by Mastic gum is a resin obtained from the mastic tree that has been traditionally used for medicinal and cosmetic purposes in regions surrounding the Mediterranean. It finds widespread applications in oral care due to properties that help in fighting bacteria in the oral cavity and relieving symptoms of various dental issues like gingivitis. It is known to exhibit antimicrobial and anti-inflammatory effects that make it suitable for use in dental gels and toothpaste. Mastic gum is also gaining significance in various healthcare and wellness applications owing to anti-ulcer, antidepressant, and liver-protective qualities. The resin is used as a natural remedy for gastrointestinal issues and is added to functional foods and dietary supplements.
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 key trends:
One of the key trends gaining traction in the mastic gum market is its increasing use in nutraceuticals and functional foods. Mastic gum extracts are being incorporated in various nutraceutical products targeting gut health, digestive issues, and overall wellness. This is attributed to bioactive compounds in mastic gum that are associated with relieving symptoms of gastrointestinal disorders. Another prominent trend is the utilization of mastic gum in natural personal care products. Cosmetic brands are leveraging antimicrobial and anti-inflammatory properties of mastic resin to develop organic toothpastes, mouthwashes, and skincare items. Mastic gum is emerging as a popular plant-based alternative to chemical preservatives in natural cosmetics.
Porter’s Analysis
Threat of new entrants: Low due to existing intellectual property protection of products and required large R&D investment.
Bargaining power of buyers: Moderate as buyers have limited choices for substitutes and suppliers have product differentiation.
Bargaining power of suppliers: Moderate as key raw materials have limited sources of supply.
Threat of new substitutes: Low as mastic gum has unique properties not substitutable by other products.
Competitive rivalry: High due to presence of multiple small and large players.
Key Takeaways
The Global Mastic Gum Market Size is expected to witness high growth.
Regional analysis: The Europe region currently dominates the market due to large production and consumption of mastic gum products in Greece and Turkey. The Asia Pacific region is expected to be the fastest growing market over the forecast period owing to rapidly growing end-use industries and rising health consciousness in the region.
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. Acorda Therapeutics holds a significant share of the market.
