The global abaca fiber market is anticipated to grow at 15.1 per cent CAGR from 2021 to 2028 and reach $1.7 billion by the end of forecast period. As per a Textile Value Chain report, market growth will get a boost with growing emphasis on the use of natural fibers as a substitute for hazardous synthetic fibers and metals in various industries. Paper and pulp industry will emerge as dominant application segment over the forecast period. Japan, the US and European countries will emerge main target markets.
In 2020, the pulp and paper product segment accounted for the largest revenue share of $347.3 million owing to rising demand for non-wood fibers as raw materials for specialty paper applications. Asia Pacific dominated in terms of revenue on account of high product demand to manufacture products such as ropes, currency notes, automotive, and food packaging. Over the forecast period, revenue share of the fiber craft product segment is expected to grow 11.8 per cent CAGR.