A Global Look into the Prospects of Bioeconomy

Abstract

Bioeconomy is a very hot topic for discussion in recent time. However, there is a variation in how bioeconomy is defined and there is a confusion about whether bioeconomy is a new concept or an old concept. There are various topics discussed under bioeconomy. Even though many countries have already accepted bioeconomy as a significant part of their economic development and have already established various strategies, there is still the lack of global definition and strategy. The main aim of this thesis was to clarify the definition of the bioeconomy concept and history of the bioeconomy activities. Another aim was to review the bioeconomy strategies and activities from various countries and business prospects especially related with bioeconomy. The work was completed with the desk study through internet searches and analysis of data. The work was able to gather many definitions on bioeconomy provided by respected organizations and was also able to dig the course of bioeconomy development. The result shows that though there are many definitions available there are some common attributes. Bioeconomy is an old concept with the history of about 10,000 years but newer approaches are making bioeconomy take the stage for discussion. Also, bioeconomy is related with economical, environmental, political and social aspects and a lot with sustainability. Developed countries are taking bigger efforts towards the sustainable economy, environment, and living prospects through bioeconomy and many bio-based businesses.