The transition to biobased materials from reliance on fossil resources is pivotal in establishing a sustainable biobased economy. However, sustainability assessment methods and tools face limitations in adequately evaluating biobased products due to their renewable nature and complex value chains. This study uses a narrative review to explore the potential of Industry 4.0 (I4.0) technologies to address these limitations in the sustainability assessment of biobased product manufacturing. Additionally, published articles on Industry 5.0 (I5.0) technologies were reviewed to highlight the integration of human creativity with intelligent technologies and opportunities for tailoring sustainability assessment methods and tools to address the unique challenges of biobased product manufacturing. By harnessing the capabilities of I4.0, real-time data exchange and predictive modeling can be used to create and assess the sustainability profile of biobased products. Establishing transparent, decentralized systems powered by Internet of Things (IoT) technologies will be crucial to enhancing sustainability assessment. Robust frameworks can be developed leveraging cognitive computing capabilities and collaborative approaches of I5.0, rendering sustainability assessment methods and tools more adaptive, accurate, reliable, and holistic in supporting the sustainable growth of the biobased industry, ensuring its economic competitiveness against alternative fossil-based product industries.