Towards Sustainability? forest-based circular bioeconomy business models in finnish SMEs
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In line with the Sustainable Development Goals of the UN 2030 Agenda, the circular bioeconomy concept is gaining greater political momentum and research interest. A circular bioeconomy implies a more efficient resource management of bio-based renewable resources by integrating circular economy principles into the bioeconomy. These ideas have been well received at industry level since they are deemed to foster cost reductions, innovation and competitiveness. While recent scientific literature has dwelt on sustainability-related circular business models, empirical research on company-level implementation is only just emerging. Our study contributes to addressing this research lacuna by seeking answers to two questions: 1. How do small and medium-sized enterprises (SMEs) propose, create and deliver, and capture value through circular bioeconomy business models?; and 2. What are the business challenges and opportunities related to the operationalization of such business models? To this end, we employed content analysis on interview data gathered from managers in Finnish SME companies from the field of packaging, textiles, composite materials, cosmetics and pharmaceutical products. We outlined the main business model archetypes, and identified the key characteristics that enable value capture and delivery for various stakeholders. The contribution of this study is duly two-fold. From the perspective of a theoretical contribution, we expand and refine the conceptualization of susta…
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The bioeconomy enables the transition from fossil-based to biomass-based industrial inputs and emphasizes the sustainable use of renewable resources for economic, environmental, and social benefits.
“Similarly, the bioeconomy enables the transition from fossil-based to biomass-based industrial inputs and emphasizes the sustainable use of renewable resources for economic, environmental, and social benefits (Pfau et al., 2014; D'Amato et al., 2018; Gawel et al., 2019).”
From Circular Bioeconomy Concepts—A Perspective (2021) · cites this paper as D'Amato et al., 2018
The limitations associated with the circular economy are primary emphases on economic and environmental gains while neglecting the social dimension to any significant extent.
“On the other hand, the limitations associated with the circular economy are the primary emphases on economic and environmental gains while neglecting the social dimension to any significant extent (Kirchherr et al., 2017; D'Amato et al., 2018; Korhonen et al., 2018).”
From Circular Bioeconomy Concepts—A Perspective (2021) · cites this paper as D'Amato et al., 2018
Both the circular economy and the bioeconomy are resource-oriented concepts that fail to address synergies and conflicts with broader ecological processes and ecosystem services such as water, carbon and nutrient cycles, quality of energy source and efficiency in production and use, and maintenance of biodiversity, ecosystems, and related services.
“Moreover, both the circular economy and the bioeconomy are resource-oriented concepts (e.g., renewable materials, material recycle), which essentially fail to address synergies and conflicts with broader ecological processes and ecosystem services such as water, carbon and nutrient cycles (including emissions and waste), quality of energy source and efficiency in production and use, and main”
From Circular Bioeconomy Concepts—A Perspective (2021) · cites this paper as D'Amato et al., 2018
The circular bioeconomy should be viewed as an emerging concept aiming to address the debate on the definite contribution of the circular economy and the bioeconomy to resolving sustainability challenges.
“We agree with some researchers that the circular bioeconomy should be viewed as an emerging concept aiming to address the debate on the definite contribution of the circular economy and the bioeconomy to resolving sustainability challenges (D'Amato et al., 2017, 2018).”
From Circular Bioeconomy Concepts—A Perspective (2021) · cites this paper as D'Amato et al., 2018
The circular bioeconomy is more than the bioeconomy or circular economy alone.
“Instead, the circular bioeconomy is actually 'more than bioeconomy or circular economy alone' (D'Amato et al., 2018).”
From Circular Bioeconomy Concepts—A Perspective (2021) · cites this paper as D'Amato et al., 2018
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“In the process of capturing value, too, reducing environmental effects and considering social responsibilities, beyond increasing revenue and profit, are among the objectives and indicators of a sustainable business [28,45].”
BackgroundMethodInfluentialOverarching Business Models for a Circular Bioeconomy: Systematising archetypes
Salvador, R., Barros, M., Pieroni, M. P. P., Silva, D. A. L., Freire, F., & de Francisco, A. D. (2023) · Sustainable Production and Consumption · doi:10.1016/j.spc.2023.11.010 · Cited by 34 · see citing works
Russell, J. D., Huff, K., & Haviarova, E. (2022) · Journal of Industrial Ecology · doi:10.1111/jiec.13284 · Cited by 34 · see citing works
“, extended product lifespan, and increased product service life cycles) can sometimes conflict with conventional sustainability and environmental priorities if they are not comprehensively considered (D’Amato et al., 2020).”
