Mastic gum is a resin obtained from the mastic tree. It has been widely used in industries such as food and beverage, personal care and cosmetics, and pharmaceuticals. In the food industry, mastic gum is used as a gum base, flavoring agent, and coating agent in chewing gums and candies. It improves texture, consistency, and shelf-life of products. In the personal care industry, mastic gum is added to creams, lotions, and other skin care products due to its nourishing and healing properties. In dental products, it aids in preventing cavities and strengthening gums. Pharmaceutical applications of mastic gum include treatments for gastrointestinal disorders and wound healing. Rising demand from end-use industries is expected to drive the global mastic gum market during the forecast period.
The global mastic gum market is estimated to be valued at US$ 345.03 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from the food industry is expected to flourish the mastic gum market during the forecast period. Mastic gum acts as a natural gum base and binder in chewing gums and enhances their texture, consistency and shelf-life. It is also commonly used in candies, ice-creams, and other confectionery products as a flavoring agent and coating ingredient. Rising health-consciousness among consumers has boosted the demand for natural ingredients in food products which is fueling the usage of mastic gum. Moreover, the personal care industry is expanding rapidly which has pushed the consumption of mastic gum in products such as lotions, creams, and ointments due to its nourishing properties. Mastic gum helps to hydrate, tone and rejuvenate skin when applied topically. Thus, growing end-use industries signify ample opportunities for mastic gum market players during the forecast period.
Segment Analysis
Mastic gum is segmented into pharmaceutical grade, food grade and others. The pharmaceutical grade segment is dominating the market and accounts for over 60% of the overall market share. This is because mastic gum is highly used in medications and treatments for various health issues like indigestion, diarrhea and ulcers owing to its antimicrobial and healing properties.
PEST Analysis
Political: There are no major political factors influencing the mastic gum market.
Economic: The rising disposable income and growing health awareness is driving the demand for herbal medications using mastic gum, thus positively impacting the market economic factors.
Social: Changing lifestyle and busy schedules have increased digestive issues among people. This is increasing the social acceptance and demand for herbal treatment options using mastic gum.
Technological: Continuous research and development is allowing effective extraction of active compounds from mastic gum and their utilization in novel drug delivery systems and applications. This is supporting the technological growth of the market.
Key Takeaways
The Global Mastic Gum Market Size is expected to witness high growth in the forecast period of 2023 to 2030.
Regional analysis: Europe is emerging as the fastest growing regional market. Greece is the largest producer of mastic gum in the world. Favorable climatic conditions and abundant availability of the mastic tree have made Greece a dominating force in the European market. Turkey is also a major producer and consumer of mastic gum in Europe.
Key players operating in the mastic gum market are Acorda Therapeutics, Inc., Gilead Sciences, Inc., NGM Biopharmaceuticals, Inc., Intercept Pharmaceuticals, Inc