{"id":140914,"date":"2024-03-21T07:32:00","date_gmt":"2024-03-21T06:32:00","guid":{"rendered":"https:\/\/renewable-carbon.eu\/news\/?p=140914"},"modified":"2024-03-15T13:07:00","modified_gmt":"2024-03-15T12:07:00","slug":"usda-releases-latest-economic-impact-report-on-bioeconomy","status":"publish","type":"post","link":"https:\/\/renewable-carbon.eu\/news\/usda-releases-latest-economic-impact-report-on-bioeconomy\/","title":{"rendered":"USDA Releases Latest Economic Impact Report on Bioeconomy"},"content":{"rendered":"\n\n\n<p><strong>Today, USDA Rural Development (RD) released\u00a0\u201cAn Economic Impact Analysis of the U.S.\u00a0Biobased Products Industry: 2023 Update,&#8221;\u00a0which demonstrates how the biobased\u00a0products industry grew at the\u00a0national level despite the impacts of the global COVID-19\u00a0pandemic. The\u00a0report release also honors this year\u2019s\u00a0<a href=\"https:\/\/www.usda.gov\/media\/press-releases\/2024\/03\/08\/usda-celebrates-second-national-biobased-products-day\">National Biobased Products Day<\/a>,\u00a0an annual celebration on March 8th designed to raise awareness of\u00a0biobased products,\u00a0their benefits and contributions to the U.S. economy.<\/strong><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe\u00a0Biden-Harris Administration supports and incentivizes biobased products\u00a0because\u00a0they are what consumers want \u2014 and what farmers, and our\u00a0planet, need,\u201d <strong>Agriculture\u00a0Secretary Tom Vilsack<\/strong> said. \u201cAmerican\u00a0farmers, growers, biobased business owners and\u00a0innovators are resilient\u00a0and thriving. We are committed to celebrating them and the\u00a0economic,\u00a0environmental and health benefits of biobased products on National\u00a0Biobased\u00a0Products Day.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>Topline report findings include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Biobased products, a segment of the bioeconomy,\u00a0contributed $489 billion to the\u00a0U.S. economy in 2021, up from $464 billion in 2020. This is an increase of $25\u00a0billion or a 5.1% increase.<\/li>\n\n\n\n<li>Employment\u00a0decreased slightly from 4.05 million jobs in 2020 to 3.94 million jobs\u00a0in\u00a02021, with each job supporting an estimated 1.4 more jobs in other\u00a0sectors of the\u00a0U.S. economy. This decrease is likely due in part to\u00a0challenges in the labor market\u00a0upon restarting the economy in 2021.<\/li>\n\n\n\n<li>The biobased products sector and the jobs it supports are\u00a0shown to impact every\u00a0state in the nation\u00a0and are not confined to states where agriculture is the main\u00a0industry.<\/li>\n\n\n\n<li>The\u00a0use of biobased products reduces the consumption of petroleum\u00a0equivalents.\u00a0In 2017, oil displacement was estimated to be as much as\u00a09.4 million barrels of oil\u00a0equivalents. In 2021, the\u00a0displacement grew to 10.7 million barrels of oil\u00a0equivalents using an 80% petroleum reduction value for biobased products.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">About the Report<\/h3>\n\n\n\n<p>Commissioned&nbsp;by USDA&#8217;s BioPreferred\u00ae Program, which is administered by RD, the&nbsp;report\u2019s findings span seven major sectors representing the bioeconomy.&nbsp;Each report&nbsp;seeks to address seven important aspects of the bioeconomy\u2019s&nbsp;contributions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The quantity of biobased products sold<\/li>\n\n\n\n<li>The value of the biobased products<\/li>\n\n\n\n<li>The quantity of jobs contributed<\/li>\n\n\n\n<li>The quantity of petroleum displaced<\/li>\n\n\n\n<li>Other environmental benefits<\/li>\n\n\n\n<li>The economic impacts of biobased exports<\/li>\n\n\n\n<li>Areas\u00a0in which the use or manufacturing of biobased products could be more\u00a0effectively used, including identifying any technical and economic\u00a0obstacles and\u00a0recommending how those obstacles can be overcome.<br>This\u00a0year\u2019s release is the sixth volume in a series of reports tracking the\u00a0impact of the\u00a0biobased product industry on the U.S. economy. The\u00a0report\u2019s conclusions and\u00a0recommendations are those of the authors and\u00a0have not been endorsed by the USDA.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The Seven Major Sectors<\/h3>\n\n\n\n<p>The biobased products industry includes the following seven major sectors of the U.S.&nbsp;economy:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Agriculture and Forestry<\/li>\n\n\n\n<li>Biobased Chemicals<\/li>\n\n\n\n<li>Biobased Plastic Bottles and Packaging<\/li>\n\n\n\n<li>Biorefining<\/li>\n\n\n\n<li>Enzymes<\/li>\n\n\n\n<li>Forest Products<\/li>\n\n\n\n<li>Textiles<\/li>\n<\/ul>\n\n\n\n<p><strong><a href=\"https:\/\/www.biopreferred.gov\/BPResources\/files\/BiobasedProductsEconomicAnalysis2023.pdf\">Download a full copy of the report\u00a0here<\/a>.\u00a0Or, go to the USDA BioPreferred Program\u00a0website:\u00a0<a href=\"https:\/\/www.biopreferred.gov\">https:\/\/www.biopreferred.gov<\/a>.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">About BioPreferred <\/h3>\n\n\n\n<p>The&nbsp;USDA BioPreferred Program is the Federal Government\u2019s official advocate&nbsp;and&nbsp;market accelerator for biobased products. Its primary goals are to&nbsp;increase the&nbsp;development, purchase, and use of biobased products;&nbsp;support rural communities; and&nbsp;contribute to a growing and thriving&nbsp;bioeconomy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, USDA Rural Development (RD) released\u00a0\u201cAn Economic Impact Analysis of the U.S.\u00a0Biobased Products Industry: 2023 Update,&#8221;\u00a0which demonstrates how the biobased\u00a0products industry grew at the\u00a0national level despite the impacts of the global COVID-19\u00a0pandemic. The\u00a0report release also honors this year\u2019s\u00a0National Biobased Products Day,\u00a0an annual celebration on March 8th designed to raise awareness of\u00a0biobased products,\u00a0their benefits and contributions [&#8230;]<\/p>\n","protected":false},"author":59,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","nova_meta_subtitle":"The\u00a0report\u2019s findings span seven major sectors representing the bioeconomy and each report\u00a0seeks to address seven important aspects of the bioeconomy\u2019s\u00a0contributions","footnotes":""},"categories":[5572],"tags":[6630,5838,10416,12518],"supplier":[2247,8400],"class_list":["post-140914","post","type-post","status-publish","format-standard","hentry","category-bio-based","tag-agriculture","tag-bioeconomy","tag-circulareconomy","tag-feedstocks","supplier-biopreferred","supplier-usda"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/140914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=140914"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/140914\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=140914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=140914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=140914"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=140914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}