The bio-based products industry contributed $369 billion to the US economy in 2013.
A new report from the Department of Agriculture (USDA) also revealed around four million jobs were created.
Each job in the industry was responsible for generating 1.64 jobs in other sectors of the economy.
According to the USDA claim changes made under the 2014 Farm Bill will create “additional opportunities” for growth in the renewable plant-based materials sector.
The changes are aimed at helping the development of cutting-edge technologies for advanced biofuels, renewable chemicals and bio-based product manufacturing.
Agriculture Secretary Tom Vilsack said: “This means small businesses and global companies alike can continue to harness the power of America’s farms and forests to create new and innovative bio-based products which are used all around the world.”
Estimates show the use of bio-based products currently displaces around 300 million gallons of fuel a year – the equivalent of taking 200,000 cars off the road.