Hummus Market

Product Overview

Hummus Market size was USD 2.76 billion in 2021 and projected to grow from USD 3.5 billion in 2023 to USD 11.1 billion by 2032, exhibiting a CAGR of 13.5% during the forecast period.

Hummus is a thick spread (chunky or creamy) made mainly from smashed chickpeas also known as garbanzo beans and some other healthy materials. Originated in the Middle East, it is today a very well-liked snack globally. Almost all variations are entirely vegan and are used as sandwich spreads and dips. Hummus holds a higher fat content than certain foods, but contains more nutrients that humans really need.

Market Highlights

Hummus Market is expected to project a CAGR of 13.5% during the forecast period, 2022-2032

Hummus Market is expected to reach USD 11.1 billion, growing at a CAGR of 13.5% during the forecast period owing to the rising health awareness among major population. Hummus is rich in proteins, vitamins, and minerals, and its intake helps in improving muscle, bone, and strength of the skin, and also lower cholesterol, thus evolving as a nourishing dip. This is majorly boosting the growth of Hummus Market over the forecast period.

Hummus Market Segmentation

Classic segment is expected to dominate in the forecast period

Hummus Market is classified based on the Type into Classic, Roasted Garlic, White Bean, Black Olive, Red Pepper, and Others. The Classic category has dominated the market. It is a common component in many dishes and has established itself as a staple in majority homes due to its recognizable and authentic flavor, which appeals to the taste receptors. Classic hummus is also in high demand owing to its extensive availability, well-established consumer preferences, and capacity to accommodate a variety of dietary requirements, including vegan and vegetarian diets.

Supermarkets and Hypermarkets segment is expected to dominate in the forecast period

Hummus Market is classified based on the Distribution Channel into Supermarkets and Hypermarkets, Convenience Stores, Grocery Stores, and Online Retails. Supermarkets and Hypermarkets to dominate the market as they have a wider audience and are easily accessible to the majority of consumers. They provide customers with a one-stop place for shopping where they can find a variety of goods, like hummus, in one place. Hummus is frequently showcased in the refrigerator and packaged food department of supermarkets, making it simple for customers to locate and buy the product.

Market Dynamics                                                  

Growth Drivers

Growing Trend of Veganism is Expected to Boost the Market Growth

Over the past few years, especially in the industrialized nations of Europe and North America, the widespread trend of veganism has expanded rapidly. The vegan trend is becoming more and more widespread due to consumers' growing concern for environmental sustainability and animal welfare. This has greatly increased sales since it is among the most favored and well-known plant-based dips. The demand for hummus (organic) is also rising due to of consumers' pro-environmental attitudes and heightened health consciousness, thus contributing to the growth of the Hummus Market.

Rising Awareness Among Consumers is Expected to Boost the Market Growth

Healthy snacks are increasingly demanded by consumers between the meals, and ready-to-eat, where health indulgence is playing a key role. Moreover, since millennials are among the highly health-conscious consumers, the product has become more and more well-liked within this demographic. Hummus also draws major attention from consumers and has become a fridge staple thanks to its distinct flavor, practicality, and status as a plant-based dip alternative. Furthermore, the necessity for healthful bite-sized snacks has increased due to customers' increasingly busy and fast-paced lifestyles, which has helped to increase its sales performance.

Restraint

Recalls of Hummus from the Market and Availability of Substitutes to Restrain the Market Growth

Recalls of hummus have been one of the biggest issues in the market in recent years, which has negatively impacted the growth of the Hummus Market. Due to this, customers lose trust in the product, which has a negative impact on demand and drops revenue. Along with this, it is anticipated that the availability of most other plant-based dips like salsa, tahini, and others on the market and consumer acceptance of their expanding popularity will further restrain growth.

Recent Developments

• FoodStory Brands introduced a line of hummus dips in the U.S. in March 2021 under the brand name Fresh Cravings to broaden its selection of dips.
• Ithaca Hummus declared the release of its 17 oz. sharing-size hummus in April 2021. Container is available in the US in two flavors: lemon dill and lemon garlic. The company introduced this larger size pack due to the country's increased demand for the dip.

Hummus Market

Key Players Covered:

• Nestlé Professional
• Bakkavor Group Plc
• Boar’s Head Brand
• Haliburton International Foods Inc.
• Cedar’s Mediterranean Foods Inc.
• Strauss Group Ltd. (Sabra Dipping Company LLC)
• Kasih Food
• Tribe Mediterranean Foods Inc.
• PELOPAC INC.
• Hannah Foods
• Abraham's Natural Foods
• Hummus Gourmet LLC (Lantana Foods)
• Ithaca Hummus
• Lantana Foods
• Lily’s Foods
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Hummus Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America registered a major share in 2021. The main factor driving regional sales growth is the rise in dip and spread production and consumption in the US. The Asia Pacific region will expand the fastest. Higher product sales of hummus is currently being driven by a number of factors, including a quickening rate of population growth, inclination toward cross-cultural meals, and growing spending power. Among the main economies propelling regional market growth are China, Australia, and India.

Impact of Covid-19 on Hummus Market

The COVID-19 pandemic epidemic has had an unfavorable effect on both the food sector and the world economy. Customers preferred wholesome foods that boost strengthen and their immune systems and general wellness. Small companies had a chance to earn shelf space as a few large food producers struggled to meet the rising demand. Sales of the product across several nations have increased due to rising awareness about hummus to be a healthy dip, which has increased quarterly results almost 100%.

Hummus Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Hummus Market Scope and Segments:

Frequently Asked Questions (FAQ):