EU Business News May 2017

8 EU BUSINESS NEWS / May 2017 , Agribusiness Offers Best Opportunities for Bio-Economy Agribusiness presents the biggest opportunities for the bio-economy, according to a new report published in the lead-up to Bio-Based Innovations Expo 2017, a new tradeshow focused around building a stronger market for bio-based products taking place at the NEC in Birminghamon 5-6 July. The report, entitled ‘Bio-economy Snapshot’, analyses the current state of the bio-economy, including the biggest opportunities and barriers to market. The research was conducted with 98 key players across the industry, with an even split between those at manager level and those holding more senior roles. According to the report, almost twice as many respondents identified agriculture as the sector that presents the biggest opportunity for the bio-economy than any other sector. Other key sectors identified included food and beverage, power and utilities, and wastewater treatment. Bio-based resources have a huge variety of properties, making them the most exciting materials for manufacturing. With the plethora of feedstocks, oil- and starch-based crops, wood, algae, sewage, and paper pulp available in our ecosystem, much of which currently goes to waste, the business and sustainability benefits of re-thinking the raw materials that go into products, packaging, and processes are clear. The report suggests that commercialising innovation is the primary driver in scaling up the bio-economy and identifies capital, regulatory support, and research and knowledge as the biggest barriers to growth for bio-based and biodegradable innovations. Product development is ranked as the primary focus for a third of respondents over the next 12 months, followed by increasing sales, marketing, and improving sustainability. Bio-Based Innovations Expo 2017 aims to scale up the bio- economy and find solutions to the challenges highlighted in the report, and will feature speakers and participants from across the bio-based innovations value chain. Key topics for discussion will include: • How to increase market demand for bio-based products; • Successful collaboration with governments to support growth in the bio-economy; • Improving the quality and performance of bio-based innovations. Charlotte Morton, Chief Executive of We Are Orchard, the event organisers, said: “This report offers a great snapshot of the current state of the bio-economy and the industry’s principal opportunities and barriers. The key messages are that there is huge appetite for growth in agribusiness and that businesses working in the bio-economy need more financial and regulatory support to help them capitalise on the opportunities offered by bio-based innovations. “Bio-Based Innovations Expo 2017 will aim to find solutions to the challenges identified in this report and promote the benefits of the bio-economy through showcasing the most progressive technologies, bio-based materials, and biodegradable products. It’s a must-attend event for those looking to extract value from what we traditionally think of as ‘wastes’.”