The agricultural-based biomaterial industry in Ontario is investigated with an overarching goal of formulating strategies to accelerate the industry’s establishment and development. The availability of current and potential biomass feedstock for use in the biomaterial sector is assessed. The current market status of selected biomaterials is analyzed, and the promising biomaterials for immediate commercial establishment in Ontario are identified. Policy instruments to promote the biomaterial industry are examined and compared with those in other jurisdictions. The influential factors in commercializing biomaterials and barriers are reviewed, and an evaluation matrix to screen the biomaterials/firms is developed. The strategic approach to accelerate the industry development is proposed with the prioritized market sectors and biomaterials.