The U.S. Department of Agriculture released a report on the enormous opportunities in the biobased economy, and included some recommendations on how biobased product development can be accelerated to improve sustainability and economic growth.
The US bioeconomy has been valued at $1.25 trillion. In Europe that figure is $2.7 trillion, accounting for 20 million jobs.
The report, Why Biobased?, and brings together findings from government programs, academic research and non-profits to explore how sustainability policy and businesses are driving economic growth with biobased products. Algae are becoming a new agricultural source of feeds, foods, fuels and chemical products that can be produced without significant impacts on freshwater or land-use.
The USDA report concludes that biobased chemicals alone could soon make up 10 percent of the entire chemical market, and eventually over two-thirds of all our chemical products. That’s over 50,000 products and a $1 trillion global market.
The Biotechnology Industry Organization estimates that jobs in renewable chemicals will rise from 40,000 in 2011 to over 237,000 by 2025.
This impact may only grow as commercial algae production comes online, since algae deliver yields of oils and proteins many times more than almost any other crop.
To access the Why Biobased? report, visit http://www.biopreferred.gov/files/WhyBiobased.pdf.