Bioeconomy worth 2.4 trillion EUR to the European economy as bio-based industries mark sizeable jump in turnover and bio-based share of chemicals reaches record high of 15%. The bio-based industries continue their ascent marking a total contribution of 750 billion EUR to the European economy in 2017, a notable increase of 50 billion EUR (+>7%) compared to 2016.
The nova-Institute report commissioned by the Bio-based Industries Consortium (BIC) also indicated that the bio-based industries employ 3.6 million people in the EU-28. Figures for the bio-based chemical industry (including plastics) alone reveal a turnover of 60 billion EUR and an increase of the bio-based share to 15%, up from 7.5% in 2008.
The analysis of the 2017 Eurostat data shows that the turnover of the total bioeconomy, including food and beverages and the primary sectors of agriculture and forestry, results in just over 2.4 trillion EUR in the EU-28, meaning an increase by 25% since 2008. Roughly half of the turnover is accounted for by the food and beverage sector, roughly 30% is contributed by the bio-based industries, such as bio-based chemicals and plastics, pharmaceuticals, paper and paper products, forest-based industries, textiles, biofuels and bioenergy. The remaining 20% is generated by the primary sectors – agriculture and forestry.
The 2017 data also reveal that the European bioeconomy employed 18.5 million people in total which shows a minor decrease from the 18.6 million people in 2016 – mainly through efficiency increases in production.