Assessing the Role of Private Investment in R&D on Bioeconomy Growth: A Decade-Long Analysis Across the European Union Countries

Abstract

In recent years, the bioeconomy has become a significant force driving sustainable growth within the European Union (EU), seamlessly integrating the use of biological resources with economic development and innovation. This study examines how private sector research and development (R&D) investments influence growth in the EU's bioeconomy, focusing on key factors such as value added, biomass consumption, and biomass transformation. By employing Ordinary Least Squares (OLS) regression models on a dataset spanning a decade and covering EU member states, the analysis reveals that R&D investments substantially contribute to economic performance, positively affecting both value added and biomass consumption. However, the research also points out inefficiencies in biomass transformation technologies that currently diminish their economic impact. These findings highlight the crucial importance of ongoing R&D investment to spur innovation and enhance the sustainability of the bioeconomy. The study concludes by emphasizing the need for targeted policies that support technological advancements in biomass transformation, balanced regulatory frameworks for biomass consumption, and increased collaboration between public and private sectors to foster innovation in bio-based industries.

Keywords

• bioeconomy
• r&d investments
• biomass consumption
• biomass transformation
• sustainable growth
• eu member states
• innovation in bioeconomy
• intellectual capital
• economic performance
• renewable resources