<p>Linear economy model broadly focus upon a straight chain approach involving the raw material processing, its consumption and disposal. Such business models initiate an ever increasing problem of waste generation having adverse impact on environment such as pollution, high carbon footprint and global warming. Circular bioeconomy model demonstrate the potential to develop a more sustainable environment by providing a framework for innovative technological and business advancements. Countries across the globe are shifting the focus from linear economy models and formulating a transition to circular economy. New bio-based product formation proves to be a key in addressing environmental waste related problems and simultaneously contributing to bioeconomy. Novel green technologies play a significant role in developing solutions on the template of waste to energy thus keeping the material in process for extended time period resulting in less waste residue formation and low carbon footprints. Large number of traditional refineries has been converted to biorefineries, processing huge amount of renewable feedstock to bio-based products such as next generation biofuels, enzymes, pigments, vitamins. Adoption of the circular economy based approach will prove beneficial in terms of employment generation too. However, the transition is not smooth but rather full of challenges. Continuous resource supply and process optimization for waste valorisation on a large scale still needs to be done. Designing and replacing sustainable business models with more sustainable ones is an important aspect for achieving goals of circular economy. A more universal policy making is required for better adoption of circular bioeconomy approach across borders.</p> Graphical Abstract <p></p>