by The global Mastic Gum Market is estimated to be valued at US$ 345.3 million in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mastic gum, derived from the resin of Pistacia lentiscus, is widely used in the pharmaceutical and nutraceutical industries for its various health benefits. It is known for its anti-inflammatory, antimicrobial, and antioxidant properties. Mastic gum is used in the treatment of gastrointestinal disorders, such as peptic ulcers and gastritis. The increasing demand for natural remedies and growing awareness about the health benefits of mastic gum are driving the market growth. Additionally, the rising prevalence of gastrointestinal disorders and the expansion of the nutraceutical industry are further propelling market growth.
Market Key Trends:
One key trend in the mastic gum market is the growing popularity of mastic gum supplements for oral health. Mastic gum supplements are believed to promote oral hygiene by reducing plaque formation and preventing gum diseases. The antimicrobial properties of mastic gum help in inhibiting the growth of bacteria and reducing the risk of infections. These supplements are gaining traction among consumers looking for natural and effective solutions for maintaining oral health. The trend towards natural and preventive oral care is expected to drive the demand for mastic gum supplements in the market.
Porter’s Analysis
Threat of New Entrants: The Mastic Gum market is expected to face a moderate threat from new entrants. While the market is growing steadily, there are barriers to entry such as high initial investment requirements and the need for specialized knowledge about the product. Existing players have established relationships with suppliers and distributors, creating a competitive advantage.
Bargaining Power of Buyers: The bargaining power of buyers in the Mastic Gum market is relatively low. There is limited availability of alternatives to Mastic Gum, which gives suppliers an advantage in negotiating prices. Additionally, Mastic Gum is a niche product with a loyal consumer base, reducing the ability of buyers to exert significant pressure on pricing.
Bargaining Power of Suppliers: Suppliers in the Mastic Gum market have a high bargaining power. The production of Mastic Gum is concentrated in specific regions, such as Chios in Greece, which limits the number of suppliers. This gives suppliers the ability to dictate prices and terms to a certain extent.
Threat of New Substitutes: The threat of new substitutes to Mastic Gum is low. Mastic Gum has unique properties and benefits, and there are limited alternatives available in the market. Consumers who specifically seek out Mastic Gum for its therapeutic properties are unlikely to switch to substitutes.
Competitive Rivalry: The competitive rivalry in the Mastic Gum market is moderate. While there are a limited number of key players, they face competition from regional and local players. Market leaders such as Meridian Foods and Chios Mastiha have established strong brand presence and distribution networks, giving them a competitive advantage.
Key Takeaways
The Mastic Gum Market Size is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period (2023-2030). The increasing awareness about the health benefits of Mastic Gum, such as its ability to improve digestion and oral health, is driving the market growth. Furthermore, the rising demand for natural and organic products is also contributing to the market expansion.
In terms of regional analysis, Europe is expected to be the fastest-growing and dominating region in the Mastic Gum market. This can be attributed to the presence of major producers in this region, such as Greece and Turkey, which are known for their high-quality Mastic Gum. The Europe region is also witnessing an increase in the consumption of natural and organic products, further driving the demand for Mastic Gum.
Key players operating in the Mastic Gum market include Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, and Nature’s Goodness. These players have established themselves as leaders in the market and have a strong presence in key regions. They focus on product innovation, expanding their distribution networks, and engaging in mergers and acquisitions to further strengthen their market position.
The Mastic Gum market is poised for significant growth in the coming years. Factors such as increasing awareness of the health benefits of Mastic Gum and the demand for natural and organic products are driving market expansion. Europe is expected to be the dominant region in the market, and key players such as Meridian Foods and Chios Mastiha have established a strong presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
