Abaca Fiber Market Set To Grow To USD 356.6 Million By 2028
The global abaca fiber market is projected to expand by USD 356.6 million between 2024 and 2028, growing at a CAGR of nearly 13.76%. Technavio’s latest report highlights the rising adoption of abaca fiber in niche applications as a key growth driver. Despite challenges related to climate-sensitive cultivation, including extreme weather events, the market benefits from advancements in processing techniques enhancing fiber quality.
Key market players such as Celulosa de Levante SA and Chandra Prakash and Co. are driving innovation, with a focus on sustainable cultivation practices and ethical sourcing. Initiatives like PhilFIDA’s partnership with MANGYAN MANACO for livelihood improvement underscore the industry’s commitment to sustainability.
Abaca fibers, known for their durability and eco-friendly properties, are increasingly favored in textiles, paper, and automotive sectors. The market’s future growth hinges on overcoming production challenges through automation and sustainable farming practices, while meeting rising demand for eco-conscious materials.
