AgBio Study Shows Opportunity for Leadership in the Bioeconomy

Memphis Bioworks Foundation’s recent publication of the Regional Strategy for Biobased Products in the Mississippi Delta, has identified the 98-county, five-state region, surrounding Memphis as a key region that could capitalize on the emerging bioeconomy. The two-year project was conducted under the leadership of Battelle Technology Partnership Practice, well-known for helping communities develop bioscience-based, economic development plans. A multi-state steering committee of business leaders, and more than 50 funding organizations and companies collaborated to examine the potential of utilizing the region’s diverse agricultural and forestry production, superior logistics and existing manufacturing assets in the development of a new multi-billion dollar industry.

Simply put, the bioeconomy is an economic engine based on the utilization of plant-based materials in a wide variety of biobased materials including chemicals, plastics and biofuels – already a $140 billion industry and rapidly growing, according to McKinsey and Company.

Among the conclusions from the study are the following potential opportunities for the Delta:

– Sustainably grown and harvested agricultural crops and forestry byproducts in the region surrounding Memphis can adequately supply an $8-billion biofuels and biobased products industry without affecting the food and feed supply chain.

– The transformation to a bioeconomy can create as many as 25,000 green and supporting jobs during the next 10 years, and more than 50,000 jobs within the next two decades related to bioprocessing and its supply chain in both rural and urban locations.

– The bioeconomy will open up markets for new crops which will increase biodiversity in the region, leading to reduced use of synthetic fertilizers, agricultural chemicals, and water, while increasing options for local farmers.

– The bioeconomy will contribute to reducing greenhouse gas emissions, improving air quality, providing sustainable raw materials for local industries, while bolstering national security.

Memphis Bioworks Foundation is already implementing initiatives based on the results of the study with the development of alternative crop research and demonstrations at Agricenter International; programs to engage farmers in planning new business ventures; and working with new biobased technologies from around the world that can be deployed in the region.

Copies of the Regional Strategy for Biobased Products in the Mississippi Delta executive summary and full report are available at www.agbioworks.org.