The term 'biofutures' broadly refers to the industrial biotechnology and bioproducts sector. This sector focuses on developing and manufacturing products from sustainable organic or waste resources, rather than fossil fuels. It encompasses a range of innovative scientific and industrial technologies designed to convert sustainable feedstocks or waste into a diverse range of bioproducts.

Agriculture, plantation forestry, algae, green-waste, biosolids and other carbon-rich 'waste' streams are all possible sources of feedstocks that could contribute to a wide range of sustainable chemicals, fuels, detergents and textiles.

Bioproducts offer a renewable and environmentally beneficial alternative to existing conventional chemical and fossil fuel refining processes. Many of the potential feedstocks are the by-products of agricultural processes or waste products that would otherwise require disposal or combustion.