Food and beverage industry have always been in demand. Consumers love to experiment with their taste buds and are always in search of products that have a great aroma and fills the mouth with exotic flavors. Rapid globalization has truly made the world a global village, and a person located at any corner of the world can experience several cuisines from different parts of the world.
One such dish that has become a huge hit in recent days is the Hummus . The food item traces back its origin in the Middle East and now has become a global phenomenon. The food item is known for its unique taste and represents a massive industry in itself.
Key players in the industry
The global Hummus industry is flooded with manufacturers all across the globe. Some of the major names in the industry are Strauss Group, Sevan AB, Cedar's, Boar's Head, Athenos, and several others. The companies are known for the great product, and there exists a fierce competition between the leading companies for the lion share.
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The Hummus industry can be segmented into several factors. Some of the critical factors include the types of hummus, the packaging type, and the distribution channel.
Based on the type, the industry is known to have classic hummus, edamame hummus, lentil hummus, white bean hummus, black hummus, and the garlic hummus.
On the other hand, based on the packaging style, the industry can be segmented into tubs or cups and jars or bottles while the primary channels of distribution continue to be retailers, hypermarkets, supermarkets, and online channels like e-commerce.
Factors affecting the growth prospects of the industry
There is a slew of factors that affect the growth prospects of the industry. Rapid urbanization, coupled with a robust supply chain, has helped the industry expand rapidly to all corners of the world.
On the other hand, attractive pricing, long shelf life, and the enticing taste have made the food a great hit in all major parts of the world. The industry has a global presence and hence has attracted people from the Middle East living in other nations. This has helped the hummus industry to have a strong foothold in major locations across the geography.
There are very few or no major constraint to the sector. Long shelf life has worked out in favor of the companies which have been exporting their goods to all major continents across the globe.
The hummus finds its major market in the Middle East itself. The major economies where the industry is a huge hit is the United States and part of the Asia Pacific region. Better purchasing capacity, coupled with easy availability of the products, has helped the industry grow by leap and bound in the regions.
The global hummus industry hit a major high in the year 2018, and the industry is expanding rapidly all across the globe. The segment is known to have a compound annual growth rate of xx percent. By the year 2025, the industry is expected to cross a major milestone.
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