by Mastic gum is a resin obtained from the mastic tree. It is used as a chewing gum and also find applications in medicine, pharmaceuticals, perfumery and paint industries due to its anti-inflammatory, antioxidant and anticancer properties.
The global Mastic Gum Market is estimated to be valued at US$ 345.3 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of mastic gum market is its increasing usage in pharmaceutical products owing to various health benefits. Mastic gum helps in improving gastrointestinal health, helps heal ulcers and prevents tooth decay. It also shows antibacterial, anti-fungal properties and supports liver detoxification. Another major trend fueling market growth is rising awareness about health benefits of natural and herbal products among consumers worldwide. The increasing use of mastic gum in dentistry and dental care products owing to its ability to fight oral pathogens and treat gum diseases is also contributing to market growth.
SWOT Analysis
Strength: Mastic gum finds wide application in food, medicine and cosmetics industries. It has natural medicinal properties which makes it a sought-after ingredient.
Weakness: Availability of mastic gum is limited as it is exclusively produced from resin of mastic tree grown on Greek island of Chios. This concentration of supply makes market vulnerable to disruptions.
Opportunity: Growing demand for natural ingredients in cosmetics and medicines presents an opportunity to increase mastic gum use in new products. Expanding vegan food market is another avenue.
Threats: Dependence on single source of supply increases risks of price fluctuations and quality variations. Changing climatic conditions can potentially impact mastic gum production.
Key Takeaways
The Global Mastic Gum Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing preference for natural ingredients in food industry. Mastic gum acts as a natural flavoring, thickening and binding agent in various confectioneries, chewing gums, and baked goods without artificial preservatives.
Regional analysis: The Europe region currently dominates the global market due to large production and consumption of mastic gum in Greece. However, Asia Pacific is projected to be the fastest growing market during the forecast period driven by rapidly growing vegan food market in countries such as India and China. Countries like the U.S. and Canada also present lucrative growth opportunities attributable to rising health consciousness.
Key players operating in the mastic gum market include Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, Nature’s Goodness, etc. Major players are investing in R&D to develop new applications of mastic gum such as natural supplements and personal care products to strengthen their market position. Partnerships with local suppliers and farmers are also being pursued to ensure consistent supply.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
