Mastic gum is a resin obtained from the mastic tree. It can be used in food products, personal care products, and green construction materials for its adhesive and plastic properties. Mastic gum forms a strong waterproof layer that also protects against insects and microbes.
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 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the mastic gum market is its increasing use in green construction materials. Mastic gum can serve as an eco-friendly substitute to petroleum-based additives in sealants, adhesives and coatings used for construction purposes. It enhances the strength and durability of materials while reducing VOC emissions. This has boosted the demand for mastic gum especially in developed regions that are focusing more on sustainable infrastructure development.
Segment Analysis
The global mastic gum market is segmented into form, grade, application, and region. Based on form, the mastic gum market is bifurcated into tears/chunks and powder. The tears/chunks segment dominated the market in 2022, accounting for nearly 80% share of the global market. Tears/chunks form of mastic gum is preferred by various industries such as food, personal care & cosmetics, and pharmaceutical due to its ease of use and storage. Based on grade, the market is categorized into first choice/premium and choice. The first choice/premium segment accounted for the largest market share in 2022 due to its superior quality.
Key Takeaways
The Global Mastic Gum Market Demand size was valued at US$ 345.3 million in 2023. It is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period of 2023 to 2030. The growth of the market can be attributed to increasing adoption of natural and organic ingredients in various industries such as food, personal care & cosmetics, and pharmaceutical.
Regional analysis North America dominated the global mastic gum market in 2023 and accounted for the largest share of around 35% owing to increasing demand for natural and organic products in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to growing food processing and personal care & cosmetics industries in countries such as China and India.
Key players operating in the mastic gum market are Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, and Nature's Goodness. Key players are focusing on new product launches, geographical expansion, and mergers & acquisitions to gain a competitive edge in the market. For instance, in 2022, Meridian Foods expanded its production capacity in Turkey to cater to increasing global demand for mastic gum.
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