Mastic gum is a resin extracted from the mastic tree (Pistacia lentiscus). It has been traditionally used as a food additive, flavoring agent, fragrance, and pharmaceutical agent. Mastic gum provides texture, protects shelf-life, and enhances flavor in foods. It is used in chewing gum bases, desserts, candy, alcoholic beverages, and toothpaste. The mastic resin extracted from tree bark produces a gum that remains hard when cold but softens when chewed.
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 Dynamics:
The increasing demand for natural food additives is a key driver boosting the mastic gum market growth. Consumers are preferring food products containing natural ingredients as they consider them healthier and safer. Mastic gum acts as a natural food preservative helping extend the shelf life of products without using chemical preservatives. Additionally, the surge in confectionary and chewing gum industries is also fueling market expansion. Manufacturers utilize mastic gum in gum bases and candies since it improves texture and taste. Furthermore, the rising use of mastic gum in personal care products for its anti-inflammatory and anti-bacterial properties is propelling the market forward.
Segment Analysis
The Mastic Gum market is dominated by the food and beverage segment which accounts for over 60% share of the global market. Mastic Gum finds wide application in confectionery products such as chewing gums and candies where its inherent resilient texture and flavor enhancing property are highly utilized. The beverage industry also uses mastic gum primarily as a flavoring agent in alcoholic drinks as well as non-alcoholic beverages like soft drinks.
PEST Analysis
Political: There are no major political risks affecting the Mastic Gum market globally.
Economic: The strong economic growth in developing nations of Asia Pacific and Middle East is driving higher disposable incomes and improving spending on premium confectionery and beverage products which use Mastic Gum.
Social: Changing consumer preference towards natural ingredients in food products is creating demand for Mastic Gum as it occurs naturally with various health benefits.
Technological: Production of Mastic Gum extracts and powder through advanced extraction methods is helping introduce new applications and drive its use in novel products.
Key Takeaways
The Global Mastic Gum Market Growth is expected to witness high, exhibiting CAGR of 7.9% over the forecast period of 2023 to 2030, due to increasing health consciousness among consumers and shifting focus towards herbal medicines and natural remedies. The market size for mastic gum is estimated to reach US$ 623.4 Mn by 2030.
Regional analysis: Asia Pacific dominates the global mastic gum market, accounting for over 35% share. Countries like Greece, Turkey and Bulgaria are the major producers of mastic gum with over 80% share of global production. Additionally, thriving food and beverage industries along with burgeoning cosmetic sector in India and China are fueling demand growth.
Key players operating in the Mastic Gum market are Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, and Nature’s Goodness. These companies are focused on expanding their production capacities and product portfolios catering to various applications across industries. New product launches containing mastic gum as a key ingredient are helping boost brand presence and recognition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
