Mastic Gum Market Poised to Witness High Growth Owing to Wide Application in Various Industries

 

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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