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The Hummus Market size is projected to increase by USD 2,132.75 million and the market size is estimated to grow at a CAGR of 10.67% between 2022 and 2027.
Increasing preference for convenience in cooking is notably driving the market growth. Busy lifestyles and the requirement for leisure have expanded the demand for convenience food products. As a result, manufacturers introduce sauces and seasoning products that save time in the kitchen and are easy to use. The number of consumers who prefer home-cooked food over dining out is on the rise and is anticipated to rise which will drive the demand for food ingredients such as the sauce. In addition to traditional products, manufacturers are delivering suitable product packaging solutions that enable easy use and storage. Moreover, an upsurge in the number of single-person households and advanced social gatherings or parties are some of the other causes for the rise in the demand for sauces and other hummus-based products. Therefore, the increasing requirement for convenience in cooking will boost the growth of the global market during the forecast period.
The Market shows an accelerating CAGR during the forecast period.
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The rising global vegan population is an emerging trend shaping the market growth. Veganism refers to the practice of refraining from animal products, especially in diet, and people who pursue veganism. The growing global vegan population is a favourable trend that will propel the growth of the global market. People are embracing a vegan diet, especially for its health advantages. Among the vegan population, the presence of natural products in humus makes it popular. For instance, vegan cheese, vegetarian burgers, and vegetarian beverages are some of the food offerings available at various eateries. Due to the rising vegan population in the US and other parts of the world, the working population that opts for a vegan diet has also expanded.
Moreover, owing to their hectic lifestyles, working individuals usually look for ready-to-eat convenience meals with high nutritional content, which, in turn, has expanded the demand for the products. This spread is very frequently used in sandwiches, burgers, rolls, and other food items for instant consumption. Around 400 million vegan consumers in the world, will also grow in the future. Such factors will positively impact the global market during the forecast period.
The effects of natural calamities are a significant challenge hindering market growth. The significant raw materials needed to produce hummus include chickpeas and garlic. The cultivation of garlic and chickpeas is affected by several external aspects, such as natural calamities and diseases in crops. In addition, natural calamities include drought, floods, storms such as cyclones and hurricanes, earthquakes, and volcanic eruptions. Floods, earthquakes, and severe weather accounted for more than 70% of the total economic losses.
Furthermore, the cultivation of garlic and other raw materials can also be influenced by different diseases in plants, which can adversely impact the production of this dip during the forecast period. Further, the rising damage to crops owing to natural calamities can harshly impact the growth of the global market. The resultant deficiency of chickpeas can inflate the costs, which can adversely influence the growth of the market during the forecast period.
Classic hummus is the original and conventional flavor of the dip, made with chickpeas, tahini, olive oil, lemon juice, and garlic. Globally, It is a popular and widely recognized flavor that is largely consumed. Mostly it is available in various packaging options, such as tubs, squeeze packs, and snack packs. The demand for classic hummus is driven by its popularity as a healthy and flavorful snack option. Also, it is a good source of protein, fiber, and other essential nutrients. In addition, the classic variant is even a versatile component that can be used in diverse recipes, including sandwiches, salads, and dips. Therefore, the classic segment of the market is a major part of the industry, driven by the popularity of this conventional flavor and the versatility of the product, which will boost the growth of the segment during the forecast period.
The market share growth by the sauces and dips segment will be significant during the forecast period. Generally, it is used as a dip, and the perceived health advantages of the consumption, such as a rich source of plant protein, controlling blood sugar levels, and reducing the risk of heart diseases, increase the popularity of hummus as a dip. Also, it is considered a natural product when compared with other dips available on the market owing to the several natural ingredients present, such as chickpea, garlic, lemon, and olive oil.
The sauces and dips were valued at USD 785.95 million in 2017.
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The rising demand for food products containing natural ingredients will assist in improving the sales of the dips. Hummus as a dip is popular in the US and is replacing most other popular dipping products and the introduction of new tastes will also contribute to the growth of this market. For instance, in March 2021, Fresh Cravings launched a line of hummus dips. However, increasing product recalls of products in the market owing to contamination of the products can negatively influence the growth of the global market during the forecast period.
North America is estimated to contribute 28% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America was the largest geographical segment of the global market in 2021 and will continue to remain the largest market during the forecast period as well. In North America, during the past 20 years, the demand has increased in the region, particularly in the US, and the popularity is rising among consumers based on the rising retail sales of products, which grew by about 144% in the US. The busy lifestyles of consumers encourage them to prefer such food products. The use of this paste as a spread and paste for bread and sandwiches is rising among consumers owing to the convenience offered by the product. The growing popularity among people of hummus is also expected to contribute to the growth of the market.
In addition, the US, Brazil, Canada, and Mexico are some of the major markets in the region. Nevertheless, This paste is increasingly becoming the best dipping option for consumers in the US. It is perceived to be a natural food when compared with other processed dips and sauces, thereby contributing to the market growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is experiencing a surge in demand, driven by the increasing popularity of organic and plant-based diets. Varieties such as Edamame Hummus, Garlic Hummus, Black Hummus, and White Bean Hummus cater to diverse consumer preferences, particularly among those following vegan diets. Brands like Blue Moose of Boulder offer organic on-the-go hummus snack packs, featuring functional ingredients like turmeric, lavender, lime, and blueberry for added immunity attributes. With Mediterranean cuisine influences and a focus on health-beneficial attributes such as proteins, antioxidants, and vitamins, hummus serves as a nutritious and convenient option for millennials seeking healthy snacks. The market's emphasis on environmental sustainability and pro-environmental purchasing behavior further elevates hummus as a popular fridge staple and plant-based dip option, capturing consumers' attention with its affordability and long shelf-life.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.67% |
Market growth 2023-2027 |
USD 2,132.75 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.23 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 28% |
Key countries |
US, Saudi Arabia, United Arab Emirates, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Boars Head Brand, Cedars Mediterranean Foods Inc., Conagra Brands Inc., Damai International, Deldiche NV, Fountain of Health, Haliburton International Foods Inc., Harvest Moon Foods, Hummus Goodness, Kasih Food Production Co., Lakeview Farms LLC, Lancaster Colony Corp., Moorish Ltd., PepsiCo Inc., Savencia SA, Strauss Group Ltd., The Huda Bar, The Kraft Heinz Co., Wingreens Farms Pvt. Ltd., and Bakkavor Group PLC |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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