The major market drivers of the hummus market offer the consumer a multitude of options for flavors and innovative recipes of hummus which has successfully worked in favor of reaching a wider audience and increasing its offering to existing customers.
New York, United States - January 24, 2022 /MarketersMedia/ —
Hummus, a well-known middle eastern delicacy, has established itself as a world-famous dip for snack options in the past few years. Reports created by MRFR detail the developments of the industry that can be expected in the market through the forecast period. The hummus market is projected to display a 12.84 % CAGR in the forecast period.
The wide presence of companies manufacturing hummus has been a vital factor in developing the global demand for hummus products. The innovation in tastes and product packaging types is estimated to bolster the hummus market companies in the forecast period's duration.
Segmental Analysis:
The segmental review of the hummus market is conducted based on distribution channel, type, packaging, and region. The distribution channel segment of the hummus market is segmented into supermarkets & hypermarkets, e-commerce, convenience stores, and others. The type of segment of the hummus market is segmented into black, lentil, edamame, classic, garlic, white, and others. The hummus market's packaging segment is segmented into jars/bottles, tubs/cups, and others. Based on regions, the hummus market is segmented into North America, Europe, APAC, and other regions.
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Detailed Regional Analysis:
The hummus market's regional assessment covers regions such as North America, Europe, APAC, and other regions. The North American hummus market possesses a portion of over 50% of the worldwide market and is projected to witness a 14.24% CAGR. The elevated use of hummus in this region has led to the progress of pioneering hummus products.
The regional market in North America is also the target of concentrated marketing plans and commercials which have directed to amplified demand for hummus products. Furthermore, the occurrence of momentous, developing Middle Eastern immigrant residents in the region is anticipated to add stimulus to the retailing of hummus in the North American region. The incidence of numerous manufacturers in the region and the momentum of demand concerning organic food and beverages has encouragingly affected the development of the hummus market in the region.
Competitive Analysis:
The progress in the distribution of vaccines is estimated to fasten the market's development as optimistic sentiment returns to the market. The positive influence of macro market reforms is predicted to ripple favorably throughout the global market in the forecast period. The focus on sustained growth in the market is likely to reveal promising development options in the forecast period. Foreign portfolio investors are predicted to play a vital role in expanding the business interest of new businesses innovating the product range being offered in the market. The majority stake contenders are assessed to take an enhanced amount of risk to achieve their overall targets by aligning the resources needed to accomplish this goal. The return in demand stability is estimated to herald a positive development phase in the global market in the forecast period. The challenges of business stability and diminished cash flows due to the pandemic are estimated to be rectified gradually in the coming years. The market is estimated to be powered by the developments visible in the global market that are being instated to create a swift return to normalcy.
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The notable contenders in the hummus market are Tribe Mediterranean Foods, Inc. (Massachusetts), T. Marzetti (U.S.), Sabra Dipping Co., LLC (U.S.), Cedar's Mediterranean Foods, Inc. (Massachusetts), Churny Company, Inc. (U.S.), Haliburton International Foods, Inc. (California) and Pita Pal Industries Inc. (Texas) to name a few.
Industry Updates:
Dec 2020 Sabra Selections is presenting plant-based, culinary customization in several locations. Sabra Selections will present 30oz of Sabra’s famous Classic Hummus bundled with a separate tray filled with three of the brand’s most widespread toppings –Roasted Red Pepper, Caramelized Onion, and Olive Tapenade – each in its own section. Sabra Selections delivers hummus lovers the selection of toppings to be mixed, matched or spread according to preference.
Oct 2020 Nestlé is introducing a brand in the Netherlands to fit with Middle Eastern palates for products such as falafel and hummus. Mezeast presents a line-up of 13 products ranging from sauces, mixes, spreads and breads, incorporating elements such as oregano, cumin, caraway, pomegranate, tahini, coriander and onions, all obtained from the Middle East. The line-up consists of muhammara, falafel and hummus, toum, tahini, shawarma, kofta, harissa and pomegranate sauce and the range will only be accessible in Dutch retailer Albert Heijn.
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Jul 2020 Marmite has presented a yeast-based hummus. The novel product originates from the idea of Marmite that was previously introduced its own peanut butter and body wash in collaboration with Lynx. Currently, the brand seems to have taken its cues from customers who had previously mixed Marmite with hummus to create a single product to satisfy their requirements.
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