Mastic Gum Market Poised to Witness High Growth Owing to Wide Application in Various Industries
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Mastic Gum Market |
Mastic gum is a resin obtained
from the mastic tree native to the Mediterranean region. Mastic gum has been
traditionally used in dental care and pharmaceuticals. Today, mastic gum finds
applications in various end-use industries including personal care products,
paints and coatings, food and beverages, and more. Mastic gum is known to
strengthen gums, teeth, and bones. It aids in digestion and respiratory
ailments. 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:
Increasing applications of mastic
gum in various end-use industries is a key driver for market growth. Mastic gum
is increasingly used in personal care products owing to its antimicrobial
properties. It is also used as a natural alternative to synthetic resins in
paints and coatings industry. Further, rising awareness about benefits of
natural and herbal ingredients is also fueling demand for mastic gum in food
and beverages industry. The global mastic gum market is expected to gain
momentum over the forecast period driven by growing inclination of consumers
towards natural and herbal products.
SWOT Analysis
Strength: Mastic gum has a long
history of traditional use and holds beneficial properties that support oral,
digestive, and skin health. It contains antioxidants that may help reduce
inflammation and support immune function. Clinical studies show mastic gum
powder helps reduce symptoms of dyspepsia and peptic ulcers. Its compounds bind
to H. pylori bacteria, which are a major cause of gastric problems. Due to
these qualities, demand for mastic gum supplements and products is gradually
increasing.
Weakness: The supply of mastic
gum depends solely on cultivation and harvesting from mastic trees native to
the Mediterranean region of Greece and Turkey, where production faces
challenges from weather conditions and plant disease. Seasonal variations and
natural disasters can disrupt supply. As a raw material from an agricultural
source, pricing may fluctuate according to availability. Research on mastic
gum's health benefits is still emerging, so wider acceptance relies on ongoing
clinical evidence.
Opportunity: As research
continues to validate mastic gum's traditional uses and discover new
applications, demand can grow in food & beverage, personal care, and
pharmaceutical markets globally. Its therapeutic properties for supporting
digestive and oral health present opportunities as a functional ingredient.
Rising global interest in herbal medicines and natural remedies also opens
doors for mastic gum. Emerging applications include use in chewing gum
formulations and skin care products.
Threats: Substitute products made
from synthetic compounds or other plant extracts compete against mastic gum in
supplement and pharmaceutical markets. Dependence on sole cultivation regions
makes supply vulnerable. Strict quality controls are required to maintain mastic
gum's purity and ensure product consistency. Regulations for herbal ingredients
vary globally.
Key Takeaways
The Global
Mastic Gum Market Size is expected to witness high growth in coming
years.
Regional Analysis: The market in
the Asia Pacific region especially Eastern Mediterranean countries like Greece
and Turkey dominate global supply due to suitable climatic conditions and
concentrated production areas for mastic tree cultivation.
The key players operating in
mastic gum are Acorda Therapeutics, Inc., Gilead Sciences, Inc., NGM
Biopharmaceuticals, Inc., Intercept Pharmaceuticals, Inc., Dr. Falk Pharma
GmbH, Allergan Plc., Shire Plc., Durect Corporation, Conatus Pharmaceuticals,
Inc., Sirnaomics, Inc., and Shenzhen HighTide Biopharmaceutical Ltd.
Get More Insights Here
https://www.newswirestats.com/mastic-gum-market-size-share-growth-outlook-2023/
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