The United Kingdom Department for Business, Energy and Industrial Strategy (BEIS) has published the national bioeconomy strategy for the 2018-2030 period. It estimates that the sector is currently worth £220bn (roughly €250bn) and has unveiled several objectives such as maximising potential and productivity of the existing assets, creating the proper market conditions for the development of new bio-based products to progressively replace fossil resources.
The document endorses the use of bio-resources (including biofuels and biomass) as fundamental to the UK’s decarbonisation and economic growth targets. The future development of the UK's supply of bioenergy feedstocks is likely to help decarbonise the UK's heat, power and transport sectors' requirements.
The BEIS estimates that the global biorefining market is set to grow from £350bn to £550bn (€620bn) by 2021 while the global market for agricultural biotechnology will grow from £22bn in 2016 to £40bn (€45bn) by 2022.