Globe has finite resource and thus the current linear economy model of “take-make-dispose” that represents “cradle to grave” type scenario is unsustainable and will not be economical. On the contrary we look for a waste-free world through “close-loop system” that represents “cradle to-cradle” type concept towards a more sustainable “circular economy”. The so-called wastes and/or undervalued co-products and by-products from one industry can be used as raw materials for another industrial development thus in finding their value-added uses. Bio plastics in general are costly as compared to several traditional petro-based plastics. The design and engineering of bio based composites from bio plastics and inexpensive co-products from food processing and biofuel industries can create new industrial products of commercial values. In another approach recycled plastics in combination with inexpensive agro-residues and perennial grasses can develop off fordable bio composites for consumer product applications. This presentation will highlight how circular and green economy can synergize the opportunity of bio based materials in commercialization path and in societal uses. Both compostable bio composites and bio based but not biodegradable type of bio based materials can help in reducing environmental impact through reduced greenhouse gas (GHG) emission.