Dublin, Jan. 12, 2024 (GLOBE NEWSWIRE) -- The "Global Abaca Pulp Market Size, Share & Trends Analysis Report by Product (Medical Filter Papers, Food Preparation Papers), Region and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global abaca pulp market size is expected to reach USD 1.0 billion by 2030, registering a CAGR of 13.9% from 2024 to 2030.
Abaca fibers are known for their exceptional strength and durability. This characteristic makes them suitable for use in industries where toughness and longevity are critical, such as in ropes, specialty papers, and construction materials. This demand for reliable and long-lasting products has led to a steady demand for abaca pulp. Abaca pulp is biodegradable, making it an attractive alternative for industries seeking alternatives to synthetic and non-biodegradable materials. As governments and consumers push for environmentally friendly products, the biodegradability of this pulp sets it apart from many other alternative materials available in the market.
It is a preferred choice for specialty papers like tea bags, currency paper, and security documents. The growth of the beverage industry, particularly with the rising demand for premium teas and herbal infusions, has driven a need for high-quality and environmentally friendly tea bag materials, further boosting product demand. The Food & Agriculture Organization (FAO) of the United Nations has classified abaca as one of the future fibers and substitute for synthetic fibers, to encourage the growth of sustainable agriculture and promote the adoption of eco-friendly production and processing technologies. As consumers and industries prioritize eco-friendly materials, the demand for abaca pulp has increased.
Moreover, companies are moving toward the usage of sustainable and environment-friendly materials in their products owing to growing consumer awareness regarding the advantages offered by these products. These factors are projected to drive market growth. Prices of abaca pulp are governed by many factors, such as labor, raw material cost, transportation charges, and logistic charges. In addition, utilization of special machinery and tools required to produce pulp further adds to the overall product cost. The raw materials required to produce this pulp are expensive and require a skillful workforce, which increases the final cost of the products.
This prevented farmers from harvesting the abaca plants. Growing awareness in market regarding the benefits of biodegradable packaging products also supports market growth. This is on account of changing consumer preferences regarding more environmentally friendly products. The global e-commerce industry is rapidly growing on account of increasing trends in online shopping. The strength and moisture resistance offered by abaca fiber make it suitable for use in packaging applications, especially in tropical and humid environments. This is expected to propel demand for packaging materials and boost the overall industry growth in the coming years.
Abaca Pulp Market Report Highlights
- The market is expected to grow owing to rising product applications in the paper industry including tea & coffee bags, sausage casing papers, currency & security papers, cigarette filter papers, medical or food preparation or disposal papers, high-quality writing paper, and vacuum bags
- Based on product, the market has been segmented into food preparation papers, medical filter papers, and others. Food preparation papers accounted for the largest revenue share of 72.8% while the medical filter paper segment held a share of 16.3% in 2023
- The larger share of the food preparation paper segment is attributed to high consumer awareness regarding the use of biodegradable and compostable raw materials for manufacturing single-serve tea bags, coffee capsules, pods and bags otherwise made of aluminum or plastic
- Europe dominated the global industry in 2023, followed by North America and Asia-Pacific. Majority of European economies, including the UK, Germany, Italy, Spain, and France, are contributing considerably to the expansion of the tea bag market, which supports product market growth
- Growing awareness regarding eco-friendly products and the importance of environmental sustainability has led companies to opt for advanced production technologies, which is a challenge for product manufacturers
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Abaca Pulp Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Value Chain Analysis
3.3. Regulatory Framework
3.4. Technology Overview
3.5. Market Dynamics
3.6. Business Environment Analysis
3.7. Market Disruption Analysis
Chapter 4. Abaca Pulp Market: Product Estimates & Trend Analysis
4.1. Product Takeaways
4.2. Product Market Share Analysis, 2023-2030
4.3. Abaca Pulp Market Estimates & Forecast, By Product (Tons) (USD Million), 2018-2030
4.3.1. Food Preparation Papers
4.3.2. Medical Filter Papers
4.3.3. Other Products
Chapter 5. Abaca Pulp Market: Regional Estimates & Trend Analysis
5.1. Key Takeaways
5.2. Regional Market Share Analysis, 2023-2030
Chapter 6. Supplier Intelligence
6.1. Kraljic Matrix
6.2. Engagement Model
6.3. Negotiation Strategies
6.4. Sourcing Best Practices
6.5. Vendor Selection Criteria
6.6. List of End-Users
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Competition Categorization
7.3. Company Market Positioning
7.4. Company Heat Map Analysis, 2023
7.5. Company Market Share Analysis
7.6. Strategy Mapping
7.7. Company Listing
- Specialty Pulp Manufacturing, Inc.
- ALINDECO (Albay Agro-Industrial Development Corporation)
- Ahlstrom
- Terranova Papers
- University Products
- Preservation Equipment Ltd
- Pulp Specialties Philippines
- Wigglesworth
- Glatfelter
For more information about this report visit https://www.researchandmarkets.com/r/pot2fu
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