by Mastic gum is a resin obtained from the stem and leaves of the mastic tree. It has been traditionally used in confectionaries, beverages, and pharmaceutical products owing to its therapeutic properties. In recent years, the usage of mastic gum has also increased in personal care products such as creams, lotions, and fragrances due to its properties including antibacterial, anti-inflammatory, and antioxidant effects. It helps treat acne, control sebum production, and reduce signs of aging.
The global mastic gum market size 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.
Market Dynamics:
Growing usage in personal care products has been a major driver facilitating the growth of the mastic gum market. Mastic gum contains compounds like triterpenic acids that make it suitable for use in anti-aging creams, lotions, and shaving products. Its anti-bacterial and anti-inflammatory properties provide therapeutic benefits for treating acne-prone skin. Furthermore, mastic gum enhances the shelf life of personal care formulations while also preventing rancidity. The pleasant aromatic characteristics of mastic gum allow its usage as a natural fragrance ingredient in perfumes, aftershaves, and cosmetics.
Another factor supplementing market growth has been increasing awareness about the benefits of using natural and herbal ingredients in personal care products. Consumers are more inclined towards spending on natural beauty and skincare products containing plant-derived components. This changing customer preference toward organic ingredients acts as a high-impact driver for the mastic gum market.
Segment Analysis
The global mastic gum market is segmented based on type, end use and distribution channel. Based on type, the market is segmented into pure mastic gum and polymerized mastic gum. The pure mastic gum segment dominates the market and is expected to continue dominating during the forecast period. This is because pure mastic gum retains all the properties and chemical composition of the original plant resin, making it ideal for applications in food, beverages and pharmaceutical industries.
PEST Analysis
Political: The trade policies and regulations set by government and trade bodies related to usage of natural ingredients in food and pharmaceutical products impact the market.
Economic: Changes in global and regional economic conditions influencing consumer spending on luxury and premium products affect market growth.
Social: Changes in lifestyle and consumption pattern of population regarding natural and herbal products is a key factor. Increasing health consciousness is driving demand.
Technological: Advancements in extraction and processing technologies help players enhance efficiency and yields. This also helps widen applications scope and drives the market growth.
Key Takeaways
Global Mastic Gum Market Size is expected to witness high growth over the forecast period. The global mastic gum market size 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.
The Middle East & Africa region currently dominates the market and is expected to continue its dominance during the forecast period. Countries like Greece, Turkey and some African nations are major producers of mastic gum and have favorable climatic conditions for cultivation of mastic tree from which the gum is extracted.
Key players operating in the mastic gum market are CF Industries Holdings Inc., Yara, Nutrien Ltd, OCI. Key players are focusing on capacity expansion and new product launches catering to various applications. For instance, in 2021, Yara launched new Nitrofert line of fertilizers with various formulations for different crops.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
