Nowadays, the agro-food industry generates high amounts of byproducts that may possess added value compounds with high functionality and/or bioactivity. Additionally, consumers’ demand for healthier foodstuffs has increased over the last years, and thus the food industry has strived to answer this challenge. Byproducts are generally secondary products derived from primary agro-food production processes and represent an interesting and cheaper source of potentially functional ingredients, such as peptides, carotenoids, and phenolic compounds, thus promoting a circular economy concept. The existing body of work has shown that byproducts and their extracts may be successfully incorporated into foodstuffs, for instance, phenolic compounds from eggplant can be potentially used as a mulfitunctional food additive with antimicrobial, antioxidant, and food colorant properties. As such, the aim of this review is to provide insights into byproducts and their potential as new sources of foodstuffs additives.