Hummus Market Poised to Thrive Saliently at 12.84% CAGR over the Forecast Period 2020-2030

Pune, India, July, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Hummus Market Research Report.

The increased consumption of organic and gluten-free food coupled with the changing consumer preference has encouraged hummus producers to expand their product portfolio. Many of the leading hummus producers are focusing on launching new variants and flavors in order to stay ahead of the curve, which has catapulted the global hummus market on an upward trajectory. Market Research Future (MRFR) in its latest report projects that the Hummus Market size is projected to reach approximately USD 6682.18 million by 2030, at a CAGR of 12.84% from 2020 to 2030.

The nutritional value of chickpeas which is the primary ingredient for hummus has catalyzed the revenue generation of the market globally. Furthermore, the rapid inclination towards plant-based protein is likely to boost the global demand for hummus during the projection period. A paradigm shift towards healthy food habits has been observed owing to the rising incidences of chronic diseases, which will complement the hummus market expansion.

The lucrative market for hummus resonates unexplored opportunities which are encouraging the producers to invest in operation expansion.  The challenges posed by lack of proper branding strategies are hampering product visibility, which is pushing market players to emphasize on product marketing. An all-round development of the market is expected during the assessment period. However, the fluctuating prices of raw materials used for preparing hummus are projected to hold the market growth and expansion over the next few years.

Global Hummus Market - Segmental Analysis:

MRFR’s report offers a detailed segmental analysis of the market based on by type, packaging type, and, distribution channel. By type, the market is segmented into classic hummus, lentil hummus, edamame hummus, garlic hummus, black hummus and white bean hummus. Among these, the classic hummus segment captured the most significant market share in 2017. The segment is expected to continue exercising its dominance during the assessment period owing to high demand from consumers for natural flavor. A steep rise is foreseen in the growth of lentil hummus segment due to changing preferences.

By packaging type, the hummus market is segmented into tubs/cups, jars/bottles, and, others. The tubs/cups segment currently accounts for the largest market share. This is primarily owing to the wide-ranging benefits of tubs/cups packaging as it enhances product life cycle and offers convenience to the consumers. However, manufacturers are also looking into other options such as jars/bottles to bridge the gap between demand and supply. Presently, the jars/bottles segment holds more than 15% share of the global hummus market.

By distribution channel, the market is segmented into convenience stores, supermarkets & hypermarkets, e-commerce, and, others. Among these, the supermarkets & hypermarkets segment accounts for the largest market share, which is attributable to the convenient one-stop shopping experience for the consumers in supermarkets & hypermarkets. The convenience stores segment holds more than 20% of the global hummus market share.

Regional Outlook:

By Region, the global hummus market is segmented into North America, Europe, Asia Pacific, and Rest of the world. North America is currently the largest market for hummus and accounted for 55.7% of the market share in 2017. This trend is likely to continue in the foreseeable future due to the intensified demand for hummus in the region. The surge in hummus consumption among Americans is likely to drive the market growth in the region during the projection period. Meanwhile, Europe and Asia Pacific are also expected to present lucrative growth opportunities over the next couple of years. Both the regions are estimated to collectively control more than 20% share of the market.

Global Hummus Market – Competitive Dashboard:

Some of the key players profiled in the report include Sabra Dipping Co., LLC (U.S.), Haliburton International Foods, Inc. (California), Tribe Mediterranean Foods, Inc. (Massachusetts), T. Marzetti (U.S.), Cedar's Mediterranean Foods, Inc. (Massachusetts), Churny Company, Inc. (U.S.), and, Pita Pal Industries Inc. (Texas).