Biofuels and Bioeconomy

Global scenario of Bioeconomy

The bioeconomy can be explained as the industry’s response to the current global challenges in social, environmental, and economic along with the bioproducts, food insecurity, climate change and the shortages of natural resource. In bioeconomy, renewable and naturally produced biological energy resources are used to replace fossil fuels as well as for other bio-based products. From the last decades, the global bioeconomy’s focus has shifted towards the biofuels and bioenergy. The euro bioeconomy already gains a turnover of approximately 2 trillion euro with employs more than 22 million. The recent evolution in the field of biotechnology industry and its application on agriculture and chemical or energy industries are important example of bioeconomic activity.