BIO Releases New Report Underscoring the Massive Economic Power of the American Bioeconomy
WASHINGTON D.C. – Today, the Biotechnology Innovation Organization (BIO), in partnership with Kearney, a global management consulting firm, released a first-of-its-kind report that assesses the significant economic impact of the U.S. bioeconomy, in the context of plant, animal, and biobased products. The report – “Projected Impact and Growth of a Fully Unleashed Bioeconomy: The Value of Food, Agriculture, and Manufacturing Biotechnology” – highlights how this rapidly expanding sector, built on renewable biological resources, is driving continued economic growth, creating hundreds of thousands of new jobs, and fostering sustainable innovation.
"The power of biotechnology in food, agriculture, and manufacturing plays a pivotal role in fostering long-term economic growth and enhancing our national security," said John Crowley, President and CEO of BIO. "The U.S. must now take a series of bold measures to modernize the regulatory frameworks that govern the review and approval process of new biotechnologies to ensure that our nation continues to lead the world in agricultural innovation.”
“For the first time, we have a comprehensive, data-driven analysis that quantifies the economic impact of this critical segment of the bioeconomy,” said Sylvia Wulf, Interim Head of BIO’s Agriculture and Environment Center of Excellence. “This report highlights the immense economic contributions of plant, animal, and biobased product innovations. These insights underline the urgency of public policies and investments that will unlock the bioeconomy’s full potential.”
Key findings from the report include:
- The U.S. bioeconomy contributes ~$210 billion in direct economic impact (excluding healthcare), with indirect benefits pushing the total impact beyond $830 billion.
- The sector supports 430,000 jobs across various industries.
- By 2030, plant and animal biotechnology is projected to contribute $56 billion to the U.S. economy.
- Biobased products could generate up to $291 billion in economic impact by 2030.
Looking ahead, the report projects that by 2030, the full economic potential of the bioeconomy could reach an astounding $400 billion – nearly doubling its current impact. These findings further reinforce the bioeconomy’s status as an essential economic driver.
Read the full report here.
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