Unlocking the Potential of Banana Fiber Exports from Bangladesh: A Comprehensive Marketing Strategy Analysis

Abstract

Bangladesh possesses immense potential to become a leading global exporter of banana fiber, a versatile and eco-friendly natural fiber derived from banana plants. This study comprehensively evaluates the marketing and promotional strategies that can drive increased production capacity and export of Bangladeshi banana fiber. Through an extensive analysis of domestic production scenarios, competitive landscapes, international market trends, and stakeholder inputs, this research uncovers a positive correlation between strategic marketing efforts and manufacturing output and export potential. Key findings highlight the effectiveness of focused initiatives like identifying new buyers, deploying agents in target markets, investing in research and development, and nurturing customer relationships to stimulate demand for and awareness about Bangladeshi banana fiber globally. With abundant raw material availability, Bangladesh is estimated to produce 37,778 tons of banana fiber annually, potentially generating over $94 million in export revenue. Although challenges related to cost efficiency, standardization, and scalability exist, collaborative efforts across government, industry, and research domains can address these hurdles. In an era marked by rising environmental consciousness, the global banana fiber market is experiencing a 5% CAGR, driven by the demand for sustainable materials in textile, packaging, and pulp industries. By capitalizing on strategic marketing and promotional tactics, Bangladesh can harness its untapped banana fiber production capabilities, diversify exports, generate employment, and position itself as a prominent exporter of this eco-friendly, renewable resource. This study provides a comprehensive roadmap for stakeholders to maximize the economic and ecological benefits of Bangladesh’s emerging banana fiber industry through targeted marketing strategies. The novelty of this study lies in its integrated approach, which combines an analysis of marketing strategies with production capacity and export potential specifically for the Bangladeshi banana fiber industry. This offers original quantitative estimates of potential production and export earnings and uniquely frames the industry’s development according to sustainable development and circular economy principles. The study's interdisciplinary perspective, connecting local production capabilities with global market trends, provides novel insights for positioning Bangladesh in the international banana fiber market.

Keywords: banana fiber; production capacity; export potential; international markets; marketing strategies

https://doi.org/10.55463/issn.1674-2974.51.7.19