Progressive anthropogenic degradation of the environment combined with continuous population growth and limited availability of material resources urges a transition towards a chemical industry based on bio-renewable feedstocks. Today, the majority of chemicals and polymers are manufactured from fossil feedstocks, not least because the cost of bio-based production often exceeds the cost of petrochemical processes. However, increasingly volatile prices of fossil resources and a competitive petrochemical market provide an economic incentive for the transition to bio-renewable feedstocks, in addition to the environmental and social benefits gained from this shift. Several policy documents have been published that reflect the desire to reduce industrial dependencies on fossil feedstocks, such as the EU Green Deal, the Industrial Strategy for Europe and the UN Sustainable Development Goals. One interesting source of naturally abundant, bio-renewable organic molecules is turpentine, a mixture of volatile organic substances obtained from wood biomass. The main components of turpentine are monoterpenes, a class of energy-dense unsaturated hydrocarbons made up of two isoprene units that has the potential to serve as alternative feedstock material for chemical processes. While the exploitation of monoterpenes for lower value applications has been widely investigated in the literature, the conversion of terpenes into structurally similar functional molecules based on green chemistry principles is a rather recent subject.