Hummus Market to grow at a CAGR of 12.5% during 2024-2028
The Hummus Market is expected to grow at a CAGR of 12.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2850.6 million. The global hummus market is poised for significant expansion during the forecast period, driven in part by the increasing retail space globally. Traditional sales channels, including supermarkets, hypermarkets, and convenience stores, continue to dominate the market. However, online sales are gaining traction among consumers, making e-commerce an emerging distribution format. The growth of organized retail channels, particularly in emerging markets, will further fuel market growth.
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Technavio analysts predict that the Sauces and dips subsegment will lead the Application segment during 2024 and 2028 The hummus market represents a significant growth opportunity for food industry players. With a rising health consciousness trend, the demand for plant-based protein sources is surging. Hummus, as a rich protein and fiber-packed dip, is gaining popularity among health-conscious consumers. Market research indicates a CAGR of 6.2% from 2021 to 2026, making it a lucrative investment for businesses. Key players include Sabra, Tahini, and Cedar's, who dominate the market with their innovative product offerings and strategic marketing initiatives.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish introduction of new packaging
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Hummus, a popular Chickpea Paste, has gained significant attention as a Nutritious Snack among health-conscious consumers. This Plant-based Appetizer, made from Chickpeas and Tahini, is a staple in Mediterranean Cuisine and offers numerous Healthy Dip options for Vegans and those following Gluten-free diets. Hummus Brands have expanded their offerings, providing various Hummus Flavors like blueberry, lime, lavender, and turmeric, adding immunity attributes and Functional ingredients to their nutrient-dense product. With its long Shelf-life and affordability, Hummus has become a convenient and delicious option for Millennials seeking Healthy Snacks rich in Vitamins, Antioxidants, Fiber, and Proteins. Hummus is not only a tasty treat but also boasts numerous Health-beneficial attributes, making it a go-to choice for those following Vegan diets or Veganism. Brands also offer Single-serve cups and White bean Hummus, catering to the growing demand for Environmental sustainability and convenience. Herbs and spices like garlic, cumin, and paprika add to the taste and appeal of this versatile Chickpea Spread.
The global packaged foods and meats market encompasses vendors engaged in food processing to ensure microbial elimination and shelf life extension. According to Technavio, this market's size is determined by the consolidated revenue generated by the market participants. It excludes equipment manufacturers and producers of packaged alcoholic and non-alcoholic beverages, including mineral waters. Market expansion will be fueled by the growing preference for minimally processed foods, which offer health benefits such as rich nutrient content in terms of potassium, dietary fiber, folate (folic acid), vitamin A, and vitamin C.
The Hummus Market is experiencing significant growth, fueled by the introduction of new packaging. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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