The North America and LATAM hummus market was valued at US$ 973.10million in 2019 and is projected to reach US$ 2,555.25 million by 2027; it is expected to grow at a CAGR of 12.9% from 2020 to 2027.
Hummus is a kind of levantine paste or spread, which is prepared by cooking and mashing chickpeas or beans, mixed together with olive oil, lemon juice, tahini, salt, and garlic. Hummus is a composition of natural ingredients and is known for its rich nutritional profile, which helps to maintain heart and blood health while managing weight. They are one of the organic and clean label forms of products that are increasingly preferred by consumers opting minimally processed and organic plant-based food items. Factors such as rise in demand for protein rich foods, growing focus toward veganism, rise in number of new product launches, and expanding retail space are among the factors stimulating the growth of hummus market in the North and Latin America region.
Based on type, the North America and LATAM hummus market is segmented into original hummus, red pepper hummus, black olive hummus, white beans hummus, edamame hummus, and others. In 2019, original hummus segment dominated the North America and LATAM hummus market. Original hummus is a type of spread, dip, or savoury dish that is prepared from cooked or mashed chickpeas, which is blended with tahini, garlic, or lemon juice. Original hummus preparation is an easy and affordable process, and the resulting flavor is superior to the tubs of store-bought dips.Original hummus is often paired with freshly fried falafel and is also shared alongside full mudammas in a dish that is known as hummus full. In some western countries such as the US and Mexico, the original hummus is served as an appetizer or snack dip together with vegetable crudities, chips, and pita breads. The original hummus is high in nutrition content and is packed with plant based proteins. It is rich in fibers that promote digestive health and feeds the good gut bacteria in the human body. Besides this, it is low in glycemic index that helps in controlling the blood sugar levels.
Impact Assessment of COVID-19
The COVID-19 pandemic has been affecting economies and industries in various countries,including the US, India, Brazil, Russia, Italy, the UK, Iran, and Spain. Food &beveragesis one the world's major industries facing serious disruptions in the form of supply chain breaks, events cancellations, and office shutdowns as a result of the lockdowns imposed in various countries to contain the disease spread. Although, China is the global manufacturing hub and is the largest raw material supplier for various industries, it is also one of the worst-affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various chemical and materials. These factors are likely to restrain the growth of various markets related to the food &beveragesindustry in the next few financial quarters.
Geographically, the hummusmarket is broadly segmented into North America and LATAM (Latin America) region. In 2019, North America held a larger share of the North America and LATAM hummusmarket. The growth of the hummus market in this region is primarily attributed to rapid growth of food & beverage industry in the region. Rising demand for healthy and nutritional food products among the health-conscious consumers is another major factor driving the growth of the hummus market in North America. Additionally, rising trend toward veganism coupled with growing preference toward healthy convenience food items and protein rich food is expected to fuel the growth of the North America hummus market.
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 are among the players present in the North America and LATAM hummus market.
The North America and LATAM hummus market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America and LATAM hummus market.