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Towards sustainability? Forest-based circular bioeconomy business models in Finnish SMEs
Open accessAbstract
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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“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
In the citing paper
“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
In the citing paper
“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
In the citing paper
“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
In the citing paper
“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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Laakkonen, A., Heiskanen, A., Näyhä, A., Toppinen, A., & Hurmekoski, E. (2025) · FUTURES & FORESIGHT SCIENCE · doi:10.1002/ffo2.70007 · Cited by 1
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“Moreover, modern international relations are also considered from the point of view of sustainable development, which takes into account ecological production and consumption, using renewable technologies and the reuse and recycling of materials [29, 30].”
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Febrian, F. M., & Triadi, I. (2024) · Indonesian Journal of Law and Justice · doi:10.47134/ijlj.v1i4.2629 · Cited by 4
“(D’Amato, 2020) Dalam hal ini negara menggunakan kewenangannya sendiri untuk memanfaatkan hutan.”
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Brata, J., & Toparakkasi, F. (2023) · Jurnal Aktor · doi:10.26858/aktor.v2i3.46879 · Cited by 1
“…implementation of policies focusing on forest conservation and sustainable land use has gained attention, such as the REDD+ program aimed at reducing deforestation and promoting sustainable forest management (D’Amato et al., 2020; Mann et al., 2010; Nambiar, 2019; Specht, 2019; Voitleithner, 2002).”
BackgroundCharakterystyka zrównoważenia rozwoju biogospodarki w Polsce - wymiar ekologiczny
Faber, A., & Jarosz, Z. (2023) · Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego · doi:10.22630/prs.2023.23.1.1 · Cited by 1
“Zrównoważenie rozwoju biogospodarki zostało omówione dość kompleksowo (D’Amato, 2019; D’Amato, 2020; Giuntoli i in., 2020; Koukios i in., 2018; Liobikiene i in., 2019; Loiseau i in., 2016; Ramcilovic-Suominen i Pülzl, 2018).”
BackgroundBusiness Model Archetypes. A Systematic Literature Review
Madsen, R., Lindgren, P., & Durst, S. (2022) · International Symposium on Wireless Personal Multimedia Communications (WPMC) · doi:10.1109/wpmc55625.2022.10014802 · Cited by 3
Ofori, D. (2025) · International journal of economics, business and management research · doi:10.51505/ijebmr.2025.9213 · Cited by 1
Does green finance play an important role in sustainability? A bibliometric analysis
Suryantini, N. P. S., Purnawati, N. K., Dewi, N. W. Y., Darmayanti, N. P. A., Candraningrat, I. R., & Purnami, N. M. A. (2024) · E3S Web of Conferences · doi:10.1051/e3sconf/202455801008 · Cited by 1
Unlocking economic growth: Circular bioeconomy implementation and the role of forestry industry
Yuniati, D., Nurrochmat, D., Pribadi, D. O., Djaenudin, R. D., Kuncahyo, B., & Khotimah, H. (2024) · BIO Web of Conferences · doi:10.1051/bioconf/202412303003 · Cited by 1
“CBE incorporates circular economy (CE) principles into the bioeconomy (BE) in improving the oversight of biological renewable resources [2].”
BackgroundSustainable technologies for biodiesel production from microbial lipids
Pandey, A., Sirohi, R., Gaur, V., Pandey, K., Udayan, A., Sharma, P., Pilli, S., Kim, S.-H., & Pandey, A. (2022) · Biomass, Biofuels, Biochemicals · doi:10.1016/b978-0-323-89855-3.00022-4 · Cited by 1
Rawat, P., & Singh, V. (2022) · International Journal of Social Ecology and Sustainable Development · doi:10.4018/ijsesd.290392 · Cited by 1
AgroForest Biomass and Circular Bioeconomy
Leitão, A., Rebelo, F., Pintado, M., & Ribeiro, T. (2020) · Advances in finance, accounting, and economics book series · doi:10.4018/978-1-5225-9885-5.ch011 · Cited by 1
Exploring the Economics of the Circular Bioeconomy
Viaggi, D. (2020) · Springer eBooks · doi:10.1007/978-981-15-7321-7_1 · Cited by 1
Myllärniemi, J., Tuppura, A., Toivonen, R., Ehrnrooth, N., & Toppinen, A. (2026) · Forest Policy and Economics · doi:10.1016/j.forpol.2026.103909
Self-citationBio In, Garbage Out? A Review of Paradoxes and Trade‐Offs in the Circular Bioeconomy
Bekele, N. A., Maria, E. D., & Carmine, S. (2026) · Business Strategy and the Environment · doi:10.1002/bse.71755
Circular Economy Disclosure in Europe's Automotive Sector: An Analysis of Reporting Patterns
Bauer, J., Kunsmann, J. M., & Letmathe, P. (2026) · Business Strategy and the Environment · doi:10.1002/bse.71665
Teshome, B., Kassa, H., & Pretzsch, J. (2026) · Journal of Circular Economy · doi:10.55845/6msbgk77
“…cluster development such as shared resource systems, recycling networks, and collaborative innovation platforms could address these gaps and support the transition toward a more sustainable and competitive forest-based economy (D'Amato et al., 2020; Lazaridou et al., 2021; Simioni et al., 2024 ).”
