Market Research Report
Hummus Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Packaging Type, and Distribution Channel
|Hummus Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Packaging Type, and Distribution Channel|
Published: May 28, 2021
The Insight Partners
Content info: 153 Pages
Delivery time: 1-2 business days
The global hummus market was valued at US$ 4,577.35 million in 2020 and is projected to reach US$ 8,267.07 million by 2028; it is expected to grow at a CAGR of 7.67% during 2020-2028.
Hummus is a well-known Middle Eastern dip and spread that has high mineral, vitamin, protein, and fiber content. All the main ingredients of hummus-chickpeas, garlic, sesame seeds or paste (tahini), and olive oil-are recognized as superfoods. Chickpeas are high on iron, phosphorus, and vitamin B complex. Tahini has high zinc, calcium, copper, and phosphorous content. Lemon juice is an excellent source of vitamin C and antioxidants. Garlic, which adds flavor to hummus, is high on antioxidants and contains many trace minerals and vitamins.
Based on distribution channel, the hummus market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. Supermarkets and hypermarkets are self-service shops that offer extensive merchandise mix along with different brands of products under the same roof. Different type of food products such as hummus and its varieties are placed on the shelves of hypermarkets and supermarkets to attract the attention of the customers. Hassle-free purchase, better services, and bulk buying facilities offered by hypermarkets and supermarkets attract large number of customers to the store, which helps in making more profits. Hummus is mostly kept in refrigerated zones, alongside specialty cheese.
Geographically, the hummus market is segmented into North America, Europe, Asia-Pacific (APAC), South & Central America (SAM), and Middle East & Africa (MEA). In 2020, Europe held the largest share of the global hummus market. The largest market share of this region is primarily attributed to the presence of major manufacturers in the region. The surging demand for packaged hummus products, especially in Western Europe; rising demand for plant-based proteins; and increasing preference for healthy eating habits are the crucial factors catalyzing the growth of the hummus market in Europe.
The COVID-19 pandemic is hampering the hummus market growth because of disrupted production and supply chain of raw materials, uncertainties in weather conditions, and other reasons. The outbreak has lowered operational efficiencies and disrupted the value chains due to the sudden shutdown of national and international boundaries. However, as the economies are planning to revive their operations, the demand for hummus is presumed to rise in the foreseeable future. In addition, people are now adopting healthy lifestyles and consuming products that help boost their immunity, which is adding to the demand for hummus. Moreover, amid the imposition of government regulations to restrict movements and crowding, people are ordering food and beverages online, and this is providing additional opportunities to the market players to recover their losses by expanding their businesses via online platforms. The food retail channels already operate 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 visitors, ensuring and communicating proper hygiene practices, and conducting complete sanitations and eliminating possibilities of personnel contact during shift changes.
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 major players operating in the global hummus market.
The overall global hummus market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the global hummus market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global hummus market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.