Mastic gum is a resinous exudate obtained from the mastic tree. It is solidified form of the natural resin from the tree which has various applications in various industries like food, personal care, pharmaceuticals and more. It is used as a fixative in fragrances and as a flavoring in chewing gum, confectionery, baked goods and in traditional Mediterranean recipes. It provides health benefits due to its antioxidant and antimicrobial properties when consumed.
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 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Increasing Usage in Food Industry
Mastic gum finds extensive usage in food industry owing to its various benefits. It is used as a natural preservative and antioxidant in food products. It inhibits the growth of various pathogens and bacteria which increases the shelf life of food items. It also adds richness and authenticity to Mediterranean cuisines when used in savory dishes, pastries, bread and sauces. Growing demand for natural preservatives and clean label food products is fueling the adoption of mastic gum in food industry. This rising usage in food industry presents lucrative growth opportunities for mastic gum market 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 large investments and resources to cultivate mastic trees which take around 40 years to mature and start yielding gum.
Bargaining power of buyers: The bargaining power of buyers is high in the fragmented mastic gum market as there are numerous buyers and suppliers. Buyers can negotiate on price with different suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is high due to limited number of mastic gum producers and reliance of buyers on few major suppliers for consistent supply. Suppliers possess negotiation power on prices.
Threat of new substitutes: The threat of substitutes is moderate as mastic gum has certain unique properties that are difficult to replicate, however, synthetic resins can be used as substitutes.
Competitive rivalry: The competitive rivalry is high among existing players to increase market share and profit margins.
SWOT Analysis
Strength: Mastic gum possesses unique therapeutic properties that provide several health benefits. Its natural origin increases preference among health conscious consumers.
Weakness: Mastic gum cultivation has geographical limitations and requires long maturing period of trees, restricting its global supply. Manufacturing processes are traditional.
Opportunity: Rising health awareness and focus on herbal/natural products present opportunities for mastic gum producers to target new application segments and diversify product portfolio.
Threats: Alternative synthetic resins pose substitution threat. Vulnerability to climate change impacts mastic gum cultivation.
Key Takeaways
The Global Mastic Gum Market Growth is expected to witness high over the forecast period of 2023-2030. The market size for 2023 is estimated at US$ 345.3 million.
The Middle East and North Africa region dominates the global production and export of mastic gum currently. Countries like Greece, Turkey and Morocco are the major producers. Greece alone accounts for over 90% of global production due to conducive environmental conditions for mastic tree cultivation in the Aegean islands.
Key players
Key players operating in the mastic gum market are CF Industries Holdings Inc., Yara, Nutrien Ltd, OCI, and QATAR FERTILISER COMPANY. CF Industries Holdings Inc. is a leading global manufacturer and distributor of nitrogen fertilizer and other nitrogen products. Yara is a major fertilizer company and has a strong presence across various geographies.
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