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| Global Mastic Gum Market Size |
Mastic gum is a resin obtained from the trunk of the Pistacia lentiscus trees.
It is known for its adhesive properties and is commonly used as a wood adhesive
and also finds applications in construction activities such as waterproofing,
grouting and plastering works. Mastic gum possesses several advantages over
chemical adhesives such as high strength, resistance to moisture and natural
origin. The rising demand for wood adhesives from furniture, construction and
other woodworking industries globally has been a major factor augmenting the
use of mastic gum.
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.
Market key trends:
The consistent growth of the global wood adhesives market has been one of the
key factors driving the demand for mastic gum in recent years. Mastic gum has
been widely used as an alternative to synthetic wood adhesives due to its
superior bonding strength and ability to withstand moisture, heat and
chemicals. It forms permanent bonds and withstands environmental stresses
better than other adhesives. Moreover, new applications of mastic gum in fields
such as dental care and cosmetics have further augmented the demand. With
growing consumer preference for natural and eco-friendly products, the
application scope of mastic gum is expected to widen considerably over the
forecast period.
Segment Analysis
The global mastic gum market is dominated by the food and beverage segment.
Mastic gum is widely used as a food additive in several cuisines and beverages
for its flavor enhancing properties. It adds a unique aromatic and resinous
taste to dishes and drinks. Within the food and beverage segment, mastic gum
sees most of its demand from the chewing gum industry, where it is used as a base
ingredient and binder. Growing health awareness and shift towards herbal
products are fueling the demand for natural food ingredients like mastic gum.
Key Takeaways
Global
Mastic Gum Market Size is expected to witness high growth over the
forecast period. Driven by rising health consciousness, the demand for natural
and herbal products is on the rise globally. 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.
The Middle
East region, particularly Greece and Turkey currently dominate the market and
are expected to maintain their lead. These countries have a long tradition of
utilizing mastic gum from the mastic tree, which grows abundantly in the region.
It finds wide applications in sweets, drinks and beauty products in these
countries. The established harvesting and distribution chains ensure easy
availability of high-quality mastic gum.
Key players
Key players operating in the mastic gum market include CF Industries Holdings
Inc., Yara, Nutrien Ltd, OCI, and QATAR FERTILISER COMPANY.
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