Bego, M., Hajdarević, S., & Martinović, S. (2026) · Wood Material Science & Engineering · doi:10.1080/17480272.2026.2734132
Ichsan, A. C., Dipokusumo, B., Waru, T., Amrullah, A., & Sa’adiah, H. (2026) · Environmental Challenges · doi:10.1016/j.envc.2026.101630
Didu, S., Suharno, Ahmad, A. A., & Adawiyah, W. (2026) · Proceedings of the International Conference on Rural Development and Entrepreneurship (ICORE) · doi:10.32424/59hm9q09
“Studies by Morone et al. (2019), Nascimento et al. (2020), and D’Amato et al. (2021) revealed that sustainable agroindust ry contributes significantly to low carbon production systems and regional economic resilience.”
One Field, Many Fictions? A Clarifying Taxonomy of Sustainability‐Oriented Business Model Concepts
Rettab, Y., Tsilionis, K., de Kinderen, S., & Turetken, O. (2026) · Business Strategy and the Environment · doi:10.1002/bse.71396
Vandamme, E., Santana-Sosa, A., Ratsou-Stæhr, E., Passarelli, R. N., & Rinke, M. (2026) · Buildings · doi:10.3390/buildings16153096
Characteristics of biointelligent value creation systems
Shoshi, A., Sonnenberg, M., Bauernhansl, T., & Miehe, R. (2026) · Cleaner and Circular Bioeconomy · doi:10.1016/j.clcb.2026.100227
Chandel, A., Hassan, R., & Pahuja, A. (2026) · Business Strategy and the Environment · doi:10.1002/bse.71336
León-Camargo, A., & Saavedra-Aguirre, H. N. (2026) · Land · doi:10.3390/land15071238
The potential mitigation effect of forest-based bioeconomy on carbon emissions: The case of Germany
Wen, L.-J., Zhang, R., Zhang, A.-L., & Sun, Z.-L. (2026) · Forest Policy and Economics · doi:10.1016/j.forpol.2026.103783
Hutabarat, Y., & Kusmantini, T. (2026) · Journal of Business and Information Systems (e-ISSN 2685-2543) · doi:10.31316/jbis.v8i1.348
“Green economic incentives are financial and policy mechanisms that reduce the cost and risk of sustainable investment and accelerate the transition to circular business models (D’Amato et al., 2020).”
Exploring the nexus of bioeconomy, circular economy, and gender: A systematic literature review
Viera, J. I. D., Jiménez-Caballero, P., Zarauz, I., Hernández, M. A. S., & Goinheix, S. (2026) · Local Environment · doi:10.1080/13549839.2026.2677068
The impact of circular economy on economic growth in Western and Eastern Europe
Makutėnienė, D., Staugaitis, A., Makutėnas, V., & Grīnberga-Zālīte, G. (2026) · Discover Sustainability · doi:10.1007/s43621-026-03212-x
“More efficient resource use reduces production costs, thereby increasing total factor productivity and supporting economic growth [86, 87].”
Circular Economy and SMEs: A Bibliometric Analysis of Trends, Impact, and Emerging Themes
Khan, H. H. A., Yusof, N. M., Anuar, A., Zawawi, A. A., & Vivekanantharasa, R. (2026) · PaperASIA · doi:10.59953/paperasia.v42i2b.961
Husgafvel, R. (2026) · Sustainability · doi:10.3390/su18073464
Valorization of Co-Products from Barbecue Sauce Production Through Fermentation Processes
Costa, A. C., Braga, J., Nascimento, M. F., Raymundo, A., & Prista, C. (2026) · Foods · doi:10.3390/foods15081275
“…bioeconomy represents an integrated framework that combines the principles of circular and bioeconomies, facilitating the transition of production and consumption systems towards sustainability by enabling multiple reuse cycles of biological materials and promoting environmental stewardship [5,6].”
