Report: What's happening in the biobased products industry

From the USDA comes a report to "An Economic Impact Analysis of the U.S. Biobased Products Industry". This report is a follow-up to the 2014 preliminary study of the same topics.

The 2015 USDA report included several important findings and projections:

  • The bioproducts industry contributed $369 billion and directly or indirectly contributed 4 million jobs to the U.S. economy in 2013.
  • Each actual bioindustry job creates indirectly creates 1.64 additional job in the U.S. economy.
  • Certain sectors of the biobased products industry, such as biobased chemicals and “biorefineries”, create between 5 and nearly 20 total jobs for each job directly created.
  • The 2014 preliminary report noted that biobased chemicals could represent 45-50% of the specialty chemicals market by 2025, according to a study by the Organization for Economic Co-Operation and Development (OECD).
Nov 23, 2015