Hummus Market Size Set to Experience Exponential Growth at 12.84% of CAGR, Predicted to Reach USD 7.41 Billion by 2032
Apr 24, 2024
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Hummus Market Overview:
The global hummus market is likely to witness significant growth. Factors such as an increase in new product launches and expanding retail space would drive market growth. According to Market Research Future (MRFR), the global hummus market size is projected to escalate from USD 2.5 BN in 2022 to USD 7.41 BN by 2032, growing at a 12.84% CAGR throughout the assessment period (2023-2032).
Besides, increasing organic variant introductions and changing consumer preference for processed foods boost the hummus market size. Also, the increase in R&D activities and demand from the food sector in emerging economies positively impact the hummus market growth. Manufacturers focus on producing organic hummus because of the growing trend for healthy diets.
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The growth in health consciousness among consumers is a main factor behind the rising consumption of hummus. The increasing demand from emerging economies and technological developments in production techniques substantiate the hummus market revenues. Increased demand for various flavor combinations drives market growth. Increased preference for high-quality dips will fuel market growth.
The rising consumer acceptance of a wide range of distinctive and novel flavors in dips across the globe have significantly aided market expansion. To satisfy the preferences and tastes of the consumer, manufacturers constantly innovate their products. Due to the rising consumer focus on health, functional flavors inspired by spices and herbs, such as lavender, turmeric, lime, and blueberry, are becoming increasingly popular.
Competitive Landscape:
The market includes tier-1 and tier-2 players with a global reach and diverse product portfolios. Companies such as Haliburton International Foods, Sabra Dipping Co., and Tribe Mediterranean Foods dominate the global hummus market with their product differentiation, strategic developments, financial stability, and diversified regional presence.
These players are concentrating on research and development. They embrace strategies, such as development, product introduction, joint ventures (JV), and partnerships, to strengthen their market position and capture an extensive customer base.
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Major Players:
Prominent players in the global hummus market research include Sabra Dipping Co. LLC (US), Haliburton International Foods Inc. (US), T. Marzetti (US), Churny Company Inc. (US), Tribe Mediterranean Foods Inc. (US), Pita Pal Industries Inc. (US), and Cedar's Mediterranean Foods Inc. (US), among others.
Segmentations:
The market is segmented into types, packaging, distribution channels, and regions. The type segment is sub-segmented into classic hummus, lentil hummus, edamame hummus, garlic hummus, black hummus, and white bean hummus. The packaging segment is sub-segmented into tubs/cups, jars/bottles, and others. The distribution channel segment is sub-segmented into store-based and non-store-based. By region, the hummus market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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Regional Analysis:
North America dominates the global hummus market due to increasing consumer preference for Mediterranean cuisine. The US is the main market for hummus in North America due to changing lifestyles and consumption patterns. As more people realize the need to protect the environment, veganism is also gaining popularity.
Industry/ Innovation /Related News:
Aug.21, 2023 – Sabra Dipping Co., a leading hummus manufacturer in the US, announced the release of three hummus varieties, expanding its snack dip portfolio. Developed in collaboration with McCormick & Co., these new hummus varieties include Sabra's chickpea dip with Frank's RedHot, Sabra BBQ Hummus, and Sabra Southwest Hummus. The snack varieties are now available at retailers nationwide.
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