by Mastic gum is a resin obtained from the mastic tree. It is primarily used in chewing gums, adhesives, construction materials and as a food additive. Mastic gum provides several benefits like improved oral health, fresh breath and aids digestion. With increasing awareness about health benefits of natural products and sustainability, the demand for natural chewing gums and adhesives made from plant based extracts like mastic gum is rising.
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 increasing demand for natural chewing gums and adhesives is one of the major trends fueling the growth of the global mastic gum market. More consumers are preferring natural plant based products over synthetic ones due to rising health and environmental consciousness. Several gum and adhesive manufacturers are replacing synthetic latex and rubber with natural mastic gum extracts to capitalize on this growing demand.
SWOT Analysis
Strength: Mastic gum possesses strong antibacterial and antimicrobial properties which is driving its demand in various applications like food and beverages. It is also known to reduce the risks of cardiovascular diseases which is creating more demand for mastic gum products.
Weakness: Availability of substitutes like gum arabic, guar gum, and xanthan gum is limiting the overall market growth of mastic gum. The high cost of production of mastic gum is also restraining its mass adoption.
Opportunity: Rising applications of mastic gum as a natural food preservative and fillings are expected to create new opportunities over the forecast period. Growing demand from the pharmaceutical industry for mastic gum extracts is further expected to boost the market opportunities.
Threats: Production of mastic gum is highly dependent on climatic conditions which causes fluctuations in prices and supply. Adulteration of mastic gum is a major threat challenging the authentic products in the market.
Key Takeaways
The 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 and North Africa region dominates the global mastic gum market with maximum production concentrated in Greece, Turkey, and Morocco. Key producers of mastic gum include Greece, Turkey, Morocco, and Lebanon. The MENA region accounts for over 80% of global mastic gum production.
Key players operating in the mastic gum market are CF Industries Holdings Inc., Yara, Nutrien Ltd, OCI, and QATAR FERTILISER COMPANY. Mastic gum finds its major applications in food and beverages industry. It is used as a natural gum, thickening agent, and emulsifier in products like liqueurs, wines, candies, chocolates, chewing gums and toothpastes. Some key medicinal uses of mastic gum include treatment of stomach disorders, ulcers and diarrhea.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
