The bioeconomy provides tremendous potential for high-value products like pharmaceuticals, food and feed additives, and biopolymers. The potential for developing bioeconomy is limited to low-value applications such as bulk chemicals, bioenergy, and biofuels. The economic, environmental, and social benefits of a successful transition facilitated by market innovations must be primarily promoted by businesses, government agencies, and consumers. One of the most critical considerations in promoting bioeconomy is evaluating the market potential of biopolymer packaging materials. Leveraging the GE-McKinsey Nine-Box Matrix, a decision-making process was developed to assess the market attractiveness and competitive advantage of the four biopolymer packaging materials in the EU market: cellulose, PHA, PLA, and starch. The approach incorporates novel elements for competitive advantage, such as product sustainability, to deliver value-added benefits that render a product competitive in the market. The research findings indicate that the packaging material made of PLA biopolymer has the most marketing potential. The methodology for selecting biopolymer packaging materials and advancing the bioeconomy through agricultural waste valorization is well-suited for decision-makers.