Mastic gum is a resin that is obtained from the mastic tree (Pistacia lentiscus). It has been traditionally used for dental and medicinal applications. It is used in various cosmetic products like creams, lotions, serums and others due to its anti-aging properties. Mastic gum helps in reducing wrinkles and rejuvenating the skin. It plays an important role in increasing collagen production, maintaining the skins elasticity and improving cellular regeneration. The growing popularity of natural and herbal cosmetic products is expected to drive the demand for mastic gum globally.
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 Dynamics:
Growing popularity of natural cosmetic products and increasing consumer awareness about the benefits of natural ingredients like mastic gum are the key drivers complementing the expansion of the mastic gum market. Mastic gum derived from natural plant source assists in effective reduction of wrinkles, fine lines and boosts collagen production without any side effects. Additionally, the versatility of mastic gum makes it suitable for usage across multiple cosmetic formulations like serums, creams and face masks that are gaining high traction among millennial population. Furthermore, increasing expenditure on personal care and rising disposable income levels in developing regions like Asia Pacific creates lucrative opportunities for manufacturers. However, limited availability and high production cost of mastic gum remain challenging factors for market players.
Segment Analysis
The global mastic gum market is dominated by food and beverages segment which captures over 30% share. Mastic gum is widely used as a gum base and flavoring agent in chewing gums and candies owing to its pleasant taste and texture. Within food and beverages, chewing gum segment accounts for majority share as mastic gum acts as ideal natural alternative to synthetic rubber gum base providing desired texture and fresh breath. The pharmaceuticals segment also accounts for over 25% share as mastic gum is effectively used in preparation of medicines to treat digestion problems.
PEST Analysis
Political: The global mastic gum market witnesses high interest and investments from governments to develop plantations and promote cultivation given the several health benefits of mastic gum.
Economic: Favorable demand supply dynamics support steady market growth. However, fluctuations in agricultural output and weather conditions pose challenges.
Social: Rising health consciousness drives adoption of natural ingredients like mastic gum in food products. Young population prefers chewing gum and candies containing natural ingredients.
Technological: Advanced harvesting and extraction techniques aid in commercial production of mastic gum on large scale from mastic trees. Continuous research focuses on new applications.
Key Takeaways
The Global Mastic Gum Market Growth is expected to witness high over the forecast period supported by increasing demand from food and pharmaceutical sectors. 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.
Regional analysis indicates Europe dominates nearly 50% share owing to large scale cultivation of mastic trees in Greece and Turkey. The markets in Asia Pacific and North America are expected to showcase fastest growth led by growing adoption of mastic gum in chewing gum and pharma preparations.
Key players operating in the mastic gum market are CF Industries Holdings Inc., Yara, Nutrien Ltd, OCI, QATAR FERTILISER COMPANY. These companies focus on expanding production capacities and new application development to meet the rising demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it