by 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mastic gum is a resin obtained from the mastic tree (Pistacia lentiscus) found in the Mediterranean coasts of North Africa, Greece, and Turkey. It comes as small oblong tears of translucent yellow or brownish color with a musky scent and an astringent taste. Mastic gum has been traditionally used in various products like gum, candy, toothpaste, mouth fresheners due to its fragrance and flavoring properties. It also finds application in pharmaceutical, personal care and cosmetic industries. Mastic gum acts as an expectorant and promotes digestion.
Market Dynamics:
The rising use of mastic gum in pharmaceutical products such as capsules and tablets is expected to drive the market growth over the forecast period. Mastic gum contains antibacterial and antifungal properties that help in tackling various digestive issues such as ulcer healing. It also has anti-inflammatory effects and supports oral health by reducing plaque formation and periodontal infections.
Another key factor augmenting the market expansion is increasing utilization of mastic gum in personal care products for its anti-aging properties. It helps in retaining skin moisture, improving elasticity and treating various skin conditions such as acne. The personal care segment offer lucrative opportunities due rising expenditure on organic and natural ingredients based cosmetic products.
Segment Analysis
The global mastic gum market is segmented into two major segments – the pharmaceutical grade and food grade. Currently, the pharmaceutical grade segment is dominating the market as the medicinal properties of mastic gum make it useful in several healthcare applications such as gastrointestinal problems, autoimmune disorders, etc. Medicinal gums like mastic gum are widely used in alternative medical practices and are considered effective remedies for various conditions, thus driving higher demand for the pharmaceutical grade segment.
PEST Analysis
Political: There are no significant political risks impacting the mastic gum market globally.
Economic: The rising disposable incomes and growing healthcare spending are supporting the economic growth of the mastic gum market.
Social: Increasing consumer preference for herbal and natural remedies is positively impacting the social demand for mastic gum products.
Technological: Advancements in extraction techniques are helping lower the production costs and aid commercialization of novel formulations containing mastic gum.
Key Takeaways
The Global Mastic Gum Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period 2023 to 2030, due to increasing awareness about the medicinal benefits of mastic gum. The market size for 2023 is estimated at US$ 345.3 Mn.
Regional analysis shows that Europe holds the largest share currently due to the indigenous production of mastic gum in the Mediterranean region, especially Greece. Asia Pacific is expected to emerge as the fastest growing regional market, driven by a growing consumer health focus in populous nations such as India and China.
Key players operating in the mastic gum market include Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, Nature’s Goodness, etc. Meridian Foods leads the market with the widest product portfolio containing both food and pharmaceutical grade varieties. Latzinos and Chios Mastiha specialize in indigenous mastic gum varieties sourced from Greece.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
