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In order to cope with an increasing global population, rapid depletion of many resources, increasing environmental pressures and climate change, Europe needs to radically change its approach to production, consumption, processing, storage, recycling and disposal of biological resources. The Europe 2020 Strategy calls for a bioeconomy as a key element for smart and green growth in Europe. Advancements in bioeconomy research and innovation uptake will allow Europe to improve the management of its renewable biological resources and to open new and diversified markets in food and bio-based products. Establishing a bioeconomy in Europe holds a great potential: 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.