Skip to content Skip to footer

USDA Releases Reports on Economic Impact Analysis of the U.S. Biobased Products Industry and on Hemp Research and Innovation

On March 8, 2024, the U.S. Office of Agriculturehonoredthe second annual National Biobased Merchandise Working day, a celebration to elevate community consciousness of biobased solutions, their added benefits and their contributions to the U.S. economic climate and rural communities. USDA states that as section of its routines to honor Countrywide Biobased Items Working day, it unveiled two reviews:

Economic Effect Investigation of the U.S. Biobased Solutions Field

USDA states that its commissioned report An Economic Effect Investigation of the U.S. Biobased Goods Field: 2023 Update, reveals that, based mostly on details from 2021, the biobased solutions marketplace has grown nationwide even with the impacts of the world wide COVID-19 pandemic. In accordance to USDA, vital report findings include things like:

  • Biobased products, a segment of the bioeconomy, contributed $489 billion to the U.S. financial state in 2021, up from $464 billion in 2020. This is an maximize of $25 billion a 5.1 percent improve
  • The biobased solutions sector, and the work it supports, are shown to impact every single state in the country, not just the states where by agriculture is the primary sector and
  • The use of biobased products lessens the use of petroleum equivalents. In 2017, oil displacement was approximated to be as significantly as 9.4 million barrels of oil equivalents. In 2021, the displacement grew to 10.7 million barrels of oil equivalents.

USDA notes that the conclusions span seven main sectors representing the bioeconomy: Agriculture and Forestry Biobased Substances Biobased Plastic Bottles and Packaging Biorefining Enzymes Forest Items and Textiles. The 2023 Update is the sixth quantity in a sequence of reviews tracking the influence of the biobased products field on the U.S. financial state.

Hemp Investigation and Innovation

USDA also released its Hemp Research Demands Roadmap, which displays stakeholder input in pinpointing the hemp industrys greatest study needs: breeding and genetics, best practices for manufacturing, biomanufacturing for conclusion works by using, and transparency and consistency. According to USDA, these priority investigate locations slice across the complete hemp offer chain and are vital to bolstering hemp industry exploration. USDA notes that rising demand from customers for biobased products, like those people from hemp, creates opportunity for additional-worth use in foods, feed, fiber and other industrial products that can increase the livelihoods of U.S. producers and offer people alternative biobased products and solutions.

USDA also introduced a $10 million National Institute of Food stuff and Agriculture financial investment to Oregon State Universitys International Hemp Innovation Centre. USDA states that the Center will get the job done with 13 Native American Tribes to spur economic progress in the western United States by establishing production abilities for resources and goods created from hemp.