Growing at a CAGR of 15.1 percent from 2021 to 2028, the worldwide abaca fiber market is expected to reach USD 1.7 billion by the end of the forecast period. As per a Textile Focus report, growth in the market would be promoted by the adoption of natural fibers as a substitute for harmful synthetic fibers and metals in many sectors.
During the projection period, the paper and pulp sector will emerge as the most important application category. The major target markets will be Japan, the United States, and European nations. Due to growing demand for non-wood fibers as raw materials for specialty paper applications, the pulp and paper product category will account for the biggest revenue share of USD 347.3 million in 2020. Due to strong demand for items like as ropes, currency notes, automobiles, and food packaging, Asia Pacific dominated in terms of income. The revenue share of the fiber craft product sector is anticipated to rise at a CAGR of 11.8 percent over the forecast period.