Chibuzo, O. K., Eldred, E. I., Okonkwo, F., Samuel, A. O., Chidimma, L. O., Olubukola, M., & Joel, E. B. (2026) · SIAR-Global Journal of Engineering & Agricultural Review · doi:10.66694/siar.glear202604
Ahorbo, G., & Dzansi, D. (2026) · International Journal of Applied Research in Business and Management · doi:10.51137/wrp.ijarbm.525
Pires, B. D. M., Oliveira, G. C. D. S., Feitosa, L. S. D. C. V., & João, B. N. (2025) · Revista de Geopolítica · doi:10.56238/revgeov16n5-324
Yuniati, D., Nurrochmat, D. R., Pribadi, D. O., Djaenudin, R. D., Kuncahyo, B., Sayekti, A. L., Khotimah, H., & Wardhani, W. N. R. (2025) · Forest Policy and Economics · doi:10.1016/j.forpol.2025.103666 · Cited by 2
Widada, J., Subejo, Widiyatno, Akhda, N. T., Muttaqin, A. S., Sawitri, Salim, I., Ardiansyah, F., Satriagasa, M. C., Rakino, S. A., et al. (2025) · Frontiers in Forests and Global Change · doi:10.3389/ffgc.2025.1650285
Muñoz-Arenas, C., & Avilés-Palacios, C. (2025) · Forests · doi:10.3390/f16111649
The Dual Role of Innovation in Manufacturing: Enhancing Sustainability and Employment Opportunities
Osorio, I. M. V. (2025) · Organizacija · doi:10.2478/orga-2025-0001
“Some industries present new scopes with better materials, including recycling inputs, currently known as a circular economy or bioeconomy (D’Amato et al., 2018, Pedersen et al., 2018).”
Slovenski gozdarski sektor v času podnebnih sprememb
Kržišnik, D. (2024) · Alternator · doi:10.3986/alternator.2024.24
Charting Path: Sustainable Startups and TheirRole in Global Sustainability Transitions
Yadav, M., & Malik, S. (2024) · DIAS Technology Review · doi:10.65301/dias.2024.21.1.2
Tian, J., & Wang, Y.-J. (2024) · Applied Mathematics and Nonlinear Sciences · doi:10.2478/amns-2024-3089
Deep Learning Based Model for Predicting the Contribution of SMEs to the Economy
Utku, A., Sevinç, A., & Akcayol, M. A. (2023) · Fırat Üniversitesi Mühendislik Bilimleri Dergisi · doi:10.35234/fumbd.1340992
COMPARATIVE ANALYSIS OF BIO-BUSINESS MODELS AND JUSTIFICATION OF THEIR MANAGEMENT IMPROVEMENT
Astrovienė, J., & Greblikaitė, J. (2022) · RURAL DEVELOPMENT 2019 · doi:10.15544/rd.2021.054
“Source: Trapero et al. (2018), Reim et al. (2019), D'Amato et al. (2020) Linear business models are incompatible with the goals of sustainable development, which is why companies must integrate the principles of sustainability and the circular economy when developing bio-businesses.”
BackgroundArchitectures of biointelligent value creation systems: A systematic literature review and typology
Shoshi, A., Sonnenberg, M., Miehe, R., & Bauernhansl, T. (2026) · Journal of manufacturing systems · doi:10.1016/j.jmsy.2026.06.010
Hamzah, H. T., Sridevi, V., Al-Zahiwat, M., Tukarambai, M., Abdullah, T. A., Neelima, L., Poiba, V., Musalaiah, M., Koffi, S., Kumar, K. N., et al. (2026) · AIP Conference Proceedings · doi:10.1063/5.0348385
Towards a circular economy in SMEs in Poland – practices, barriers and support
Janik, A., & Ryszko, A. (2024) · Scientific Papers of Silesian University of Technology. Organization and Management Series · doi:10.29119/1641-3466.2024.203.6
“In turn, implementing CE practices in Finnish SMEs involved overcoming challenges such as a lack of capital and financial resources, dependence on public support for research and development, and the need to foster cooperation along the value chain (D’Amato et al., 2018).”
Laurent, S., Durand, C., & Marchand, E. (2023) · Interdisciplinary Research in Medical Sciences Specialty · doi:10.51847/pv3dytyt2t
Metadata
- 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
- 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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