The global hummus market size is predicted to grow from USD 2.95 billion in 2021 to USD 6.60 billion in 2028. The introduction of organic and innovative product variants is set to augment growth. Blue Moose of Boulder, for instance, unveiled its latest organic hummus single serve cups and on-the-go snack packs in January 2020 in lemon turmeric, roasted red pepper, and original flavors for providing consumers with healthy and convenient snacking options. Fortune Business Insights™ presented this information in a published report, titled, “Hummus Market, 2021-2028.” It further states that the market stood at USD 2.62 billion in 2020. It is set to exhibit a CAGR of 12.17% in the forecast period during 2021-2028.
Fresh Cravings Unveils New Line of Hummus Dips with 100% Recyclable Packaging
In March 2021, Fresh Cravings, a family-owned business of dips based in Phoenix launched its new range of dips containing Roasted Red Pepper and Classic flavors. It is the company’s very first product that will be available at Kroger. The packaging is also 100% recyclable. According to one of the company officials, “Our new product line will help people gain access to healthier snacking options. Besides, it would accelerate our position in the sustainable packaging and plant-based food segments.”
COVID-19 Impact-
Increasing Entrance of Small Brands amid COVID-19 Pandemic to Boost Growth
The COVID-19 pandemic has compelled people to purchase essential and healthy food products for improving their immunity. Since international companies faced challenges because of the surging demand for hummus and spreads, multiple small brands entered the market. Strauss Group Ltd., for instance, stated in a report that its Sabra and Obela brands of spreads and chilled dips exhibited sales of USD 101.23 million in the first quarter of 2020. It showcased a growth of 8.8%, compared to the previous year.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/hummus-market-105632
Report Coverage-
The research report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to assess their core competencies in each segment. Besides, it would help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Surging Demand for On-the-go and Between-the-meals Snacks to Propel Growth
Hummus contains numerous vitamins, antioxidants, fibers, and proteins. As the demand for healthy snacks is rising at a fast pace, this product is gaining more popularity across the globe. People are demanding on-the-go and between-the-meals snacks. Also, millennials are set to contribute to the hummus market growth in the upcoming years because of their adoption of healthy lifestyles. As the product can be stored in refrigerators, consumers are more drawn to it owing to their hectic lifestyles.
However, the rising number of product recalls may hinder growth by lowering the confidence of people on a particular brand. The Food and Department of Agriculture (FDA) and Sabra Dipping Company, LLC, for instance, recalled 2,100 cases of the latter’s classic variant backed by potential Salmonella contamination in March 2021.
Segments-
Supermarkets/Hypermarkets Segment Held 52.10% Share in U.S.: Fortune Business Insights™
By distribution channels, the market is classified into online retails, supermarkets/hypermarkets, grocery stores, and convenience stores. Amongst these, the supermarkets/hypermarkets segment generated 52.10% in terms of the U.S. hummus market share in 2020. It is anticipated to remain at the forefront because of the presence of fresh and premium-quality products in these stores. At the same time, they offer huge discounts on bulk purchasing and deliver a unique in-store shopping experience.
Regional Insights-
Increasing Adoption of Vegan Diet in U.S. to Help North America Lead the Market
• In 2020, North America earned USD 1.33 billion in terms of revenue. The region is set to lead the market throughout the forthcoming years because of the high demand for plant-based dips. This is happening on account of the adoption of a vegan diet. As per Veganbits, in 2020, there were around 1.62 million vegan people in the U.S. alone.
• Europe is anticipated to remain in the second position because of the high popularity of hummus in the U.K.
• In Asia Pacific, countries, such as China, Australia, and India are expected to contribute to growth backed by the higher acceptance of cross-culture foods.
• The Middle East is likely to showcase low growth as most people residing in the region prefer to prepare the product fresh at their homes rather than buying it from stores.
Competitive Landscape-
Key Companies Aim to Innovate and Broaden Portfolios through New Product Launches
Reputed manufacturers operating in the global market are striving to broaden and innovate their portfolios by launching novel products. Also, rapid urbanization and digitization is helping them gain more growth opportunities owing to the high demand from consumers. Below is one of the latest industry developments:
• March 2021: Sundrop, a food and beverage company of ITC launched two new variants of ready-to-eat hummus, namely, Peri Peri and Classic. They are best suited for cooking and snacking. They are also gluten-free and vegan.
Fortune Business Insights™ lists out the renowned companies present in this market:
• 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.)