New Report Shows Biobased Products Contribute $489 Billion to the U.S. Economy, Supporting Jobs in Every State
WASHINGTON, March 8, 2024– Today, the U.S. Department of Agriculture (USDA) is honoring the 2nd yearly National Biobased Products Day, an event to raise public awareness of biobased items, their advantages and their contributions to the U.S. economy and rural neighborhoods. Biobased items use chances for more profits streams for little and mid-sized farmers while offering customers more sought-after, tidy choices for daily products.
“The Biden-Harris Administration supports and incentivizes biobased items due to the fact that they are what customers desire– and what farmers, and our world, requirement,” Agriculture Secretary Tom Vilsack stated. “American farmers, growers, biobased entrepreneur and innovators are resistant and successful. We are dedicated to commemorating them and the financial, ecological and health advantages of biobased items on National Biobased Products Day.”
As part of USDA’s activities to honor National Biobased Products Day, the Department has actually launched 2 reports and revealed a significant financial investment in Oregon State University’s Global Hemp Innovation.
Economic Impact Analysis of the U.S. Biobased Products Industry
USDA commissioned the report, “An Economic Impact Analysis of the U.S. Biobased Products Industry: 2023 Update,” which reveals that, based upon information from 2021, the biobased items market has actually grown across the country in spite of the effects of the worldwide COVID-19 pandemic.
Secret report findings consist of:
- Biobased items, a sector of the bioeconomy, contributed $489 billion to the U.S. economy in 2021, up from $464 billion in 2020. This is a boost of $25 billion– a 5.1% boost.
- The biobased items sector, and the tasks it supports, are revealed to affect every state in the country not simply to the states where farming is the primary market.
- Making use of biobased items minimizes the intake of petroleum equivalents. In 2017, oil displacement was approximated to be as much as 9.4 million barrels of oil equivalents. In 2021, the displacement grew to 10.7 million barrels of oil equivalents.
Findings cover 7 significant sectors representing the bioeconomy, consisting of: Agriculture and Forestry; Biobased Chemicals; Biobased Plastic Bottles and Packaging; Biorefining; Enzymes; Forest Products; and Textiles. This year’s release is the 6th volume in a series of reports tracking the effect of the biobased item market on the U.S. economy.
Hemp Research and Innovation
USDA likewise launched its “Hemp Research Needs Roadmap (PDF, 23.6 MB),” which shows stakeholder input in determining the hemp market’s biggest research study requirements: Breeding and Genetics, Best Practices for Production, Biomanufacturing for End Uses and Transparency and Consistency. These concern research study locations crossed the whole hemp supply chain and are essential to boosting hemp market research study.
Growing need for biobased items, like those from hemp, produces capacity for added-value usage in food, feed, fiber and other commercial items that can enhance the incomes of U.S. manufacturers and use customers alternative biobased items.