A new Department of Agriculture study shows the biobased products industry supports almost 5 million jobs and adds nearly $500 billion to the economy.
The report, commissioned by USDA's BioPreferred Program, specifically analyzes the biobased products industry, which includes the production of bioplastics, but stops short of examining the market for biofuels.
The analysis also pointed to a biobased product industry ripple effect: For every biobased industry job, 1.79 additional jobs are supported in the economy.
Further, the report highlighted the more publicized environmental benefits of using biobased products.
“Biobased products displace approximately 9.4 million barrels of oil annually, and have the potential to reduce greenhouse gas emissions by an estimated 12.7 million metric tons of CO2 equivalents per year,” USDA noted.
The program, meant to stimulate economic development, add jobs to the economy, and create new markets for commodity crops, now includes over 16,000 registered products.
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