Hummus Market – Overview
The hummus market has benefitted from the development of intercultural cuisine preference globally. Market reports connected with food, beverage, and nutrition industry have been offered by Market Research Future which creates reports on other industry verticals that intends to analyze the current market scenarios better. The market is forecasted to advance at a CAGR of 12.84% in the duration of the forecast period.
The neutral taste profile of hummus enables its easy adaption into various cuisines which has increased the expansion of the market. The market is also encouraged due to the presence of a middle eastern population in several regions globally. The development of better distribution channels is projected to intensify its availability worldwide, thus expanding its market share substantially in the coming years. The healthy ingredients used in hummus have attracted demand from the health-conscious population globally who are looking for variations in their diets, this segment is also expected to add to the growth of the hummus market positively.
Competitive Analysis
The current implementation of strategies is likely to inspire the market in the coming years. The development of a strong value chain is moreover motivating the expansion of the market. The vertical additions and product tactics of the market are enhancing the potential of the market hummus companies. Considerable cutbacks in administrative budgets are bringing further development of the market. the augmented conformity of market players to new clients and market trend predispositions are advancing the growth curve of the market and will continue in the forecast period. The calculated goals envisioned for the market are buoyed due to useful product differentiation supported by market contestants. The expansion of the market is moving in a favorable direction due to original product introductions or escalating gross revenue of the players in the market.
The major competitors functioning in the hummus market globally are Haliburton International Foods, Inc. (California), Cedar's Mediterranean Foods, Inc. (Massachusetts), Tribe Mediterranean Foods, Inc. (Massachusetts), Churny Company, Inc. (U.S.), Sabra Dipping Co., LLC (U.S.), T. Marzetti (U.S.) and Pita Pal Industries Inc. (Texas).
Segmental Analysis
The segmentation of the hummus market revenue is carried out on the basis of distribution channel, packaging, type, and region. On the basis of type, the market is segmented into lentil, classic, garlic, black, white, edamame, and others. Based on packaging, the hummus market is segmented into jars/bottles, tubs/cups, and others. The segmentation on the basis of distribution channel comprises of supermarkets hypermarkets, convenience stores, e-commerce, and others. The regions considered in the market are Asia Pacific, Europe, North America and the rest of the world.
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Detailed Regional Analysis
The regional analysis of the hummus market includes regions such as Asia Pacific, Europe, North America and the rest of the world. The North American region holds a share of over 50% of the hummus market globally led by the U.S and is estimated to witness a CAGR of 14.24%. The increased consumption of hummus in this region has led to the expansion of new hummus products. The North American region is also the focus of intensive marketing strategies and advertisements which is witnessing an increased demand for the product. Additionally, the incidence of a significant and increasing Middle Eastern immigrant population in the region is anticipated to add impetus to the sales of hummus market in the North American region. The incidence of numerous well-known manufacturers in the region and the stimulus of the demand concerning organic food and beverages has encouragingly impacted the progress of the hummus market share in the region. The organic food beverages has expanded its global popularity, and the demand is controlling the several opportunities for well-established packaged hummus brands in the North American region therefore leading to additional growth for the region.
Industry Updates:
Jan 2019 A leading manufacturer of healthier snacks, Blue Moose, has announced the launch of a novel snack option, the organic on the go hummus snack pack. The snack is USDA Organic Certified, Certified Gluten-Free, Non-GMO Project Verified, vegan and has no preservatives.
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