Mastic Gum Market Estimated to Witness Growth Due Owing to Rising...

Mastic Gum Market Estimated to Witness Growth Due Owing to Rising Demand from Food Industry

Posted 2023-12-29 12:03:38

Mastic gum, also known as lentisc gum or gum mastic, is a resin obtained from the mastic tree. It has been traditionally used for medicinal and miscellaneous purposes. The gum resin is produced by cutting the bark of the tree and allowing the sap to extrude and dry into brittle "tears" on the tree's surface. It has a translucent and whitish color and hard brittle form. The key application of mastic gum includes its use as a flavoring agent and preservation in chewing gum and toothpaste. In cosmetics, it is employed as an emollient and offers beneficial skin healing properties.

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The rising demand from the food industry is estimated to be the major driver for the growth of the mastic gum market over the forecast period. Mastic gum has wide application in confectioneries, desserts, baked foods, savories, and chewing gums owing to its taste and preservative properties. It is extensively utilized to enhance the flavors in chewing gums. Furthermore, the growing awareness about the therapeutic properties of mastic gum is also expected to support the market growth over the forecast period. Mastic gum is known to offer several health benefits such as improving digestive health, reducing bad breath, and treating stomach ulcers.

SWOT Analysis
Strength: Mastic gum is known for its various medicinal properties. Mastic gum is often used as a natural digestive aid. It also has antioxidant and antibacterial properties that can help strengthen the immune system. Due to its antibiotic properties, mastic gum is beneficial for preventing infection in wounds and ulcers. It soothes inflammation and aids in wound healing.
Weakness: The production volume of mastic gum is low as it can only be obtained from the trees species Pistacia lentiscus var. Chia which are grown in limited regions. The mastic gum extraction process from trees is also labor intensive which increases production costs. Adulteration of mastic gum with cheaper substitutes by some manufacturers can impact the market.
Opportunity: Rise in demand for natural and herbal products for medicinal use presents an opportunity for the mastic gum market. The functional properties of mastic gum can be beneficial in domains like personal care, food and beverages. Product innovation through various delivery formats like mastic gum extracts, chewing gums and lozenges can boost market growth. Growing research on health benefits of mastic gum for conditions like ulcers and gastrointestinal issues will support market expansion.
Threats: Slow plant growth and limited cultivation regions make mastic gum supply vulnerable. Climate change and natural disasters can pose production threats. Strict regulations over harvesting from protected forest areas also impact supply availability. Competition from synthetic alternatives and substitutes poses pricing and demand threat to mastic gum.

Key Takeaways
Global Mastic Gum Market Size is expected to witness high growth over the forecast period driven by rising application in dietary supplements, personal care and pharmaceutical sectors. The market is anticipated to reach a value of nearly US$ 500 Mn by 2030.

Regional analysis
Europe currently dominates the mastic gum market owing to high production and consumption mainly centered in Greece and Turkey. Strong research focus on health properties and traditional usage of mastic gum further supports market growth in the region. Asia Pacific is expected showcase fastest growth in demand for mastic gum ascribed to expanding natural product industry, rising health awareness and growth in herbal supplementation market in countries like India and China.

Key players
Key players operating in the mastic gum market are CF Industries Holdings Inc.,,Yara,,Nutrien Ltd,,OCI,,QATAR FERTILISER COMPANY. These players are focused on new product development and geographic expansion to benefit from high growth opportunities.