The Global Hummus Market size was valued at USD 4.5 billion in 2023 & is projected to reach USD 8.25 billion by 2030.
NEW HAVEN, CONNECTICUT, USA, August 20, 2024 /
EINPresswire.com/ -- The Global
Hummus Market size was valued at USD 4.5 billion in 2023 & is projected to reach USD 8.25 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 8.58% during the forecast period, i.e. 2024-2030, cites MarkNtel Advisors in the recent research report. The market is gaining popularity due to the high plant-based protein content favored by an increasing number of vegan consumers. Countries like Israel, Austria, Australia, New Zealand, and the UK, express a strong desire for veganism leading toward consumer preferences for healthier substitutes, such as hummus.
In addition, the increasing awareness among consumers about their health is driving growth in the market. Individuals are focusing more on the nutrient content & quality of their food, resulting in a heightened demand for healthier food products such as hummus. Furthermore, there is greater attention being placed on reducing potential health risks stemming from pesticides and chemicals utilized during conventional farming techniques. Thus, to enhance the production of organic food items, governments across different countries have announced efforts to encourage farmers to cultivate natural foods, with an emphasis on promoting organic production methods. Hence, these factors have led to a rise in demand for organic hummus.
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https://www.marknteladvisors.com/query/request-sample/hummus-market.html
Hummus Market Trend:
Increasing Adoption of Vegan Diet & Organic Food โ The prevalence of veganism has significantly increased in developed economies such as North America and Europe due to the awareness of animal cruelty & environmental sustainability. As per the Vegan Society, a Non-Profit Organization, among the total population, about 2.6 million individuals in Europe are vegan. With this rising vegan population, worldwide sales of vegan hummus have increased tremendously since these dips are entirely made from plant-based sources. Moreover, along with the vegan consumers, the individuals supporting cruelty-free products are also shifting towards plant-based and organic hummus. Thus, the organic hummus industry is experiencing growth.
Moreover, manufacturers are introducing new and improved organic variants due to the elevated demand for vegan hummus. In 2023, Little Sesame, an organic hummus brand, introduced its new range of organic hummus in all the stores across the US and other countries. These newly launched products have a bold new packaging design with plastic-neutral certification and contain organic flaxseed oil, attracting consumers looking for functional benefits & uplifting the Global Hummus Market growth.
Hummus Market Segmentation Analysis:
โข By Type (Classic Hummus, Roasted Garlic Hummus, Lentil Hummus, White Bean Hummus, Black Olive hummus, Others (Red Pepper Hummus, Edamame Hummus, etc.))
โข By Packaging Type (Tubs/Cups, Pouch, Bottles/Jars)
โข By Application (Paste & Spreads, Sauces & Dips, Desserts, Others (Confectionery, etc.))
โข By End User (Households, Food Service Outlets)
โข By Sales Channel (Offline Stores, Supermarkets/Hypermarkets, Convenience Stores, Grocery Stores, Others (Specialty Stores, etc.), Online Retails)
โข By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
Classic Hummus to Hold the Major Share
Based on the type segment, the market is further bifurcated into Classic Hummus, Roasted Garlic Hummus, Lentil Hummus, White Bean Hummus, Black Olive Hummus, and Others (Red Pepper Hummus, Edamame Hummus, etc.). Classic hummus holds a significant market share of the Global Hummus Market. Its widespread availability & popularity among consumers are the key reasons for its enhanced adoption. Classic hummus offers versatility as it can serve multiple purposes, such as an appetizer, spread, or dip, making it a dietary staple.
Moreover, classic hummus also appeals to health-conscious individuals because of its natural gluten-free composition containing protein, fiber, and healthy fats. The traditional flavor combined with simplicity makes classic hummus appealing to diverse audiences, thus becoming their go-to choice when compared with other variants. As a result of its desirable nutritional value, classic hummus emerged as one of the most preferred options among consumers and also ensured its dominance in the market over the forecast period.
North America Leading the Hummus Market
Geographically, North America held a top position in terms of revenue share in the Global Hummus Market and is expected to maintain its dominance throughout the projected period. This leading position has been primarily driven by the increased consumption of dips and spreads by consumers across the region, which remains a crucial factor for regional sales. In addition, the growing popularity of veganism across the US has significantly influenced demand patterns among consumers, who increasingly favor plant-based dip essentials like hummus over conventional varieties. This shift has been further bolstered by frequent new product launches across the region, with diverse flavors, that have gained consumerโs interest.
Further, innovations in flavors and packaging, along with the expansion of hummus offerings in food service outlets and retail channels, have also contributed to sustaining and enhancing market growth in the region. Also, this growth would continue to sustain in the coming years as well, as consumers across the region are largely shifting toward veganism, which would help in enhancing the adoption of plant-based hummus.
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https://www.marknteladvisors.com/research-library/hummus-market.html
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Athenos, Cedarโs Mediterranean Foods, Inc., Haliburton International Foods, Inc., Strauss Group, Ltd., Tribe Hummus, Bakkavor Group Plc, Boarโs Head Brand, Aliments du Quรฉbec (Hummus Gourmet, LLC), The Kraft Heinz Company, Hope Foods, LLC, Sabra Dipping Co., LLC, Marzetti Company, Sevan AB, Lantana Foods, Hummus Goodness, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
1. What are the industryโs overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Hummus Market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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MarkNtel Advisors
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