Australia Poised to Dominate USD30T Global Bioeconomy by 2040
(MENAFN) A freshly published analysis reveals Australia’s promising position to become a global leader in the booming bioeconomy sector—a market projected to reach $30 trillion worldwide by 2040, representing up to a third of the global economy.
The study, conducted by Queensland University of Technology (QUT) in partnership with the Australian Research Council Center of Excellence in Synthetic Biology, cautions that without swift and coordinated national action, Australia could fall behind other global powers that have already rolled out comprehensive bioeconomy strategies, according to a QUT statement.
Currently valued at around $4 trillion USD, the bioeconomy encompasses industries that utilize biological resources—including plants, animals, and organic waste—to sustainably produce food, energy, and materials. This sector’s rapid expansion is poised to reshape the global economic landscape.
With its vast biomass reserves and cutting-edge research facilities, Australia holds a distinct advantage in this space. The report highlights promising avenues such as sustainable biomanufacturing, precision fermentation to develop novel food ingredients, and the production of renewable fuels, including sustainable aviation fuel derived from agricultural residues.
"It is a pivotal moment of economic transformation for Australia, which is driven by the shifting global market, rapid technological advancements and the move towards a low-carbon economy," emphasized Ian O'Hara, the report’s lead author from QUT.
To capitalize on this momentum, the report urges the establishment of a unified national strategy to streamline priorities and collaborative efforts. It stresses the importance of investing in sustainable feedstock supply chains, cultivating a skilled and flexible workforce, and creating robust commercialization pathways to convert research breakthroughs into viable market solutions.
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