Mastic Gum Market is Estimated to Witness Growth Owing to High Demand in Pharmaceutical Industry12/28/2023 Mastic gum is a resin obtained from the tree Pistacia lentiscus and has been used in food, flavor, varnishes, masticatories and dental applications. It is used as a natural food additive in Mediterranean countries and processed in pharmaceutical and nutraceutical industries. It has proven anti-microbial and antioxidant properties, owing to presence of triterpenic acids and phenols which helps in wound healing and provides gastrointestinal support. 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 Opportunity: The pharmaceutical industry presents a lucrative growth opportunity for mastic gum market. Mastic gum possesses phenolic compounds which have shown anti-inflammatory, anticancer and cardiovascular protection properties. It is gaining research interest for its potential to inhibit pathogens and induce apoptosis in cancerous cells. With rising chronic disease burden globally, natural medicinal remedies with clinical validation are gaining traction. The pharmaceutical applications of mastic gum are being explored for development of nutraceuticals, dietary supplements and drugs. If clinical efficacy is established for chronic conditions, this can drive significant demand and commercialization of mastic gum in pharmaceutical applications over the forecast period. Porter’s Analysis Threat of new entrants: The threat of new entrants is moderate as it requires substantial capital investments and the market is moderately concentrated. However, low differentiation barriers and lower switching costs lower the threat. Bargaining power of buyers: The bargaining power of buyers is medium as there are substitute options available and buyers can negotiate on price. Bargaining power of suppliers: The bargaining power of suppliers is high as raw materials have few alternatives and suppliers have the ability to integrate forwards. Threat of new substitutes: The threat of substitutes is low as there are no close substitutes for mastic gum due to its unique properties though industries are constantly innovating new substitutes. Competitive rivalry: The competitive rivalry is medium to high as the key competitors frequently compete on pricing and quality. SWOT Analysis Strengths: Unique properties of mastic gum, suits various end-use applications, sustainable sourcing from Greece and Turkey. Weaknesses: High price point, supply concentration risks, vulnerability to climate changes affecting production. Opportunities: Increasing demand from food and beverage industries, emerging applications in personal care and pharmaceuticals, potential to explore new geographies for cultivation. Threats: Threat from synthetic substitutes, volatility in raw material prices, stringent regulatory environment. Key Takeaways Global Mastic Gum Market Size is expected to witness high growth over the forecast period aided by increasing demand from food and beverage industries. 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. Regional analysis: The Middle East & Africa holds the largest share in the global mastic gum market driven by high consumption of chewing gum and focus on herbal and natural products in the region. Countries like Saudi Arabia, United Arab Emirates, and Egypt contribute significantly to regional growth. Key players: Key players operating in the Mastic Gum market are CF Industries Holdings Inc., Yara, Nutrien Ltd, OCI, QATAR FERTILISER COMPANY. CF Industries Holdings Inc. is one of the leading producers and distributors of nitrogen fertilizer in the world. Yara International ASA is a Norwegian chemical company and one of the largest fertilizer companies in the world. Get More Insights On This Topic: https://www.newsanalyticspro.com/global-mastic-gum-market-trends/
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