Progress in industrial biotechnology over the past ten years has fuelled a new wave of innovation impacting the production of chemicals and goods for the health, agriculture, consumer and energy + materials sector. This has been led by developing a metabolic engineering toolbox comprising omics technologies, computational systems biology, protein engineering and synthetic biology. The toolbox facilitates the engineering of a metabolic pathway in microbes to produce the desired molecule. In the January 2020 report Safeguarding the Bioeconomy by the National Academies of Science, Engineering and Medicine, the value of bioeconomy was estimated at US$1 trillion in the USA alone.
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