The emergence of the bioeconomy is presented here as a long term process entailing important structural changes and affecting both many of the technologies we use and the structure of the world economic system. The development of the bioeconomy will depend on the availability of fossil fuels, on the impact of human activities on the environment and on the progress of science and technology. The bioeconomy is going to be highly knowledge intensive and to rely on modern biotechnology. As all important innovations the bioeconomy will lead to creative destruction, giving rise to wealth creation and to the displacement of present economic activities. Suppliers of biological inputs are likely to benefit and those of fossil fuels to suffer. However, the balance of power will tend to favour countries and regions which are centres of knowledge creation rather than suppliers of natural resources.