News in Brief:
– USDA celebrates National Biobased Products Day, highlighting the economic, environmental, and health benefits of biobased products.
– Reports show significant growth in the biobased products industry, with increased contributions to the US economy and investments in hemp research and innovation.
The US Department of Agriculture (USDA) recently celebrated the success of the second annual National Biobased Products Day, highlighting the substantial growth and impact of biobased products on the country economy. In a resounding nod to farmers, the biobased industry contributed an impressive $25 billion boost production in 2021 despite the challenges posed by the global COVID-19 pandemic.
The report, “An Economic Impact Analysis of the U.S. Biobased Products Industry: 2023 Update,” reveals the robust growth of the sector.
In 2021, biobased products contributed a staggering $489 billion to the US economy, showcasing a 5.1% increase from the previous year. This growth extends beyond traditional agricultural states, emphasising the widespread influence of the biobased industry.
This report further underscores the pivotal role of small and mid-sized farmers in this economic surge, presenting new revenue opportunities. By embracing biobased products, farmers can diversify income streams while meeting consumer demands for clean and sustainable options.
As part of the festivities, the USDA announced a noteworthy $10 million investment in Oregon State University’s Global Hemp Innovation Center. This strategic move aims to collaborate with 13 Native American Tribes, fostering economic development in the western United States through the manufacturing of hemp-derived materials and products.
Consumers are encouraged to support the biobased movement by choosing products labeled with the USDA BioPreferred® Program. Products bearing the USDA Certified Biobased Product label signify a commitment to environmental sustainability, derived from renewable agricultural, marine, and forestry materials.
