NCGA pushes for bio classifications in NAICS
According to the NCGA, continued growth of the US bioeconomy depends on the ability to accurately measure it to provide important signals to policymakers, investors and analysts. Industries rely on federal statistics from OMB for market research, measuring their economic impact and identifying new market opportunities.
NCGA urged OMB to provide distinct North American Industry Classification System classifications for biomanufacturing, biotechnology, and products such as bioplastics and biofuels, and to reconsider the Economic Classification Policy Committee’s recommendation to exclude bioeconomy-related updates from the proposed 2027 NAICS revisions.
Distinct classifications would better capture the scale of U.S. biomanufacturing, distinguish biobased production from petroleum-based manufacturing—even where products are chemically identical—and provide clearer investment signals. This is particularly important given the potential for corn-based biomanufacturing to replace fossil-derived materials; capturing just 10% of the global plastics market could generate demand for an estimated 6.6 billion bushels of U.S. corn.
Category: Chemicals & Materials
