by Mastic gum is a resin which is obtained from the mastic tree (Pistacia lentiscus). It is chewed as a natural chewing gum and also used for therapeutic purposes. Mastic gum contains various phytochemicals like terpenes, phenolics, triterpenic acids which makes it have therapeutic properties such as healing stomach ulcers, soothing sore gums and teeth. It also finds application in food & beverages industry due to its unique flavoring characteristics. Mastic gum enhances taste and adds natural aromatic properties to various food products.
The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The global mastic gum market is mainly driven by increasing demand for natural and herbal chewing gums. Growing health consciousness among individuals has increased demand for herbal and natural products which support oral and digestive health. Mastic gum being a natural resin extracted from trees, offers various health benefits and is replacing synthetic chewing gums in the market. Rising applications of mastic gum in food & beverages industry is another key trend. Food manufacturers are increasingly using mastic gum in products like candy, baked goods, tea, etc. to add flavor and aroma. This is expected to drive the mastic gum market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirements and established brand loyalty of existing players.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of substitute products. Buyers can switch to substitutes if prices are increased.
Bargaining power of suppliers: The bargaining power of suppliers is high as there are only a few suppliers for raw materials. Suppliers can influence prices.
Threat of new substitutes: The threat of new substitutes is moderate as there are alternative gum options available.
Competitive rivalry: High due to many established brands competing for market share.
Key Takeaways
The Global Mastic Gum Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand from food and beverage industry. Mastic gum finds wide applications as a thickening and binding agent in foods.
Regional analysis: The Asia Pacific region dominates the global Mastic Gum market and is expected to grow at fastest CAGR during the forecast period. Countries like Greece are the major producers of Mastic Gum.
Key players: Key players operating in the Mastic Gum market are Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, Nature’s Goodness. Meridian Foods is the global market leader known for high quality products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
