New innovations are called for to renew the European forest sector into bioeconomy. However, little research exists on how the industry innovativeness is publicly perceived. Using data collected with an online questionnaire in four European countries, we investigate perceptions related to forest sector innovations on 13 current and new bioeconomy-related products and services. Altogether, 218 valid responses were received in 2015, and the data were analysed using descriptive statistics, performance-importance analysis, and Gartner’s innovation hype cycle. Based on our results, the respondents were in the strongest agreement that the forest sector has since the year 2000 has produced innovations related to wood building systems, construction materials, and wood composites. In the next 15 years, they foresaw a decline in innovations related to biofuels and paper products. The European forest sector also has future potential in wood construction, which is likely related to international policy targets related to carbon mitigation and capture. The observed variation in perceptions among the respondents on forest sector innovativeness calls for strengthening industry R&D, as well as by improving societal awareness of ongoing innovation projects by developing better communication.