Global South is enriched with over 75% of the world’s biological resources. These resources are indicators of a healthy ecosystem and are an integral part of the bioeconomy. Substantial opportunity for sustainable and efficient utilization of these resources in the bioeconomy is in the Global South. The bioeconomy is a global concept, a means to address global challenges and promote sustainable development. Bioeconomy covers various sectors that produce value-added products that utilize renewable biological resources for bio-based products, energy, food, feed, and services. The sustainable use of biological resources is essential to conserving biodiversity and supporting many facets of human existence. Nonetheless, the shift to a bio-based economy poses intricate challenges to food security and implicates ecosystem services. Despite the hurdles, the bioeconomy harbors the capacity to propel sustainable economic expansion and foster environmental preservation. To address global issues and promote scientific research and innovation, biological resource management and conservation are essential. The knowledge of the status of these renewable biological resources is vital, especially in the face of climate change and food security. Hence, there is a need to increase efforts for their management and ecosystem restoration. This chapter aims to highlight the need for more holistic and comprehensive assessment strategies for bioeconomy uses of biological resources by embracing new technologies that can support the monitoring of species. Especially those that are most at risk of extinction in the affected ecosystems and possible environmental impacts, particularly in the areas of ecosystem services, economic contributions, and sustainability.