BIC report: bioeconomy worth €2.4 trillion the European economy

15 September 2020

Bio-based industries mark sizeable jump in turnover and bio-based share of chemicals reaches record high of 15%

The often-underrated bio-based industries continue their ascent marking a total contribution of €750 billion to the European economy in 2017, a notable increase of €50 billion (+>7%) compared to 2016. The nova-Institute report commissioned by the BBI JU founding partner 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 and an increase of the bio-based share to 15%, up from 7.5% in 2008.

The nova-Institute's market report is commissioned by BIC and was first published in 2016 demonstrating for the first time the macroeconomic effects generated by the bioeconomy, e.g. turnover and employment for the years 2008 and 2013. Since then the report has been updated on an annual basis. The latest version covers the whole period from 2008 to 2017.

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