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Hummus Market to Outstrip $ 8.26Bn by 2028 Growing Sturdy at 7.6% CAGR - Says The Insight Partners

Hummus Market is expected to reach US$ 8.26Bn by 2028. Rich Nutritional Profile Including Proteins, Fibers, Vitamins, and Minerals Drives Hummus Market Growth.

NEW YORK, UNITED STATES, April 4, 2022 /EINPresswire.com/ -- According to our new research study on “Hummus Market to 2028 – Global Analysis and Forecast – by Type, and Application,” the Hummus Market is projected to reach US$ 8,267.07 million from US$ 4,577.35 million in 2019 by 2028; it is expected to grow at a CAGR of 7.6% from 2021 to 2028. Health benefits associated with the consumption of hummus is catalyzing the growth of hummus market.

Hummus Market: Competition Landscape and Key Developments
are Bakkavor Group; Cedar’s Mediterranean Foods Inc.; Haliburton International Foods; Strauss Group; Tribe Hummus; Hope Foods, LLC; Fountain of Health; Hummus Goodness; Boar’s Head Brand; and Lantana Foods are among the key hummus market players.

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Furthermore, according to a report published by the EU-funded SMART PROTEIN project, the plant-based industry in Europe registered the growth of 49% during 2018–2020. Consumers nowadays are inclining toward maintaining healthy lifestyles, which further supporting veganism. In recent years, hummus bars have come into existence in Europe where local artisans make their own fresh hummus in a variety of flavors for sale. The concept is derived from the Middle East where hummus is a traditional food in the diet. In the European region, hummus is becoming a trendy fast food for the consumers looking for a healthy snack on the move. It has also been reinvented as an appetizer, a sandwich spread, and a dip. These hummus bars are serving hummus-based for dine-in as well as takeaway options. Thus, the growing trend of veganism and increasing preference for healthy, plant-based food products, and a rise in the number of hummus bars would drive the growth of the hummus market in Europe during the forecast period.

Increasing Focus of Manufacturers on Introducing Innovative Products:

Hummus manufacturers are focusing on introducing new varieties of the product. In May 2018, the SAJJ Mediterranean Company introduced chocolate hummus on its menu. SAJJ's chocolate hummus is a low-sodium, fat-free, and carbohydrate-free dessert claiming low calorie content of 240 calories per 6-ounce container. Chocolate hazelnut spread, garbanzo beans (chickpea), maple syrup, tahini, cocoa powder, and vanilla extract are the primary ingredients in this dish. In addition, Boar's Head Brand added pumpkin pie hummus to its product line to expand its line of dessert hummus; the product is made from steamed chickpeas with real pumpkin, vanilla beans, sugar, and spices. Further, Sabra Dipping Co. introduced a new jackfruit flavored hummus, which is a gluten-free, organic, kosher, and GMO-free product. It is a plant-based hummus that also has the flavors of BBQ. Moreover, new companies are venturing into this segment with the aim to meet the rising demand from the consumers.

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Hummus Market: Segmental Overview

By type, the hummus market is segmented into original/classic, red pepper, black olive, white bean, and others. In 2020, the white beans segment is expected to have highest growth rate. White beans are among the common beans that have been domesticated in North and South America. The most common type of white beans are cannellini beans, which is also known as white kidney beans because of the slight kidney shape of the beans. The cannellini beans have a nutty, earthy flavor and tender flesh.

Based on application, the hummus market is segmented into the tubs and cups, jars and bottles and others. The cup containers that are used for dip packaging is mostly made up of food-grade virgin plastic. These are small and convenient containers, as they can provide on the go food to the consumers. These tubs and cups are microwave safe and comes with a lid or sealable option that makes them airtight and leak proof.

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Impact of COVID-19 Pandemic on Hummus Market

The COVID-19 pandemic has been hindering the hummus market performance, mainly, due to disrupted raw material production and supply chains, weather condition uncertainties, and other reasons. The outbreak disturbed operational efficiencies and value chains due to the sudden shutdown of national and international boundaries. However, with many the economies striving to revive and normalize their operations, the demand for hummus is presumed to rise in the foreseeable future. Further, growing preference for healthy lifestyle and shifted focus on foodstuffs boosting immunity, would continue to contribute to the hummus market growth in the coming years. Further, the hummus manufacturers are likely to capitalize on online distribution channels for business expansion.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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