Boosting economy - Biobased products' rising contribution

USAgNet - 03/11/2024

The U.S. Department of Agriculture (USDA) marked the second National Biobased Products Day, emphasizing the sector's economic benefits and its role in supporting jobs throughout the country. This event also served to increase public awareness about biobased products and their environmental advantages.

Agriculture Secretary Tom Vilsack underlined the administration's commitment to biobased products, noting their appeal to consumers and benefits for farmers and the planet. The USDAs newly released "Economic Impact Analysis of the U.S.

Biobased Products Industry - 2023 Update" report reveals significant growth, with the industry contributing $489 billion to the U.S. economy in 2021, a 5.1% increase from 2020. This growth is notable, especially considering the challenges posed by the global COVID-19 pandemic.

The report also highlights the role of biobased products in reducing petroleum use, with a displacement of 10.7 million barrels of oil equivalents in 2021. It covers various sectors within the bioeconomy, such as agriculture, forestry, biobased chemicals, and textiles, indicating the industry's broad impact.

Additionally, the USDA announced a $10 million investment in Oregon State University’s Global Hemp Innovation Center to collaborate with Native American Tribes. This initiative aims to develop hemp-based materials and products, further boosting economic development and sustainability.

These efforts are part of the Administration's broader strategy to enhance the U.S. bioeconomy, emphasizing biotechnology and biomanufacturing innovations for a sustainable and secure future. The USDA's support for biobased products demonstrates a commitment to environmental health, economic prosperity, and the advancement of agricultural research and innovation.

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