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 mastic tree. It has anti-inflammatory, antibacterial and therapeutic properties. It is used as a functional food and in nutraceuticals to improve digestive health. Mastic gum promotes the production of stomach acid which aids in digestion.
Market key trends:
Growing popularity of functional foods and nutraceuticals is driving the growth of the mastic gum market. Mastic gum is increasingly being used in functional foods and supplements for its health benefits. Continuous research and development activities are helping to identify new applications of mastic gum in pharmaceuticals and personal care products. Rising awareness about natural and herbal products is also fueling the demand for mastic gum. Furthermore, increasing spending on herbal and plant-based products is expected to boost the market during the forecast period.
Segment Analysis
The global mastic gum market is segmented based on form, grade, application, and region. Based on form, the mastic gum market is segmented into sticks, powder, and flakes. The powder segment dominated the market in 2022 owing to increasing usage of mastic gum powder in various end-use industries like food & beverages, personal care products, and pharmaceuticals. The powder form is highly convenient and cost-effective for industrial applications.
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 demand for natural and herbal ingredients in food & beverages and personal care products industries. Regionally, Europe held the largest share of the global mastic gum market in 2022 and is expected to maintain its dominance over the forecast period. Countries like Greece, Turkey and Mediterranean countries are the major producers and consumers of mastic gum in the region.
The mastic gum market size was valued at US$ 345.3 Mn in 2023 and is projected to reach around US$ 621.6 Mn by 2030. Greece dominated the European and global production of mastic gum, contributing more than 70% of the world's output.
Key players operating in the mastic gum market are Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, Nature's Goodness, and others. Meridian Foods is one of the leading manufacturers and suppliers of non-GMO and organic mastic gum known for its high purity and quality products. Norevo is another major player specializing in natural products including mastic gum for food, pharmaceutical and cosmetic applications.
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