Thriving in circularity: Vitality of business models development in circular (bio)economy

Abstract

In recent years, the alarming surge in resource consumption has heightened global environmental awareness, prompting a critical examination of consumer behavior and production practices. The realization of the potentially catastrophic implications of these patterns on sustainability has led to a growing recognition of impending ecological challenges and the potential for social and economic collapse. Against this backdrop, the scientific community has witnessed significant advancements in the realms of circular economy and bioeconomy, emphasizing the need for holistic business models to underpin a circular bioeconomy. This short communication aims to emphasize the indispensable role of comprehensive business models within the circular (bio)economy, making a valuable contribution to existing literature. By focusing on the combination and profound impact of these models, the communication seeks to guide businesses towards success by aligning with the core principles of the circular economy. Delving into the essential components of a successful business model within the circular bioeconomy, this work offers insights crucial for policymakers, decision-makers, academia, industry professionals, engineers, and other key stakeholders. Through these insights, the communication strives to foster a deeper understanding and encourage the adoption of strategies that promote sustainability and resource efficiency in the dynamic landscape of the contemporary global economy while at the same time providing limitations and barriers to be expected for such implementations.