SWOT Analysis
Strength:
- Mastic gum has strong antibacterial and antioxidant properties which boosts its demand in food & beverage and pharmaceutical industries.
- Abundantly available in Greece and Turkey which makes it easily accessible.
- Long tradition of cultivation and harvesting of mastic trees provide skilled labor supply.
Weakness:
- Harvesting of mastic gum from small bushes is a labor intensive process which increases production costs.
- Supply is limited to particular regions which restricts its global availability.
Opportunity:
- Growing health-conscious population prefering natural ingredients based products provides an opportunity to market mastic gum for its medicinal properties.
- Expanding confectionery and chewing gum industries in emerging markets of Asia Pacific and Latin America are potential markets.
Threats:
- Substitute products like gum Arabic and xanthan gum possess similar texturing properties posing competition.
- Vulnerable to climate change risks as mastic trees have very specific soil and climate requirements.
Key Takeaways
The Global Mastic Gum Market Size is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand from food & beverage industry for its texture modifying properties. Mastic gum is used as a natural gum and emulsifier in products such as confectionery, dairy, snacks and beverages.
Regional analysis
The Europe region currently dominates the mastic gum market, accounting for over 85% of the global production. Greece is the largest producer and exporter of mastic gum. However, countries in Asia Pacific region such as China, India and Indonesia are projected to be the fastest growing markets, driven by expanding processed food industry.
Key players analysis
Key players operating in the mastic gum market are Meridian Foods, Norevo, Chios Mastiha, Latzinos, Gum Technology, Nature's Goodness, etc. These companies are focusing on new product development and capacity expansion strategies to cater to the global demand.
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