The bioeconomy represents the economic potential of harnessing the power of bioscience, using renewable biological resources to replace fossil resources in products, processes and services. This will also reduce our dependence on the finite fossil resource. The UK bioeconomy is today worth £220 billion and supports 5.2 million jobs.
The strategy has 4 main goals, to:
- maximise productivity and potential from existing UK bioeconomy assets
- create the right societal and market conditions to allow novel bio-based products and services to thrive
- capitalise on our world class research, development and innovation base to grow the bioeconomy
- deliver real, measurable benefits for the UK economy