The economic assessments, in the recent era, sustainability have witnessed the introduced the term 'bioeconomy' to accelerate the economic strategy, particularly in the area of food security and standards. An increase in the usage of biomass for bioenergy may drift the food availability to scarcity, and drain the present bloom of the economy. Additionally, the transition to bioeconomy shall result in agricultural growth, energy security serving rural economic development, and employment in the developing countries.
The industrial revolution has shown us that fossil fuel tunes to be one of the crucial factors in shaping our economy. The burgeoning price of the fossil fuel coupled with the science to fabricate cheap energy harvesting materials led to the introduction of biofuels. Although the use of biofuel has an excellent environmental remedial solution, the policies and the directives, along with the issues concerning food security and land usage has not adequately been framed to date. A major thrust should be given to the policies with extensional research in the field of economic, social, and environmental sustainability. The aspects, both from the positive and the negative perspective, must be scripted concerning subsidy, tax, and tariff instruments.
In 2010, two researchers, Hertel and Backman, investigated the link between the production of biofuels and the market of the agricultural commodity. They found that the biofuel production and blending mandates bolstered the transmission of energy price volatility onto the agricultural market, thus indirectly affecting the land consumption, especially in developing countries. The advanced types of machinery and tools in biotechnology enable us to generate hybrid crop varieties elevating the resource efficacy and directing a climate-smart food system.
Bioeconomy also attempts to fabricate a situation that may ensure food supply across the globe, including devising specific routes to minimize the loss of products while traveling from the harvest to the market.
The latest definition, as given by the German Bioeconomy Council takes into account the socio-economic behavior associated with the phenomena as it frames 'Bioeconomy' as it says" The policy should not be fragmented into diverse policy areas or technology sectors, but comprise RD&I, agriculture/forestry/ marine sectors, food, healthcare, biotechnology, converging technologies, renewable energy and conservation, and all these in combination with digitalization.”
The influence of the consumer behavior via various mediums such as information, education, and nudging are an integral part of bioeconomy as it helps to predict the upcoming economy more precisely. After all, to address sustainability through 'bioeconomy,' an amalgamation of the societal, technological, and economic perspective is needed.
As we predict 'bioeconomy' to be one of the promising economic figures soon, researchers must study the same, taking more massive drifts of societal, technological, and economic domains into the context. It is an excellent opportunity for the bussing scientists, industrialists, and people in business, investors, and economists to fine-tune this channel into a measure having a broader impact. We believe that a promising replacement to the current economy shall not only develop with new science and optimized consumption but also with drafted regulations and focusing more on the industry, consumers, and resource protection.