The increasing amount of food waste througout the world is becoming a major problem for waste management plants. The food waste produced amounts to 1.3 million tons a year. This is a resource that could be used for production of new products. Decreasing fossil resources and a rapidly growing population lead to the necessity to produce more food and to replace existing with new materials ones that are biological and produce little effect on environment. Bioeconomy is a method that can help achieve production of value-added products that use local resources and waste to manufacture products efficiently. In this article, we are looking at possibilities to use potatoes for production of new materials, such as bioplastics, antioxidants, proteins, instead of their conventional use for food production. We have studied potato components, extraction technologies and summed up possible directions for development for new products, looking at the use of processing waste as a raw material.