What is the bio-based economy and how is it different from the organic economy?
The bio-based economy is an economic system based on biological resources and processes. In such an economic model, sustainability and production/">environmental protection are prioritised in production and consumption. In a bio-based economy, biological resources such as plants, animals and micro-organisms are used in production processes and in the production of goods and services.
The bioeconomy, on the other hand, is an economic system in a narrower sense, focusing exclusively on development-of-the-bioeconomy/">biotechnology industries and bio-based products. The bioeconomy is dominated by biotechnological research and development and the production and marketing of bio-based products. This economic model is leading to significant development and innovation in biotechnology industries such as pharmaceuticals, food and cosmetics.
The difference between the bio-based economy and the bio-economy is therefore that while the bio-based economy is based on biological resources and processes in general, the bio-economy focuses exclusively on biotechnology industries and bio-based products. Both economic models, however, focus on sustainability and environmental protection and contribute to economic growth and social development.∑: economy, economic, production, biological, resources, processes, biotechnology, industries, products