Hummus Market to Reach USD 4,577.35 Million with a CAGR of 7.6% Till 2028

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Hummus Market to Reach USD 4,577.35 Million with a CAGR of 7.6% Till 2028

The scope of The Insight Partners recent study on the “The global Hummus Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Orig

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The scope of The Insight Partners recent study on the “The global Hummus Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Original/ Classic, Red Pepper, Black Olive, White Bean, and Others), Packaging Type (Tubs and Cups, Jars and Bottles, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others),” includes the analysis of factors driving the market growth, estimation and forecast of revenues, and market share analysis as well as identification of significant market players along with their key developments.

Hummus is a well-known Middle Eastern dip and spread that has high mineral, vitamin, protein, and fiber content. All the main ingredients of hummus—chickpeas, garlic, sesame seeds or paste (tahini), and olive oil and are recognized as super foods. Chickpeas are high on iron, phosphorus, and vitamin B complex. Tahini has high zinc, calcium, copper, and phosphorous content. Lemon juice is an excellent source of vitamin C and antioxidants. Garlic, which adds flavor to hummus, is high on antioxidants and contains many trace minerals and vitamins.

The hummus market was valued at US$ 4,577.35 million in 2020 and is projected to reach US$ 8,267.07 million by 2028; it is expected to grow at a CAGR of 7.6% from 2021 to 2028. Hummus is a well-known Middle Eastern dip and spread that has high mineral, vitamin, protein, and fiber content. All the main ingredients of hummus—chickpeas, garlic, sesame seeds or paste (tahini), and olive oil—are recognized as super foods. Chickpeas are high on iron, phosphorus, and vitamin B complex. Tahini has high zinc, calcium, copper, and phosphorous content. Lemon juice is an excellent source of vitamin C and antioxidants. Garlic, which adds flavor to hummus, is a rich source of antioxidants and contains many trace minerals and vitamins.

The hummus market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2020, Europe accounted for the largest share in the market. The largest market share of this region is primarily attributed to the presence of major manufacturers in the region. The surging demand for packaged hummus products, especially in Western Europe; rising demand for plant-based proteins; and increasing preference for healthy eating habits are the crucial factors catalyzing the growth of the hummus market in Europe.

Based on packaging type, the global hummus market is segmented into tubs and cups, jars and bottles and others. In 2020, the tubs and cups segment accounted for the largest market share. The cups used for dip packaging are mostly made of food-grade virgin plastic. These are small and convenient containers that allows consumers to carry it on-the-go. These tubs and cups are microwave safe and comes with a lid or sealable option that makes them airtight and leak proof. The hummus dip is packaged in a PET plastic tub. The tub packaging of hummus can vary from a family-sized hummus tub to small-sized tubs that are suitable for an individual consumption. As plastic-based packaging provides an inexpensive option for hummus manufacturers.

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.

The widespread trend of veganism in urban populations, especially among youth, as well as growing preference for plant-based protein products over animal-based protein products in developed and developing countries such as India, China, the US, Germany, and Japan are the key factors contributing to the plant-based protein industry growth. For instance, according to the Expo Organization in the United States, 4% of men and 7% of women are vegetarians. In India, where religious considerations direct a cruelty-free diet, 31 percent of the population is vegetarian.

Read More: https://www.theinsightpartners.com/reports/hummus-market

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