BackgroundMoving towards circular bioeconomy: Managing olive cake supply chain through contracts
Raimondo, M., Caracciolo, F., Cembalo, L., Chinnici, G., Pappalardo, G., & D'Amico, M. (2021) · Sustainable Production and Consumption · doi:10.1016/j.spc.2021.03.039 · Cited by 33 · see citing works
Innovations in Forest Bioeconomy: A Bibliometric Analysis
Jankovský, M., García-Jácome, S. P., Dvořák, J., Nyarko, I., & Hájek, M. (2021) · Forests · doi:10.3390/f12101392 · Cited by 30 · see citing works
Fortea, C., Antohi, V., Hassan, R., Andrei, J.-V., & Erokhin, V. (2026) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.70406 · Cited by 29 · see citing works
Raman, R., Das, P., Aggarwal, R., Buch, R., Palanisamy, B., Basant, T., Baid, U., Viswanathan, P. K., Subramaniam, N., & Nedungadi, P. (2025) · Sustainability · doi:10.3390/su17125342 · Cited by 29 · see citing works
Foraste, Á. G. (2023) · Resources, Conservation & Recycling Advances · doi:10.1016/j.rcradv.2023.200133 · Cited by 29
Baublyte, G., Korhonen, J., D'Amato, D., & Toppinen, A. (2019) · Scandinavian Journal of Forest Research · doi:10.1080/02827581.2019.1598484 · Cited by 29 · see citing works
Self-citationChakraborty, A., De, D., & Dey, P. (2025) · Syst. · doi:10.3390/systems13030200 · Cited by 28 · see citing works
Renewable Energy Mix Enhancement: The Power of Foreign Investment and Green Policies
Agustina, I., Khuan, H., Aditi, B., Sitorus, S., & Nugrahanti, T. P. (2023) · International Journal of Energy Economics and Policy · doi:10.32479/ijeep.14796 · Cited by 28
“More efficient resource management of renewable resources by integrating circular economy principles to drive cost reduction, innovation and competitiveness of sustainable transitions to reflect economic viability and growth (D’Amato et al., 2020).”
Hetemäki, L., D'Amato, D., Giurca, A., & Hurmekoski, E. (2024) · Forest Policy and Economics · doi:10.1016/j.forpol.2024.103204 · Cited by 27 · see citing works
Self-citationTowards a Sustainable Bioeconomy through Industrial Symbiosis: Current Situation and Perspectives
Bijon, N., Wassenaar, T., Junqua, G., & Dechesne, M. (2022) · Sustainability · doi:10.3390/su14031605 · Cited by 27 · see citing works
“Circular bioeconomy has emerged as a combined approach to BE and CE [11,12], but is more than a mere combination.”
BackgroundGómez, I., & Lizundia, E. (2021) · Advanced Sustainable Systems · doi:10.1002/adsu.202100236 · Cited by 26 · see citing works
Palau-Pinyana, E., Llach, J., & Bagur‐Femenías, L. (2023) · Management Review Quarterly · doi:10.1007/s11301-023-00341-9 · Cited by 25 · see citing works
“Furthermore, in certain sectors, important trends that businesses cannot be oblivious to are the bioeconomy and the circular bioeconomy, which have been proven to support innovation, development of sustainable products, competitiveness and cost reduction (D’Amato et al. 2020; DeBoer et al. 2020).”
Taffuri, A., Sciullo, A., Diemer, A., & Nedelciu, C. (2021) · Sustainability · doi:10.3390/su13116224 · Cited by 25 · see citing works
The future of the forest-based bioeconomy in selected southeast European countries
Lovrić, N., Ostoić, S. K., Vuletić, D., Stevanov, M., Đorđević, I., Stojanovski, V., & Curman, M. (2021) · doi:10.1016/j.futures.2021.102725 · Cited by 24
Abhimanyu, Singh, K., Sable, H., Sonu, S., Kumar, V., Singh, P., Kaushik, A., Thakur, P., & Chaudhary, V. (2025) · Materials Today · doi:10.1016/j.mattod.2025.09.004 · Cited by 22 · see citing works
Circular economy adoption in MSMEs: unveiling enablers and barriers
Mishra, S., Sahoo, D., & Mohapatra, S. (2024) · International Journal of Development Issues · doi:10.1108/ijdi-06-2024-0163 · Cited by 23
Adamseged, M. E., & Grundmann, P. (2020) · Sustainability · doi:10.3390/su12219018 · Cited by 22
“The focus of these studies is to contribute to the definitions [15] and understanding of value propositions [16], business model design [9], and challenges and opportunities to operationalize [13,17] business models for the bioeconomy.”
Background
- Authors
- D'Amato, D., Veijonaho, S., & Toppinen, A.
- Affiliations
- University of Helsinki (FI)
- ORCID
- Toppinen, Anne
- Venue
- Forest Policy and Economics
- Publisher
- Elsevier BV
- Published
- 2020-01
- Volume
- 110
- Pages
- 101848
- ISSN
- 1389-9341 (ISSN-L)
- OpenAlex
- W2904440676
- Cited by
- 349
- References
- 61
- Citations by year
- 2026: 32 · 2025: 47 · 2024: 46 · 2023: 61 · 2022: 71 · 2021: 48 · 2020: 30 · 2019: 14
- FWCI
- 57.29
- Type
- journal article
- Language
- en
- Update notices
- erratum (2021-06-01)
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Forest Policy and Economics (publishedVersion, cc-by-nc-nd)
- Työväentutkimus Vuosikirja (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- Jenny and Antti Wihuri Foundation
- Academy of Finland
- Topics
- Life Sciences › Agricultural and Biological Sciences › General Agricultural and Biological Sciences › Bioeconomy and Sustainability Development
- Social Sciences › Business, Management and Accounting › Strategy and Management › Sustainable Supply Chain Management
- Social Sciences › Business, Management and Accounting › Marketing › Environmental Sustainability in Business
- Keywords
- circular bioeconomy, circular business models, small and medium-sized enterprises, forest industry, value creation, value capture, business model archetypes, sustainability transitions, Finnish SMEs, packaging industry, textiles, composite materials
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