Production of plant derivatives using genetic engineered micro-organisms
In principle, any biological product should be able to be developed through microbial synthesis, with the appropriate choice of chassis. Indeed, this was the goal of the DARPA &quot;1000 Molecules&quot; program, which did indeed demonstrate it was possible to rapidly engineer new pathways for production of new biomolecules.
In practice, however, some products are far more difficult to achieve than others.
A (very) rough sorting from easiest to hardest:

Small-molecule chemicals that are &quot;near&quot; to an existing metabolite already being produced by the organism, requiring only small number of modifications to the organism.
Proteins, polymers, and small molecules requiring more extensive or difficult synthesis
Materials with a homogeneous structure
Materials with a highly heterogeneous structure

Basically, the more you have to manipulate the cells, the harder it is, and if you need the cells to coordinate with each other to make a material it gets much harder yet. Even some simple everyday materials, such as cotton, are actually fantastically complex and would be extremely difficult to synthetically generate, since even a single cotton fiber has a carefully controlled multilayer structure far larger than any microbe.
Finally, just because something can be produced doesn't mean it will be produced efficiently. Getting from a proof-of-principle to something that operated effectively at industrial scale is a massive challenge, and while this is likely to become easier in the future we just aren't there yet.
Something to keep an eye on, however, is BioMADE, a major government funded venture just kicking off with the aim of making such production much more feasible.
In short: in the near term, expect to see mostly high-value products with relatively simple routes to synthesis, but over the long term a much broader range of materials can in principle be produced.