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Over the past two decades, biotechnology has provided a motor for environmentally sustainable production and for the development of a diverse range of innovative products. The potential economic and environmental benefits of biotechnology have created a growing strategic interest in bioeconomy. Bioeconomy combines highly research and knowledge intensive economic activities in agriculture, forestry and the food sector with the innovative use of renewable raw materials for material and energy use. This paper aims to study the potential for the further development of bio-based sectors in Latvia and main challenges the development of innovations in bioeconomy faces in Latvia and Baltic Sea Region countries. In this study, the authors have analyzed current situation in Latvia regarding bioeconomy development and have identified innovations fostering sustainable use of natural resources. The research finds out that bioeconomy innovations in the traditional biobased sectors such as agriculture, horticulture, forestry, fisheries, renewable energies, food and feed, pulp and paper, goes in line with the principles of sustainable development and thus it effects development of sustainable use of natural resources. This paper reviews the support systems for innovations in bioeconomy in EU and Latvia and studies the potential for the further development of bio-based sectors in Latvia. [ABSTRACT FROM AUTHOR]