Market Overview: —
Global consumer interest in terms of new foods from different cultures has led to many regional favorites becoming main stream staples. Market Research Future, a firm which focuses on market reports about foods, beverages, & nutrition sectors, among others; recently published a report. The worldwide hummus market is projected to achieve USD 1.104 billion by 2027.
Primarily, a Middle Eastern staple & delicacy has been popular in various regions due to globalization. Hummus is not only available in restaurants that specialize cuisines, but also food manufacturers who produce the item as a dip on a rather large scale. The diverse taste of hummus is favorable for multiple consumer groups. It has led to the massive expansion of hummus worldwide. The introduction of ad flavors has also supplemented market growth. The hummus industry is however hindered by increased production costs and fluctuations in the price of upstream products.
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Latest Industry News:
Sep 2017 - ‘Sabra Dipping Company’ recently announced the development of a limited-edition flavor, ‘Greek Inspired Herbs & Olive Oil’ to its line of 16 delicious hummus flavors.
June 2017 - ‘O'Dang Hummus’ landed a deal with ‘Wal-Mart’ stores, including the company's ‘Made in the USA’ pitch event last year. O'Dang Hummus was one of the 40 companies in Florida to pitch their products and goods to Wal-Mart during its Made in the USA event. In total, 500 companies around the U.S. pitched to Wal-Mart. O'Dang Hummus has gained much popularity through its deal with Publix — which means its products can be found in more than 400 stores and whole foods markets.
Nov 2017 - Food manufacturer, Bakkavor revived its plan to float on the London Stock Exchange this month, just a week after shelving it – on the grounds of “market volatility”. The UK’s leading hummus producer listed its shares on November 16 at a price of 180p, giving it a market cap of around £1bn. This was substantially lower than the minimum valuation of £1.2bn it had aimed for.
Major Key Players Analysis:
With emerging industry players displaying solid growth, and the addition of new products, the sector will expand rapidly in the forecast period. Companies improve their revenues by gaining an edge over other players and spreading their product portfolio. Leading players in the global hummus market, primarily are Sabra, Haliburton, Marzetti, Tribe Hummus, Cedar's Mediterranean Foods, Inc., and Athenos.
One of the nationally-renowned hummus market players has declared that the company will re-launch its entire product portfolio. The new changes in company portfolio are estimated to feature an entirely clean label with no artificial preservatives. The decision to remove artificial preservatives, specifically potassium sorbate, was aided by consumer research. The research found that clean and recognizable ingredients were the top purchase driver.
The hummus market is segmented based on types, applications, and regions.
By Types – Classic, lentil, edamame, black, garlic and white bean.
By Applications - Paste & spreads, desserts, sauces & dips and others.
By Regions - Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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The worldwide hummus market is projected at USD 1.104 billion by 2027. The USA and Middle East are the largest regions for hummus consumption. This is credited to their demand for downstream applications. In 2015, USA generated 34% of the global consumption volumes in 2015. The hummus industry has been growing along with the higher demand for Mediterranean foods. Currently, there are many companies that produce hummus in North America and the Middle-East.
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