The Mastic Gum Market is estimated to be valued at US$ 345.3 million 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 natural resin derived from the mastic tree, scientifically known as Pistacia lentiscus. It has been traditionally used for various medicinal purposes due to its anti-inflammatory, antioxidant, and antimicrobial properties. In recent years, there has been a growing trend of consumers shifting towards natural and herbal products, which has contributed to the increased demand for mastic gum. The market offers various products such as mastic gum capsules, extracts, and chewing gums.
Market Dynamics:
The global mastic gum market is primarily driven by the increasing awareness about the health benefits associated with mastic gum consumption. It is known to improve digestion, promote oral health, and possess anticancer properties. Additionally, the growing demand for natural and herbal products among health-conscious consumers is expected to fuel market growth. Moreover, the expansion of the food and beverage industry and the incorporation of mastic gum in various food products such as desserts and beverages are further driving market growth.
Overall, the mastic gum market is anticipated to witness high growth in the coming years, driven by the increasing adoption of natural and herbal products and the growing demand from the food and beverage industry.
Segment Analysis:
The mastic gum market can be segmented based on product type and application. In terms of product type, the dominant segment is the natural mastic gum. This segment is expected to dominate the market due to the increasing demand for natural and organic products. Consumers are becoming more conscious about their health and are opting for natural alternatives to synthetic products. Natural mastic gum is free from chemicals and additives, making it a preferred choice among health-conscious individuals. Additionally, the natural mastic gum segment is witnessing high demand in the pharmaceutical industry, as it is known for its potential health benefits.
PEST Analysis:
Political: The political stability of the countries where mastic gum is produced and traded can directly impact the market. Any political unrest or regulatory changes can disrupt the supply chain and affect the market growth.
Economic: The economic conditions of countries can influence the purchasing power of consumers and, subsequently, the demand for mastic gum. Factors such as GDP growth, inflation rates, and disposable income can impact market growth.
Social: The growing awareness about the health benefits of natural products is driving the demand for mastic gum. Consumers are increasingly seeking natural alternatives to synthetic products, which is expected to boost market growth.
Technological: Technological advancements in the extraction and production processes of mastic gum can lead to improved quality and efficiency. Investments in research and development can also result in the development of innovative products with enhanced properties.
Key Takeaways:
The global Mastic Gum Market Size is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period. This growth can be attributed to increasing consumer preference for natural and organic products and the growing awareness about the health benefits of mastic gum. The market size for 2023 is estimated to be US$ 345.3 million.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the mastic gum market. The region has a large consumer base, increasing disposable incomes, and a growing awareness of natural products. Additionally, countries like China and India are major producers of mastic gum, further fueling the market growth in the region.
Key players operating in the mastic gum market include Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, and Nature’s Goodness. These companies are focusing on product innovation, expanding their distribution networks, and strategic partnerships to gain a competitive edge in the market. Notably, Meridian Foods, Chios Mastiha, and Norevo are prominent players in the market, known for their high-quality products and extensive market reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
