USA — The American Soybean Association (ASA), the Corn Refiners Association (CRA) and the National Corn Growers Association (NCGA) are among a handful of organizations that have come together to form the Ag Bioeconomy Coalition, which will seek to advance federal policy initiatives that foster growth toward a circular economy based on innovative products derived from agricultural commodities.
The industry presents an opportunity to tap into the full potential of the American agriculture sector, support supply chain resiliency, and help address key environmental issues.
Encompassing a broad range of technologies, the ag bioeconomy uses renewable, bio-based materials as inputs to make chemicals and products such as fuels, manufacturing materials, and consumer goods.
“Investing in the ag bioeconomy will increase sustainability and help us turn renewable resources like hemp, soy and corn into value-added goods, such as bioenergy, chemicals and consumer products. This is good for our environment and will drive greater rural economic development,” said Senator Tina Smith of Minnesota, member of the US Senate Committee on Agriculture, Nutrition, and Forestry.
According to the US Department of Agriculture, the use of biobased products reduces greenhouse gas emissions by an estimated 12.7 million tonnes of CO2 equivalents per year, which is equivalent to taking more than 2.7 million cars off the road for a year.
According to a market research study published by Facts and Factors, the demand analysis of Global Bio-Based Materials Market size & share revenue was valued at approximately US$ 14 Billion in 2020 and is expected to reach around US$ 87 Billion by 2026, at a CAGR of 26.5% between 2021 and 2026.
The key market players are profiled in the report with their sales, revenues and strategies are PespiCo, Inc., BASF SE, Evonik Company, DSM, Anellotech, Inc., Arkema, Gevo, LANXESS, Clariant, and others.
John Bode, president and chief executive officer of the CRA, added, “Investments in the ag bioeconomy is something that every American, business leader, and policymaker can get behind. Growth in this industry drives economic opportunity and high-quality STEM jobs in rural communities, helps large corporations and small businesses achieve climate goals, and positions American farmers as part of the solution to our collective climate challenges.”
In addition to the ASA, CRA and NCGA, other founding coalition members include: the American Farm Bureau Federation (AFBF); Growth Energy; the National Association of State Departments of Agriculture (NASDA); the National Hemp Association; and the Plant Based Products Council (PBPC).
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