On July 9, 2019, USDA’s BioPreferred Program released An Economic Impact Analysis of the U.S. Biobased Products Industry: 2018 Update. This report demonstrates how the biobased products industry has grown at the national level over a two-year period. Top findings show that biobased products, a segment of the bioeconomy, contributed $459 billion to the U.S. economy in 2016, a 17% increase from 2014. In addition, strong bioproducts sector growth led to a total of 4.65 million jobs in 2016, an increase of more than 10% in two years. This includes the 1.68 million people directly employed within the industry, plus 2.98 million employed in jobs supported by the industry. Select the link to download the full report.<\/p>\n
Topline findings include:<\/p>\n
Biobased products contributed $459 billion to the U.S. economy in 2016, a 17% increase from 2014.
\nThe biobased products sector impacts every state in the nation and is not just confined to states where agriculture is the main industry.
\nStrong bioproducts sector growth led to a total of 4.65 million jobs in 2016, an increase of more than 10% in two years. This includes the 1.68 million people directly employed within the industry, plus 2.98 million employed in jobs supported by the industry.
\nThe growing bioeconomy also leads to environmental benefits, which include reducing the use of fossil fuels and associated greenhouse gas (GHG) emissions. The report shows potential reductions of GHG emissions of 60%, with analyses indicating that up to 12 million metric tons of CO2 equivalents may have been reduced in 2016.
\nThrough case studies, the report also illustrates key trends, such as as:<\/p>\n
Trash-to-treasure: Previously unused raw materials, once considered trash, are finding new life in a wide range of products.
\nPartnerships: Companies like Ford, BASF, and Carolina Nonwovens are strengthening their value chain with like-minded partnerships.
\nWin-win innovation: Goodyear Tires and others support \u201cwin-win\u201d innovation and product ideas that are good for the planet, good for consumers, good for companies.
\nConsumer demands are key: Companies are finding ways to meet rising consumer demand for planet-friendly products. Among the seven biobased product sectors, biobased plastics is one where new technologies and changes will be most recognizable by consumers.<\/p>\n
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