Mastic gum is a resin obtained from the mastic tree native to the Mediterranean region. It has been widely used in food, medicine and chewing gum industries owing to its unique properties such as antibacterial, anti-inflammatory and dental benefits. Mastic gum helps improve digestion, prevents bad breath and tooth decay. It also finds applications as a chewing gum base and medicine to treat gastrointestinal problems. 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 Opportunity:
The wide application of mastic gum across various industries offers significant growth opportunity. Its use as a chewing gum base has been on the rise owing to various health benefits. Mastic gum provides antibacterial property and strengthens teeth and gums. The resin also helps improve digestion and clears intestines. With increasing health awareness, consumers are switching to herbal gum alternatives like mastic gum for oral care. The unique properties of mastic gum have led gum manufacturers to increasingly use it as a key ingredient. The wide application of mastic gum in medicine, food and gum industry is expected to drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the mastic gum market is low as it requires production harvesting of the trees which requires long term investment and established supply chain in regions where the trees are indigenous.
Bargaining power of buyers: The bargaining power of buyers in the mastic gum market is moderate as the product has applications in food and beverage industries where buyers can negotiate on price being a commodity.
Bargaining power of suppliers: The bargaining power of suppliers is high since raw material for mastic gum is obtained from harvesting specific trees grown in localized regions like the Greek island of Chios, which limits new suppliers.
Threat of new substitutes: Threat of new substitutes is low as mastic gum has distinct properties for applications in gum base and its traditional uses that are not easily substituted.
Competitive rivalry: High as major producers operate in concentrated regions.
SWOT Analysis
Strength: Mastic gum flavors add rich authenticity in Mediterranean cuisine. It has antioxidant and anti-microbial properties beneficial for gut health.
Weakness: Overconsumption can cause gum lesions, supply constrained by tree cultivation regions. Production dependent on climate conditions.
Opportunity: Increasing demand for natural ingredients in food products and supplements presents opportunities. Expanding applications in personal care and pharmaceutical industries.
Threats: Vulnerable to climate change risks in production regions. Competition from synthetic substitutes.
Key Takeaways
The Global Mastic Gum Market Size is expected to witness high growth over the forecast period 2023-2030.
The Asia Pacific region dominates current production and consumption of mastic gum. Extraction is concentrated in Mediterranean regions like Greece, Turkey and Morocco which limits supply.
Key players operating in the mastic gum market 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.
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https://www.trendingwebwire.com/mastic-gum-market-size-share-growth-outlook-2023/
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