The term bioeconomy refers to the share of the economy based on products, services, and processes derived from biological resources (e.g., plants and microorganisms). The bioeconomy is crosscutting, encompassing multiple sectors, in whole or in part (e.g., agriculture, textiles, chemicals, and energy). Many predict that the bioeconomy will be a key component of the future economy. Specifically, many view the development of and transition to predominantly a bioeconomy as a means to address grand challenges such as climate change, food security, energy independence, and environmental sustainability. Advancing the bioeconomy is also viewed as an opportunity to create new jobs and industries, improve human health through the development of new drugs and diagnostics, and boost rural development. Some experts estimate the direct economic impact of bio-based products, services, and processes at up to $4 trillion per year globally over the next 10 years.