The bio-economy encompasses the production of renewable biological resources and the conversion of these resources, residues, by-products and side streams into value added products, such as food, feed, bio-based products, services and bioenergy. It is an essential alternative to our present fossil-based economy, dependent on the planet’s limited supply of non-renewable resources, such as petroleum and coal.
Bio-economy is hailed as the next wave in EU’s economic development and should provide major opportunities for innovation, jobs, and growth to help re-industrialize Europe. Instead of using non-renewable resources, such as petroleum and coal, plant material, and municipal and livestock waste – biomass – can be converted into electricity, fuels, plastics, and the basic components of chemical processes.
The part of the bio-economy that uses biomass, crops and residues from agriculture, forestry and food industry for the manufacturing of materials, bio-chemicals, biofuels and energy is defined as bio-based economy (non-food part of bio-economy). NFC and their residues serve as feedstock for bio-based products and bioenergy.