Bioeconomy is understanding mechanisms and methodologies at the genetic and molecular levels and applying this to creating or improving industrial processes. The Bioeconomy comprises those parts of the economy that use renewable biological resources from land and sea – such as crops, forests, fish, animals and micro-organisms – to produce food, materials and energy. It is an essential alternative to the dangers and limitations of our current fossil-based economy and can be considered as the next wave in our economic development. Bioeconomy, bio based economy, biotechnology refers to all economic activity derived from scientific and research activity focused on biotechnology.