Market Introduction
Hummus is kind of Levantine paste or spread which is being prepared by cooking and mashing chickpeas, beans mixed and sesame seeds with olive oil, lemon juice, tahini, salt, and garlic. Hummus is a composition of natural ingredients and is known for its rich nutritional profile and helps to maintain heart and blood health while managing weight. They are one of the organic and clean label forms of product and are increasingly being preferred by consumers opting minimally processed and organic plant-based food items. Factors such as rise in demand for protein rich foods, rise in number of new product launches and expanding retail space are some of the factors stimulating the growth of hummus market in North and Latin America region..
Market Overview and Dynamics
The hummus market was valued at US$ 973.10 million in 2018 and is projected to reach US$ 2,555.25 million by 2027; it is expected to grow at a CAGR of 12.9% from 2019 to 2027. Factors driving the market growth include increase in consumption of protein-rich food with growing focus over veganism, and rise in demand for convenience foods. However, volatility in prices of raw materials used in preparation of hummus restrains market growth.
Key Market Segments
The original hummus segment held the largest share in the North America and LATAM Hummus market, by type, in 2019. The sauces and dips segment held the largest share in the North America and LATAM Hummus market, by application, in 2019. Further, the supermarket and hypermarket segment held the significant share of the North America and LATAM market, by distribution channel, in 2019.
Impact of COVID-19
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food and beverage is one of the major industries in the world facing serious disruptions such as supply chain breaks, events cancellations, and office shutdowns as a result of this outbreak. China is the global hub of manufacturing and largest raw material supplier for various industries, and it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, and sales of various food and beverage. The overall market breakdown due to COVID-19 is also affecting the growth of the Hummus market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
Major Sources and Companies Listed
A few of the major primary and secondary sources for hummus market associated with the report are USA Dry Pea and Lentil Council and American Pulse Association, Institute of Food Technologists and others. The major companies operating in the market are Bakkavor, Cedar’s Mediterranean Foods Inc., Hope Foods, LLC, Lantana Foods, Lancaster Colony Corporation, Tribe Hummus, Strauss Group, Fountain of Health, Boar’s Head Brand and Hummus Goodness among others.
Reasons to Buy Report
NORTH AMERICA AND LATAM HUMMUS MARKET SEGMENTATION
By Nature
By Application
By Distribution Channel
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 973.10 Million |
| Market Size by 2027 | US$ 2,555.25 Million |
| CAGR (2019 - 2027) | 12.9% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America and LATAM Hummus Market is valued at US$ 973.10 Million in 2018, it is projected to reach US$ 2,555.25 Million by 2027.
As per our report North America and LATAM Hummus Market, the market size is valued at US$ 973.10 Million in 2018, projecting it to reach US$ 2,555.25 Million by 2027. This translates to a CAGR of approximately 12.9% during the forecast period.
The North America and LATAM Hummus Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America and LATAM Hummus Market report:
The North America and LATAM Hummus Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America and LATAM Hummus Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America and LATAM Hummus Market value chain can benefit from the information contained in a comprehensive market report.
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