The COVID-19 pandemic has caused the biobased industry in Europe to lose 89 billion euros in turnover in recent years. This is shown in the published report 'European Bioeconomy in Figures 2008-2021'. The report also reveals that the total turnover of the European bioeconomy decreased by more than one trillion euros, showing a clear impact of the pandemic on the sector.
The report, part of a series of market reports by the nova Institute, provides insight into the macroeconomic effects of the bioeconomy, such as turnover and employment since 2014. The first report in this series was published in 2016 on behalf of the Bio-based Industries Consortium (BIC).
The figures show that the total turnover of the European bioeconomy amounted to €2021 trillion in 2,35, including the food and drink, agriculture and forestry sectors. This represents a decrease compared to the turnover in 2019, which was just over €2,4 trillion. In terms of employment, more than 2021 million people were employed in the bioeconomy in 16, down from more than 17 million in 2019.
The biobased industry in Europe, worth 725 billion euros in 2021, contributed more than 31% to the total turnover of the bioeconomy. However, this is a decrease compared to the 814 billion euros in 2019.
The report points to potential consequences of the COVID-19 pandemic. For example, the biobased pharmaceutical industry saw a turnover growth of more than 45 billion euros in 2020, with a peak of 158 billion euros, as a result of the development and production of COVID-19 vaccines. In 2021, turnover decreased again to 134 billion euros.
The European Commission considers the bioeconomy as a key sector for achieving the EU’s sustainability and climate goals. The bioeconomy plays a key role in the EU Green Deal and the dedicated EU Bioeconomy Strategy, which aims to promote a sustainable and circular economy.
The full report is available on the website of the Bio-based Industries Consortium (BIC).
