Report : North America and LATAM Hummus Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Original Hummus, Red Pepper Hummus, Black Olive Hummus, White Bean Hummus, Edamame Hummus, and Others), Application (Sauces and Dips, Pastes and Spreads, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Store, Online Stores, and Others), and Geography
Increase in consumption of protein-rich food with growing focus over veganism is driving the market growth at CAGR of 12.9% during 2020-2027
According to our latest market study on "North America and LATAM Hummus Market Forecast to 2027 - COVID-19 Impact and Analysis by Type (Original Hummus, Red Pepper Hummus, Black Olive Hummus, White Bean Hummus, Edamame Hummus, and Others), Application (Sauces and Dips, Pastes and Spreads, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Store, Online Stores, and Others), and Geography," the market was valued at US$ 973.1 million in 2019 and is projected to reach US$ 2,555.3 million by 2027; it is expected to grow at a CAGR of 12.9% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Hummus is a kind of Levantine paste or spread, which is prepared by cooking and mashing chickpeas, beans 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, 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 towards 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.
Hummus is considered as rich source of proteins. Proteins are considered as building blocks to maintain the structure and functions of the human body. Proteins are made up of amino acids that are attached by peptide bonds in long chains. There are 20 different kinds of amino acids linked together that determine the role of protein in the human body. Proteins play a key role in transporting molecules throughout the body by helping in cell repair and protecting the body from viruses and bacteria. It also promotes proper growth and development in children, teenagers, and pregnant women. Various studies show that eating a protein-rich diet help to gain muscle strength and prevent muscle loss during weight management. High protein intake has resulted in boosting metabolism that results in the burning of a high amount of calories. These benefits of protein are attracting consumers to prefer protein-rich food & beverages available in the market. This further creates a huge demand for hummus in North America and LATAM.
Bakkavor, Boar’s Head Brand, Cedar’s Mediterranean Foods Inc., Fountain of Health, Hope Foods LLC., Hummus Goodness, Lancaster Colony Corporation, Lantana Foods, Strauss Group, and Tribe Hummus are among the well-established players in the North America and LATAM hummus market.
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As of June 2020, the US, Brazil, India, Russia, Spain, and the UK are among the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdown, travel bans, and business shutdowns. Food & beverages is one the world’s major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. Although, China is the global hub of manufacturing and largest raw material supplier for various industries, it is also one of the worst affected countries due to COVID-19 outbreak. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various food & beverage products and raw materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. Additionally, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the food and beverages industry in a negative manner and thus act as restraining factor for the growth of North America and LATAM hummus market in the coming months.
The Report Segments the North America and LATAM Hummus Market as Follows:
By Distribution Channel