by Mastic gum is a resin obtained from the mastic tree which grows in the Mediterranean region. It has long been used in foods, beverages and medicines due to properties like anti-microbial, anti-inflammatory among others. More recently, these advantages have led to rise in usage in natural cosmetics and chewing gums. Mastic gum contains compounds that protect the skin from harmful free radicals, it also promotes wound healing. In cosmetic industry, it is used as an ingredient in moisturizers, serums and anti-aging creams. Meanwhile, chewing gums manufacturers employ mastic gum due to its elastic and waterproof properties that result in long-lasting flavor and texture.
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 key trends:
One of the key trends in the mastic gum market is the growing demand from natural cosmetics industry. Users are increasingly opting for products containing natural ingredients with medicinal properties over artificially synthesized chemicals. Mastic gum’s antioxidant properties makes it well suited for use in natural skin care and hair care products. Several market players have launched face serums, moisturizers and anti-aging creams containing mastic gum extract. This demand is expected to continue driving market growth over the forecast period as more consumers prefer organic and natural personal care products.
Porter’s Analysis
Threat of new entrants: Low due to high cost involved in production, high R&D and presence of well established players.
Bargaining power of buyers: High due to presence of many substitutes in the market and buyers have variety to choose from.
Bargaining power of suppliers: Moderate as suppliers have dependency on well established players for steady demand.
Threat of new substitutes: High as market has many natural and synthetic substitutes available.
Competitive rivalry: High due to presence of major established players operating globally.
Key Takeaways:
The Global Mastic Gum Market Demand is expected to witness high growth. .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.
The Asia Pacific region dominates the global mastic gum market and is expected to maintain its leading position over the forecast period. Factors such as increasing industrial activities and robust growth of end use industries like paints & coatings in countries like China, India drive the regional market.
North America is another prominent region for mastic gum market aided by developed end use industries and rising product applications. Strong economic growth along with increasing health conscious population boost the Latin America mastic gum market.
Key players operating in the Mastic Gum market are CF Industries Holdings Inc.,,Yara,,Nutrien Ltd,,OCI,,QATAR FERTILISER COMPANY. Mastic gum has wide applications as a resin in paints and coatings due to its adhesive and protective properties. It also finds uses in food, pharmaceuticals and personal care industries. Major players are focused on product innovation and expansion in emerging economies to strengthen their global positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
