The term bioeconomy refers to the set of economic activities related to the production, transformation and use of biological resources, in order to produce and transform biomass for the supply of goods and services, such as food, feed and energy, among others.

According to the Organization for Economic Cooperation and Development (OECD), the bioeconomy is a model where biotechnology contributes significantly to economic production and, as a result, generates management and innovation dynamics, giving rise to new activities, companies and sustainable territories.

Bioeconomy activities include sustainable food production, the development of bioenergy, the generation of bioproducts such as agricultural inputs, plastics, pharmaceuticals and cosmetics, the generation of bioindustries, sustainable construction and the use of residual biomass.

The bioeconomy is composed of three elements:

• The use of knowledge in genetics and cellular processes to develop new products.
• The use of renewable biomass to encourage sustainable production.
• The integration of biotechnology into a wide range of sectors.

It should be noted that the bio-based economy integrates the processing and consumption of a range of natural, renewable and biological resources from both land and sea, including plants, animals and microbes.

Its relationship with the circular economy

The circular economy is a model of design, production, distribution and consumption in which products remain useful for as long as possible (through recycling, repair and reuse), thus enhancing their efficiency and sustainability and minimizing waste generation.

Thus, the concept of circular bioeconomy (CBEC) arises, which blends the concepts of bioeconomy and circular economy with the aim of representing an economically and environmentally sustainable model. The BEC therefore encompasses elements related to both concepts; for example, improving the use of resources, reducing the carbon footprint and bioefficiency.

Boom in Latin America

The bioeconomy promotes sustainable development in each country, with a high degree of social inclusion, mainly in the field of agriculture. In this regard, Latin America will undergo an agricultural transformation thanks to the incorporation of new technologies for obtaining food, energy and biomass. Therefore, the generation and optimization of new value chains will be required to meet the demands.

It should be noted that the positioning of the bioeconomy in the region is favorable due to the amount of natural resources it possesses, which represent a strategic market for the creation of new biotechnological processes. An example of this wealth is that Latin America has nearly 50% of the world’s primary forests, covering more than 663 million hectares.