The world is suffering from serious societal, economic and environmental challenges including climate change, resource scarcity, demographic changes, food, energy and water insecurity and migration. We need a paradigm shift in the way we use our resources optimally in the future, and the way we address these challenges. Bioeconomy is one such approach that could provide a sustainable way to go ahead. Bioeconomy comprises those parts of the economy that use renewable biological resources from terrestrial and marine sources - such as crops, forest, animal and fish resources from terrestrail and marine sources - such as crops, forest, animal and fish resources, and micro-organisms - to produce food, fibre, materials, medicines and energy. The high level of political interest in bioeconomy, is based on a number of potential benefits it can generate, including: reduced greenouse gas emissions,decreased dependence on fossil resources, improved food, and nutrition security.