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Biobased economy worth billions

America is leading the rapid growth of the multi-billion dollar global bioeconomy, according to the Biotechnology Innovation Organization (BIO).

Praising the newly released report from the U.S. Department of Agriculture (USDA), which reveals ‘substantial economic growth’ is being achieved within the American biobased market, Brent Erickson, executive vice president of the BIO’s Industrial & Environmental Section, said: “The biobased economy is approaching a tipping point in its growth and maturation. The economic impact is evident.

BIO calculates that the global economic value of the biobased economy – including industrial biotechnology, renewable chemicals and polymers, biofuels, enzymes and biobased materials – is $355.28 billion. Looking at the new USDA Indicators report and other sources, we estimate that the United States generates 58% of the global value of biobased manufacturing, or more than $205 billion. And that economic activity supports employment for 1.66 million U.S. workers.”

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