Abstract
Abstract The introduction into the forestry sector of a bioeconomy has led to the search for new high value-added bio-products that can be produced using the woody biomass residue from timber harvesting. Any introduction of new bio-products must be justifiable from economic, socio-economic, and technological points of view. For successful commercialization, one important consideration is the market potential for such products. In this paper, a methodology for decision-making to evaluate three existing forest by-products for market potential in Latvia has been developed using the GE-McKinsey Nine-Box Matrix, considering market attractiveness and product competitive advantage. The methodological algorithm has been modified to include different factors such as process and product sustainability as well as competitive advantage. The analysis calculates the market attractiveness and competitive advantage of a specific product. As well, the application of this methodology makes a clear and presentable way of determining the viability of investing in new bio-products possible.
Highlights
The bioeconomy is experiencing worldwide growth and is playing an increasingly important role in the European Union [1], [2]
The introduction into the forestry sector of a bioeconomy has led to the search for new high value-added bio-products that can be produced using the woody biomass residue from timber harvesting
The aim of this paper is to develop a methodological algorithm for decision-making in the commercialization of bioproducts technology while taking into account environmental considerations
Summary
The bioeconomy is experiencing worldwide growth and is playing an increasingly important role in the European Union [1], [2]. The existing fossil-based economy is being increasingly challenged by population numbers, climate change and a shortage of resources [3]. The bioeconomy counts on the availability and reliability of the supply of renewable resources for the production of high value-added products. New bio-products are created in biorefineries, which results in both cleaner production and implements the cascade principle. The cascade principle incorporates both the production of high value-added products and the use of residues to make those value-added products, thereby achieving little or no waste and reducing impact on the climate [3]. Bio-based products and bioenergy can have new and innovative functionality along with the potential to enter both new and existing markets [4]
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