Abstract

The shift to a bio-based economy called the bio-economy by most of the global population is a paradigm-shifting approach to production, consumption, and resource management. The bio-economy is a rapidly growing sector, motivated by increasing biotechnology and demand bargaining on environmental sustainability, with a view to minimize reliance on fossil fuels, improve security on food and energy, and innovative-driven growth. This multidisciplinary review examines how innovation in biotechnology, sustainable resource management, economic systems, and public policy interact in developing the emerging bio-economy environment. The article reviews recent literature in life sciences, environmental sciences, economics, and policy analysis to assess how the new technology applications in biotechnology, including synthetic biology, industrial fermentation, and bio-based materials, are reshaping the boundaries of traditional industries. It also explores the ways in which sustainable farming, forestry, aquaculture, and waste management areas are being re-profiled with bio-based solutions. The review provides a market and management science analysis of the commercialization approaches, supply chain dynamics and investment patterns related to bio-based innovations. It also takes into consideration the role of the public-private partnerships, intellectual property regimes, and the role of the dynamics of the world trade in promoting, or inhibiting the growth of the bio-economy. Under the policy front, the review identifies governing regulatory approaches, national approaches and international collaboration processes that influence the development and ethical use of bio-economy technologies. It addresses the necessity of inclusive, equitable, and ecologically mindful governing systems which prioritize an equal balance between innovation and the societal and ecological protection. Combining interdisciplinary expertise, this review highlights the possibilities of the bio-economy to contribute to sustainable development and outlines the significant challenges that need to be overcome to make its development responsible and inclusive on a global level.

Key words: Bioeconomy, Biotechnology Innovation, Sustainable Resource Management, Circular Economy, Public Policy, Synthetic Biology, Nutraceuticals, Market Systems, Global Governance, Sustainable Development Goals (SDGs)