The expansion of the worldwide population and food processing sector are expanding tremendously with the advancing demand of food and feed thus contributing significantly to the massive amount of biowaste, primarily from fruits and vegetable processing sectors due to multiplicity of processed food products. The vast accumulation of biowastes in the form of seed, skin, rind, and pomace remain under-utilized due to lack of sufficient processing technology that possess a serious issue both economically and environmentally. Biowaste valorization has gaining popularity nowadays as a result of the advancement of numerous technologies and processes and thus plays a vital role in the growth of the food industry as biowaste streams provide a promising source of a multitude of functional compounds that can serve a multiplicity of health advantages at the industrial scale for food, biotechnology, healthcare and cosmeceuticals applications. Keeping this as the background, the present review has been based on the conversion of potential biowaste generated from fruits and vegetable processing sector into diverse value-added products using appropriate novel technologies and processes for effective utilization for value-addition as well as to boost the economic value in order to achieve a “circular bio-economy”. © 2022