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The global hummus market size is predicted to grow from USD 2.95 billion in 2021 to USD 6.60 billion in 2028. The introduction of organic and innovative product variants is set to augment growth. Blue Moose of Boulder, for instance, unveiled its latest organic hummus single serve cups and on-the-go snack packs in January 2020 in lemon turmeric, roasted red pepper, and original flavors for providing consumers with healthy and convenient snacking options. Fortune Business Insights™ presented this information in a published report, titled, “Hummus Market, 2021-2028.” It further states that the market stood at USD 2.62 billion in 2020. It is set to exhibit a CAGR of 12.17% in the forecast period during 2021-2028.
Fresh Cravings Unveils New Line of Hummus Dips with 100% Recyclable Packaging
In March 2021, Fresh Cravings, a family-owned business of dips based in Phoenix launched its new range of dips containing Roasted Red Pepper and Classic flavors. It is the company’s very first product that will be available at Kroger. The packaging is also 100% recyclable. According to one of the company officials, “Our new product line will help people gain access to healthier snacking options. Besides, it would accelerate our position in the sustainable packaging and plant-based food segments.”
Increasing Entrance of Small Brands amid COVID-19 Pandemic to Boost Growth
The COVID-19 pandemic has compelled people to purchase essential and healthy food products for improving their immunity. Since international companies faced challenges because of the surging demand for hummus and spreads, multiple small brands entered the market. Strauss Group Ltd., for instance, stated in a report that its Sabra and Obela brands of spreads and chilled dips exhibited sales of USD 101.23 million in the first quarter of 2020. It showcased a growth of 8.8%, compared to the previous year.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: fortunebusinessinsight…
The research report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to assess their core competencies in each segment. Besides, it would help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Surging Demand for On-the-go and Between-the-meals Snacks to Propel Growth
Hummus contains numerous vitamins, antioxidants, fibers, and proteins. As the demand for healthy snacks is rising at a fast pace, this product is gaining more popularity across the globe. People are demanding on-the-go and between-the-meals snacks. Also, millennials are set to contribute to the hummus market growth in the upcoming years because of their adoption of healthy lifestyles. As the product can be stored in refrigerators, consumers are more drawn to it owing to their hectic lifestyles.
However, the rising number of product recalls may hinder growth by lowering the confidence of people on a particular brand. The Food and Department of Agriculture (FDA) and Sabra Dipping Company, LLC, for instance, recalled 2,100 cases of the latter’s classic variant backed by potential Salmonella contamination in March 2021.
Supermarkets/Hypermarkets Segment Held 52.10% Share in U.S.: Fortune Business Insights™
By distribution channels, the market is classified into online retails, supermarkets/hypermarkets, grocery stores, and convenience stores. Amongst these, the supermarkets/hypermarkets segment generated 52.10% in terms of the U.S. hummus market share in 2020. It is anticipated to remain at the forefront because of the presence of fresh and premium-quality products in these stores. At the same time, they offer huge discounts on bulk purchasing and deliver a unique in-store shopping experience.
Increasing Adoption of Vegan Diet in U.S. to Help North America Lead the Market
• In 2020, North America earned USD 1.33 billion in terms of revenue. The region is set to lead the market throughout the forthcoming years because of the high demand for plant-based dips. This is happening on account of the adoption of a vegan diet. As per Veganbits, in 2020, there were around 1.62 million vegan people in the U.S. alone.
• Europe is anticipated to remain in the second position because of the high popularity of hummus in the U.K.
• In Asia Pacific, countries, such as China, Australia, and India are expected to contribute to growth backed by the higher acceptance of cross-culture foods.
• The Middle East is likely to showcase low growth as most people residing in the region prefer to prepare the product fresh at their homes rather than buying it from stores.
Key Companies Aim to Innovate and Broaden Portfolios through New Product Launches
Reputed manufacturers operating in the global market are striving to broaden and innovate their portfolios by launching novel products. Also, rapid urbanization and digitization is helping them gain more growth opportunities owing to the high demand from consumers. Below is one of the latest industry developments:
• March 2021: Sundrop, a food and beverage company of ITC launched two new variants of ready-to-eat hummus, namely, Peri Peri and Classic. They are best suited for cooking and snacking. They are also gluten-free and vegan.
Fortune Business Insights™ lists out the renowned companies present in this market:
• Nestlé S.A. (Vevey, Switzerland)
• Cedar’s Mediterranean Foods, Inc. (Massachusetts, U.S.)
• Haliburton International Foods, Inc. (California, U.S.)
