Market – Overview:
The Global Hummus Market is growing with the rapid pace; mainly due to the augmented demand for Mediterranean foods. According to a recent study report published by the Market Research Future, The Global Hummus Market is booming and expected to gain prominence over the forecast period growing rapidly .The global Hummus market is forecasted to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022). The Global Market of Hummus is projected to reach to USD 1.104 billion by 2022 whereas in terms of volume, the Global Hummus Market is poised to reach 209.98 KT in 2021, to grow at a CAGR of around 9.49 % during the forecasted period.
In 2016, Classic hummus accounts for the highest share and grow at rate of 8.9 %. The global consumption value of hummus increases with the 8.8% average growth rate. USA and the Middle East are the mainly consumption region due to the bigger demand of downstream applications. In 2015, USA occupied 34% of the global hummus consumption volume in total. Currently, there are many producing companies in North America and Middle-East.
The growth of global Hummus market is attributed to healthier eating trends, and hummus; even in its industrialized form Hummus is considered a natural food, and by all means healthier than most other dips. However, most of the world’s populace is still unaware about the taste and nutritional values of Hummus which is a major restraint to the market growth of Hummus, today.
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Global Hummus Market – Competitive Analysis and Key Players:
Sabra, Haliburton, Tribe Hummus, Marzetti, Cedar’s Mediterranean Foods, Inc. and Athenos are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Hummus Market
Characterized by the presence of several well-established and small players, the global Market of Hummus appears to be highly competitive and fragmented. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as quality, technology, and price. Producers are striving to establish the supply chain to meet the growing Demand.
Manufacturers engaged in the industry are trying to produce more kinds of taste hummus through improving technology and adding additional agent. The major raw materials for hummus are chick peas, soy and other lentils (beans), lemon, garlic, olive oil or edible oil and salt. Fluctuations in the price of the upstream product will impact on the production cost of hummus. The production cost of hummus is also an important factor which could impact the price of hummus. The hummus manufacturers are trying to reduce production cost by developing production method.
Global Hummus Market – Regional and Country Analysis
Geographically, North America is the largest market of Hummus. Long a staple of Middle Eastern cuisine, hummus is earning a growing following among Americans seeking more-healthful snacks. American household are embracing the hummus. The packaged hummus products now sell 30 times what they did a decade ago. Today, the packaged hummus has grown into an estimated as a multimillion business in the US. Strong growth can be seen in Denmark, Sweden and Finland. This could be explained by the growing numbers of immigrants from the Middle East to these rich Scandinavian countries. Another rather surprising region of strong growth is in South America. This can be better seen when typing humus with one m. Countries such as Peru, Columbia, Argentina and Chile never used to be strongholds of hummus. Humus flourishes in these countries even without an influx of humus loving immigrants.
Global Hummus Market – Segmentation
Global Hummus Market is segmented in to 3 Key dynamics for an easy grasp.
- Segmentation by Type: Comprises – Classic Hummus, Lentil Hummus, Edamame Hummus, Garlic Hummus, Black Hummus, and White Bean Hummus and others.
- Segmentation by Application: Comprises – Paste & Spreads, Desserts, Sauces & Dips and others.
- Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Hummus is majorly used for paste and spread application and it accounts more than 50% market share in 2016
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