March 08, 2024 | USDA |
The U.S. Department of Agriculture (USDA) commemorated the second annual National Biobased Products Day, highlighting the significant economic contributions of biobased products to the U.S. economy. According to a USDA report, biobased products contributed $489 billion to the U.S. economy in 2021, showcasing a $25 billion increase from the previous year. These products, derived from renewable sources, offer diverse revenue streams for farmers and provide consumers with cleaner alternatives for everyday items. The report emphasizes the widespread impact of the biobased products sector, which supports jobs in every state and helps reduce petroleum consumption. In conjunction with the report, USDA announced a $10 million investment in Oregon State University's Global Hemp Innovation Center to drive research and economic development in the hemp industry. These initiatives align with the Biden-Harris Administration's commitment to advancing biotechnology and fostering a sustainable American bioeconomy.