The role of the bioeconomy based on the use of renewable resources and also on the valorization of bio-based waste could contribute to a higher degree of sustainability. In this sense, biobased processes and products should exhibit values for indicators that demonstrate and outperform their competing counterparts. To this end, it is essential to apply a methodology to conduct the assessment of environmental impacts and potential damages at a global level. Life cycle assessment (LCA) has proven to be a suitable method to study the environmental profiles and damage scores of products and/or processes within their life cycle. In this regard, LCA impact scores are transformed into planetary boundary (PB) values, for which a threshold has been previously established. This has been the focus of this article, in which the environmental sustainability ratios of different bioadhesive scenarios have been evaluated under the combined framework of PBs and LCA for wood-based bioadhesives following different allocation approaches based on egalitarian, utilitarian, and grandfathering principles. In this way, it has been possible to assess the potential of bioadhesives to replace synthetic resins in the wood-based panel production chain. The results obtained show some variability in the environmental profiles and indicators, but it is possible to conclude that the bioadhesives selected can be considered as sustainable alternatives. However, improvements are required in certain PB categories, such as climate change or biogeochemical flows, as in some cases, the threshold value is exceeded. Future research should focus on two strategic lines: the application of guidelines for the evaluation of environmental sustainability at the planetary level and the optimization of bio-adhesive production to reduce their impact with the aim of achieving a more adequate sustainability ratio.