With continuing development of fiber craft industry in the Philippines, the abaca fiber market has been witnessing a boost due to growing demand for gifts, toys and housewares. Moreover, increasing consumer inclination for lifestyle products is further expected to strengthen the growth trend for abaca crafts in the coming years. Currently, there are only two major exporters of abaca fiber in the world - Philippines and Ecuador, with Philippines accounting for over 80% of the global production of abaca fiber. In the Philippines, abaca plant is cultivated across 130 thousand hectares of land by over 90 thousand farmers. Abaca fiber is primarily used as a raw material by end user industries such as pulp & paper, fiber craft, cordage, etc. According to a recently published TechSci Research report,“Philippines Abaca Fiber Market Forecast & Opportunities, 2019”, the abaca fiber market in Philippines is projected to register a CAGR of around 5.7% during 2014-19.
The pulp manufacturing industry is the leading end-user of abaca fiber, followed by cordage manufacturing and fiber craft industry. The report also reveals that owing to the increasing use of abaca fiber in manufacturing of speciality paper, the demand for the fiber among pulp manufacturers is constantly surging and the trend is expected to prevail during 2014-19. Among the leading abaca fiber suppliers, Ching Bee Trading Corporation dominates the market in Philippines, followed by Tag Fibers, Inc. and Selinrail International
The government of Philippines is also taking initiatives to promote the production of high-quality abaca fiber in the domestic market. Owing to these developments, the Philippines is expected to further strengthen its market positioning as the most dominant abaca fiber market over the next five years, and consequently create additional growth opportunities for new players to foray into the market. “The initiatives taken by the Philippines government for the promotion of abaca fiber in the domestic market are expected to augment the demand for fiber in the country. The government is also working towards facilitating production of good quality fiber to meet the rising export demand for abaca fiber from countries like the US, Japan, China, and the UK.” said Mr. Karan Chechi, Research Director with TechSci Research.
“Philippines Abaca Fiber Market Forecast & Opportunities, 2019” has evaluated the future growth potential of abaca fiber market in the Philippines and provides statistics and information on market structure and consumer behavior trends. The report includes abaca fiber market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the Philippines abaca fiber market.