The expansive growth of global population has leaded into a rapid depletion of many resources,including energy and food and to environmental pressures and climate change.The current economic crisis in Europe and the United States,partially due to the above reasons guided both parts to release official documents in which they consider bioeconomy as a key element for smart and green growth.Advancements in bioeconomy research and innovation will allow to improve the management of the renewable biological resources and to open new and diversified markets in energy and in bio‐based products.Establishing the bioeconomy concept,a great potential becomes achievable:it can maintain and create economic growth and jobs in rural,coastal and industrial areas,reduce fossil fuel dependence and improve the economic and environmental sustainability of primary production and processing industries.