Today the sectors of the bioeconomy already earn almost eight percent of the Austrian gross domestic product and employ more than 230,000 people. In Austria, the development of a bioeconomy is formulated by the "Research, Technology and Innovation Strategy (RTI Strategy) for Biobased Industries" published in 2014. The Austrian Ministry of Transport, Innovation and Technology is responsible for that. Additionally, a status report prepared by an inter-ministerial working group composed of the Ministries of Transport, Innovation and Technology (BMVIT); Agriculture, Forestry, Environment and Water Management (BMLFUW); Science, Research and Economy; and the Austrian Federal Chancellery was published in 2015.

With the strategy, the government is aiming to advance the development of bio-based industries. The strategy mainly addresses the food industry, the chemical and pharmaceutical industries, and the timber industry. Priority is accorded to the following product groups: insulation materials, bio-composite materials, biopolymers, bio-based bulk chemicals, biofuels, bio-based fertilizers, as well as bio-based special products (enzymes). There is also a focus on processes and process technologies: these include fermentation, pyrolysis, wood processing and new biorefinery concepts.