besides, they are looking for healthy and nutritious food and beverages to improve their immune systems. We are offering elaborate research reports to help you find the best strategy to grow your business amid the pandemic.
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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 fulfil 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 keto 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.
Browse Detailed Research Insights with Table of Content:
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.
Fortune Business Insights profiles some of the prominent companies operating in the hummus market. They are as follows:
- 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.)
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.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview on the Parent/Related Market
- Supply Chain
- Regulatory Analysis
- 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)
- Classic Hummus
- Roasted Garlic Hummus
- White Bean Hummus
- Black Olive hummus
- Red Pepper Hummus
- By Distribution Channel (Value)
- Convenience Stores
- Grocery Stores
- Online Retails
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
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