July 24, 2024

Global Expansion In Food Industries Projected To Boost The Growth Of Mastic Gum Market

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 7.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Mastic gum is a resin obtained from the bark or trunk of the mastic tree. It is transparent or translucent and hard in texture. Mastic gum is used in confectioneries, gum, toothpaste as well as medication industries. It imparts flavor and fragrance in food items and also maintains oral health. Its antibacterial properties make it useful in medication applications.

Market key trends:

The growing food and beverage industry globally is anticipated to drive the mastic gum market growth over the forecast period. Mastic gum is widely used as a flavoring agent and in chewing gum base formulations. Expansion of food chains and increasing consumer preference for natural ingredients are factors boosting demand for mastic gum. Additionally, mastic gum prevents dental issues and improves oral health due to its antimicrobial properties. Rising health awareness among consumers is augmenting the use of natural dental care products containing mastic gum.

Porter’s Analysis

Threat of new entrants: The mastic gum market has medium threat of new entrants as it requires significant investments to build farms and begin manufacturing. However, low capital requirements and lack of major innovations pose low barriers.

Bargaining power of buyers: Buyers have medium bargaining power due to availability of substitutes and undifferentiated products. However, specialty buyers value the unique properties of mastic gum.

Bargaining power of suppliers: Suppliers have high bargaining power due to concentrated production of mastic gum in Greece and Turkey which account for 80% of global production.

Threat of new substitutes: Low threat of new substitutes as mastic gum has a distinct resinous flavor and versatility in various applications not found together in other natural products.

Competitive rivalry: Medium competitive rivalry due to a few major global players and local producers. Competition is based on quality, consistency, and customer service.

Key Takeaways

The Global Mastic Gum Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing applications in food and personal care industries.

Regional analysis: Europe dominates the market, accounting for over 60% share. Greece and Turkey are the major producers owing to suitable climatic conditions for cultivation. Asia Pacific is expected to be the fastest growing market led by increasing western influence in countries such as China, India, and South Korea.

Key players operating in the mastic gum market are Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, Nature’s Goodness, etc. Key players are focusing on new product launches and acquisitions to expand footprint and build partnerships along the supply chain.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it