Global Hummus Market Grows at a Staggering CAGR of 10.01%

Introduction

Hummus is a Middle Eastern and Mediterranean dip or spread consisting of mashed, cooked chickpeas or other beans, tahini, olive oil, lemon juice, salt, and garlic. The hummus market provides varieties such as lentil hummus, black bean hummus, and white bean hummus in addition to the traditional chickpea hummus. Hummus is typically served with bread because the proteins in both the bread and the hummus complement each other nicely and produce a pleasant flavor.

Market Dynamics

Rising Demand for Plant-Based Protein Drives the Global Market

The growing popularity of veganism has increased the demand for plant protein. As an unhealthy lifestyle contributes to obesity, diabetes, and cardiovascular diseases, the desire among consumers to adopt a healthy lifestyle is increasing. More customers are adopting plant-based diets for various reasons, including animal protection, environmental preservation, general health concerns, and changing taste preferences. The preference for plant-based proteins over animal sources is driving the expansion of the hummus business.

Due to the preparation's high protein content, hummus ingredients are nutritionally dense. Chickpea, a common ingredient in hummus, is high in protein and promotes satiety. In addition, hummus is typically consumed with pita bread or whole-grain bread, which serves as a source of protein and provides essential amino acids. Due to its high protein content, hummus is developing as a nutritious source of plant-based protein for the rising vegan population worldwide.

Growth of the Organized Retail Sector in Emerging Economies Creates Tremendous Opportunities

Economic expansion, the expansion of the middle class, and high rural-to-urban migration rates have contributed to the entrance of foreign retailers into emerging nations. This has led to the extension of current retail stores in countries such as India, China, Malaysia, and South Africa, promoting plant-based foods' market growth. There has been an influx of new market entrants in Hong Kong, Beijing, and Shanghai due to China's economic boom. Singapore is a magnet for retailers in South-East Asia who demand one-stop shopping, and hence the packaged food and beverage industry is increasing. In addition, online shopping is gaining popularity as a marketing and distribution tool for groceries in emerging nations, allowing producers to expand their consumer base by making the product more accessible. Consequently, the rise of the organized retail sector in emerging economies will increase hummus sales.

Regional Analysis

North America is the most significant shareholder in the global hummus market and is anticipated to grow at a CAGR of 8.56% during the forecast period. In the region, the hummus market has experienced a remarkable expansion in recent years. The increasing vegan population in the United States has steadily increased the demand for plant-based protein. Farmers in the United States also focus on boosting the production of chickpeas used to make hummus. Hummus is necessary due to its high nutritional content and preparation using high-protein components. In addition, the growing demand for Middle Eastern and Mediterranean meals in the United States is developing the hummus business. It is anticipated that the United States will maintain its dominant position during the forecasted period. The United States was the largest country-level market in the region. Nevertheless, the Canadian market is expected to grow the fastest over the forecast period.

The Rest of the World is anticipated to grow at a CAGR of 7.79% over the forecast period. South America and the Middle East and Africa are included in the Rest of the World market. South America represented the tiniest portion of the worldwide hummus market. The Middle East held the most significant market share during the forecast period. This region's fondness for hummus contributes to expanding the Middle Eastern hummus business. High demand exists for chickpeas, used predominantly as part of Middle Eastern cuisine. The need for nutritious food products, such as hummus, is mainly driven by consumers' rising health consciousness. The lack of product awareness in Africa's emerging nations is a substantial barrier to the expansion of the hummus business.

Key Highlights

• The global hummus market was valued at USD 2,445 million in 2022. It is estimated to reach USD 5,770 million by 2031, growing at a CAGR of 10.01% during the forecast period (2023–2031).
• Based on type, the global hummus market is divided into classic hummus, lentil hummus, edamame hummus, white bean hummus, black bean hummus, and others. The classic hummus segment is the highest contributor to the market and is expected to grow at a CAGR of 9.96% during the forecast period.
• Based on packaging type, the global hummus market is divided into tubs and cups, jars and bottles, and others. The tubs and cups segment dominates the market share and is estimated to grow at a CAGR of 10.10% over the forecast period.
• Based on the distribution channel, the global hummus market is divided into store-based and non-store-based. The store-based segment owns the highest market share and is expected to grow at a CAGR of 8.23% during the forecast period.
• North America is the most significant shareholder in the global hummus market and is anticipated to grow at a CAGR of 8.56% during the forecast period.

Competitive Players

Competitive Players

• Obela
• Sabra Dipping Co., LLC
• Lancaster Colony Corporation
• Moorish
• Deldiche N.V.
• Tribe Mediterranean Foods Inc.
• Haliburton International Foods Inc
• Labeyrie Fine Foods
• Orexis Fresh Foods Ltd
• Cedar's Mediterranean Foods Inc.

Recent Developments

Market News

• In November 2022, Lancaster Colony Corporation revealed that its Board of Directors had issued a quarterly cash dividend of 85 cents per common share, marking 60 consecutive years of increasing regular cash dividends. The company is one of only 13 U.S. companies with 60 straight years of regular cash dividend increases.
• In April 2022, Obela Australia announced a sweet new addition to its hummus range, an indulgent Chocolate Dessert Dip, available in Woolworths stores. Satisfyingly rich and creamy, the recent chocolate dip made from chickpeas has all the sweet chocolatey goodness you know and love.

Segmentation

Global Hummus Market: Segmentation

By Type

• Classic Hummus
• Lentil Hummus
• Edamame Hummus
• White Bean Hummus
• Black Bean Hummus
• Others

By Packaging Type

• Tubs and Cups
• Jars and Bottles
• Others

By Distribution Channel

• Store-Based
• Non-Store-Based

By Regions

• North America
• Europe
• Asia-Pacific
• Rest of the World (RoW)