USDA’s new report “Why Biobased?” is the first comprehensive federal quantification of the job opportunities and other economic benefits of the growing biobased products and renewable chemical industry. The Biotechnology Industry Organization today thanked Agriculture Secretary Tom Vilsack for supporting the research and writing of the report.
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, noted, “The bioeconomy is rapidly growing, creating new economic opportunities and providing well-paying jobs for tens of thousands of Americans. By 2025, employment in the renewable chemical sector could represent approximately 20 percent of all U.S. chemical jobs.
“USDA’s new report on opportunities in the emerging bioeconomy is an important first step in quantifying those economic impacts, and we thank the authors of the report. We encourage USDA to continue to develop an economic impact model that will identify additional opportunities and track the growth of the bioeconomy.”
Key datapoints: The growth forecast is 12.2% annually for the next 7 years. This market report covers trends, opportunities, and forecasts in the energy consumption analysis system market to 2031 by type (on-premise and cloud-based), application (commercial, industrial, and residential), and region (North America, Europe, Asia Pacific, and the Rest of the World)
Download free sample pages
