by Mastic gum is a resin obtained from the stem and leaves of the mastic tree. It has been used for centuries in food, personal care products, and medicine. Mastic gum helps freshen breath, aids digestion and provides antibacterial properties. The global mastic gum market is witnessing increasing demand from food & beverage industry where it is used as a natural thickener, flavouring agent and chewing gum base.
The global mastic gum market is estimated to be valued at US$ 345.3 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising adoption of mastic gum in food & beverage industry has been a key trend boosting the market growth. Mastic gum is increasingly used as a natural additive and flavoring agent in various food products like chewing gums, desserts, candies etc. and beverages like juices. It imparts refreshing taste and acts as a thickening agent. The clean label trend has further driven its usage as consumers prefer natural ingredients over synthetic additives. The mastic gum manufacturers are focusing on developing new product formulations catering to the rising demand from the food and beverage industry.
SWOT Analysis
Strength: Mastic gum is a natural resin with several health benefits such as promoting dental health and digestive health. It has anti-inflammatory and antibacterial properties.
Weakness: Production of mastic gum is limited to specific regions which creates supply challenges. Dependence on weather conditions also impacts supply.
Opportunity: Increasing demand for organic and natural ingredients in cosmetics and food products creates an opportunity to market mastic gum for its benefits. Growing health consciousness also supports growth.
Threats: Fluctuating raw material costs and availability impact profitability. Growing popularity of alternative natural resins poses competition.
Key Takeaways
Global Mastic Gum Market Size is expected to witness high growth. The global mastic gum market is estimated to be valued at US$ 345.3 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.
The Middle East region especially Greece is the largest producer and exporter of mastic gum globally. Turkey and Morocco are also significant producers while European countries like Italy and Spain dominate consumption. Latin America and Asia Pacific regions are emerging markets for mastic gum.
Key players
Key players operating in the mastic gum market are CF Industries Holdings Inc., Yara, Nutrien Ltd, OCI. Mastic gum has diverse applications in food, Personal care and pharmaceutical industries. Demand from these end use industries alongside strategic investments and expansions by key players will drive market growth over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
