The Mastic Gum Market Is Estimated To Witness High Growth Owing To Increasing Applications In Food And Beverage Industry
The 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 Overview:
Mastic gum is resin obtained from the mastic tree (Pistacia lentiscus). It has been commonly used in food & beverage industry as a natural gum, flavoring agent and in traditional Mediterranean cuisines. It serves as an important ingredient in chewing gums and teeth whitening products due to its antimicrobial properties. Additionally, it finds applications in lubricants, printing inks and as an adhesive in construction industry.
Market Dynamics:
The mastic gum market is mainly driven by its increasing applications in food & beverage sector. It is used as a natural flavoring and stabilizing agent in confectioneries like chewing gums, candies and bakery products. Additionally, its antimicrobial properties has augumented its demand in dental care products like toothpaste, mouthwashes etc. Furthermore, expansion of food processing and personal care industries in emerging economies of Asia Pacific has also propelled the market growth. However, volatile supply of raw material arising from seasonal climatic changes poses a challenge to market players. Market players are focusing on capacity expansions and long term supply contracts with farmers to ensure steady supply of mastic gum.
SWOT Analysis
Strength: Mastic gum has a long tradition of therapeutic use in various regional cuisines and traditional medicines. It has antimicrobial properties that help fight bacteria and infections.
Mastic gum also contains antioxidants that protect cells from damage. Further, it helps promote oral health and digestion.
Weakness: Mastic gum's strong resinous flavor profiles it more for specialty applications than mass markets. The supply chain for mastic gum is based entirely around natural vegetation which faces risks from climate change and encroachment.
Opportunity: Growing popularity of natural and herbal supplements provides opportunities to market mastic gum for its digestive health benefits. There is also scope to develop innovative food and beverage products incorporating mastic gum's unique flavor.
Threats: Emergence of substitute products that offer similar benefits but have more mass-market friendly profiles. Environmental damage to mastic vegetation in the Mediterranean poses threat to consistent supply.
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 consumer demand for natural ingredients in food and supplements.
Regional analysis: Europe dominates the global mastic gum market currently, accounting for over 35% share, led by the product's extensive use in Greek cuisine and traditional medicines. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rising health consciousness in populous nations like India and China.
Key players: Key players operating in the Mastic Gum market include Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, Nature's Goodness, etc. Meridian Foods is a US-based industry leader focused on natural extracts for food and supplements. Norevo of Greece is a major producer and exporter of pure mastic gum harvests from Mediterranean vegetation.
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