ABACA FIBER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Vulnerability to natural calamities is a major challenge restraining the growth of global Abaca fiber market. Abaca fiber, also known as manila hemp, is primarily grown in the Philippines. The Philippines is one of the most disaster-prone countries in the world, situated on the Pacific Ring of Fire. It faces frequent typhoons and droughts which adversely impact abaca cultivation.  Abaca plants are highly susceptible to typhoons and heavy rainfall. Strong winds during typhoons can flatten entire abaca plantations. Also, excessive rainfall and floods cause root rot diseases in abaca plants. As per data by the Philippine Statistics Authority, in 2020, typhoons Goni and Vamco destroyed over 5000 hectares of abaca farms in Quezon province alone. Similarly, the 2015-2016 El Nino induced drought ravaged abaca crops in Southern Luzon and Western Visayas regions. Over 15,000 farmers had to stop abaca cultivation temporarily due to drought as per the Department of Agriculture, Philippines report.

Market Opportunities: Developing new application areas and product innovation

Developing new application areas and product innovation could provide significant opportunities for growth in the global abaca fiber market. Abaca fiber is renowned for its robust and durable nature making it suitable for a variety of applications beyond its conventional use in rope and twine products. The fiber is now being explored for its use in specialty paper applications due to its high tear and burst strength. Several research studies have shown that abaca fiber when blended with wood pulp can enhance the paper qualities. This allows for production of high-quality printing and writing paper with abaca fiber. As concerns over environmental sustainability increase, demand for papers with higher fiber content is expected to rise providing a boost to abaca fiber incorporation in the paper industry.