AbstractIn this review, the impact of industrial (or “white”) biotechnology can have on our society and economy is discussed. An overview is given of industrial biotechnology and its applications in a number of product categories ranging from food ingredients, vitamins, bio‐colorants, solvents, plastics and biofuels. The use of fossil resources is compared with renewable resources as the preferred feedstock for industrial biotechnology. A brief discussion is also given of the expected changes in society and technology, ranging from the shift in the supply of resources, the growing need for efficiency and sustainability of the production systems, changing consumer perception and behaviour and changing agricultural systems and practices. Many of these changes are expected to speed up the transition from a fossil‐based to a bio‐based economy and society.