An Economic Impact Analysis of the US Biobased Products Industry

TY - JOUR

T1 - An Economic Impact Analysis of the US Biobased Products Industry

AU - Daystar, Jesse

AU - Handfield, Robert

AU - Golden, Jay S.

AU - McConnell, Eric

AU - Pascual-Gonzalez, Janire

N1 - Funding Information: The second event was an industry-led policy program. Smithfield Foods, the world’s largest hog and pork producer, publicly announced it was going to implement a ‘‘manure-to-energy’’ project across 90% of its facilities. This program has the potential to create significant volumes of renewable biogas to produce biobased chemicals and other products in rural parts of the United States. While these public and private policy examples continue the positive momentum and expansion of biobased products and benefit the rural parts of the United States, there still exist a number of near-and long-term opportunities to further advance the biobased products industry. These opportunities include creating production credits, increasing the visibility of the USDA BioPreferred® Program’s USDA Certified Biobased Product label, and the expansion of other related USDA programs. Our key recommendations include the following for the consideration of USDA and other relevant public and private sector organizations: . Modification of the North American Industry Classifica-tion System (NAICS) codes by the Office of Management & Budget (OMB) to include biobased products-specific codes for items such as biobased chemicals and plastics. . As stated in prior reports, the authors still see the need to improve the ability of the Federal Government, including the GSA and other acquisition departments of Federal agen-cies, to track the purchase of biobased products in acquisition systems. Currently, it is difficult to accurately determine the use of biobased products by the Federal Government. . Increase basic and applied research funding to universities for developing biobased feedstocks and products through the National Science Foundation (NSF), USDA, DoD, and the Department of Energy (DOE). This includes develop-ing opportunities for overcoming economic disparities in the rural United States through the expansion of the bio-based products industry. . Increase opportunities for private sector and university collaboration through ongoing NSF, USDA, and DOE grants. Many of the biobased product innovations available today began in university laboratories, and supporting the source of these important developments is vitally important for increasing the growth of the industry. . Leverage biobased product purchasing goals with the DOE and other Federal agencies. These recommendations all have a common theme of increasing collaboration between multiple industry partners, public sector organizations, ac-ademic institutions, consumer-marketing consultancies, and others. The goal is that by working together, the many challenges that exist in growing the biobased products in-dustry can be addressed through alternative and innovative approaches that promote consumer awareness, utilize exist-ing market and supply chain channels in different ways, and develop technologies that promote renewable resour-ces in new and different markets

PY - 2021/10

Y1 - 2021/10

UR - http://www.scopus.com/inward/record.url?scp=85118246134&partnerID=8YFLogxK

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U2 - 10.1089/ind.2021.29263.jda

DO - 10.1089/ind.2021.29263.jda

M3 - Article

AN - SCOPUS:85118246134

SN - 1550-9087

VL - 17

SP - 259

EP - 270

JO - Industrial Biotechnology

JF - Industrial Biotechnology

IS - 5

ER -