• Strauss Group, Ltd. (Sabra Dipping Company, LLC) (Petah Tikva, Israel)
• Bakkavor Group Plc (London, United Kingdom)
• Tribe Hummus (Massachusetts, U.S.)
• Boar’s Head Brand (Florida, United States)
• Hummus Gourmet, LLC (Lantana Foods) (Texas, U.S.)
• The Kraft Heinz Company (Illinois, U.S.)
• Hope Foods, LLC. (Colorado, U.S.)
The global perfume market is likely to gain impetus from the rising initiatives by the industry giants to create various innovative products. One of the main concerns of consumers today is perfume longevity. Therefore, renowned companies are investing huge sums in the research and development activities to provide long-lasting perfumes and attract more consumers. Fortune Business Insights™ provided this information in a recently published study, titled, “Perfume Market Size, Share & Industry Analysis, By Type (Extrait de Parfum, Eau de Perfume, Eau de Toilette, Eau de Cologne, and Eau Fraiche), Product (Mass and Premium), End-User (Men and Women), Distribution Channel (Online and Offline), and Regional Forecasts, 2019 – 2026.” As per the study, the perfume market size is projected to reach USD 56,983 million by 2026, exhibiting a CAGR of 4.8% during the forecast period. However, it stood at USD 39,406 million in 2018.
What Does This Report Contain?
• Significant transformations in market dynamics.
• A comprehensive backdrop analysis consisting of the evaluation of the parent market.
• List of the emerging niche segments and regional analysis.
• In-depth information about the perfume market trends, growth drivers, barriers, opportunities, and challenges.
Browse Detailed Summary of Research Report with TOC:
Rising Disposable Income of Masses to Boost Growth
In emerging countries, the disposable income of people is increasing day by day. It is further up surging their purchasing power. They are thus, spending a lot of money on beauty and personal care products for maintaining hygiene and beautification. Apart from that, the number of awareness campaigns regarding cosmetics is increasing worldwide. Coupled with this, the rising working-class populaces would also affect the market positively. In the urban areas, the standard of living of the masses is rising. It is leading to increasing demand for various scents and fragrances from the younger generation. As per one of our lead analysts, “Approximately 600 million people in India were under the age group of 25 years in January 2018. It proves that India houses the largest number of young population in the entire world.” All these factors are set to accelerate the perfume market growth during the forthcoming years.
Increasing Demand for Premium Quality Perfumes to Favor Growth in Asia Pacific
In terms of region, the market is grouped into Asia Pacific, Europe, the Middle East and Africa, North America, and South America. Out of these, Asia Pacific is anticipated to exhibit the fastest growth stoked by rising working-class populaces, increasing awareness programs about personal hygiene, high levels of disposable incomes, and surging young population. Apart from these, several existing companies present in this region are working persistently to create new products in developing countries, such as China and India, to gain traction.
Amongst all the countries in this region, China is likely to experience huge growth potential in the coming years. This growth is attributable to the rapid shift of consumers towards premium quality perfumes. North America, on the other hand, held USD 13,720 million perfume market share in the year 2018. The region would showcase a steady growth owing to the skyrocketing demand for high-end perfume and flourishing economy.
Ajmal Launches Aristocrat in India While L'Oréal Unveils YSL Libre Perfume
Key players present in the market are constantly engaging in R&D activities to launch state-of-the-art products and attract consumers. Through this, they are not only gaining more fragrances and scent market revenue but also expanding their product portfolio. Below are a couple of the latest industry developments:
• January 2020: Ajmal & Sons, a family-owned perfume business based in the U.A.E., launched its new range of perfumes at Shoppers Stop in India. The company teamed up with the latter to put up the celebrated fragrance brand’s new products. The company’s luxurious and unique collection is called Prestige. It includes one of the global bestsellers named Aristocrat Eau De Parfum for Him & Her.
• September 2019: L'Oréal, a personal care company headquartered in France, unveiled Libre, its latest Yves Saint Laurent (YSL) perfume. It took eight years to develop the perfume. The company would grow at a fast pace in Western Europe through the launch of this innovative product. Libre is made by utilizing orange blossom, vanilla, and diva lavender. The latter is a plant from Provence. The perfume is available across travel retail outlets in the Middle East and Africa, Europe, America, and India.
Fortune Business Insights™ profiles some of the most prominent companies operating in the perfume market. They are as follows:
• Procter & Gamble
• Natura Cosméticos SA
• Estee Lauder
• Chanel SA
• Puig SL
• Avon Products Inc.
• Elizabeth Arden, Inc.
• Other key market players