Abstract
Circular and bio-economy represents a political and industrial initiative to ensure that our society can rely on renewable biological sources while achieving economic growth. However, there is a need to critical review how realistic and feasible such initiatives are towards fulfilling the promised benefits of this economy. The literature on bio-economy often discusses the importance of innovative business models and their role in a successful shift to a bio-economy. Still, much of the discussion that is related to circular business models is fragmented and immature. Therefore, the purpose of this study is to conduct a systematic literature review of circular business model activities and the barriers to a bio-economy. Further, this review provides future research directions for a shift to a bio-economy. This study is based on a systematic review of 42 scientific journal articles and book chapters on a forest-based bio-economy. The business model canvas is used to provide a structured aggregation of the existing circular business models activities being used by the forestry sector. In addition, we develop a framework that describes the barriers to bio-economy-based circular business models and suggest new directions for future research. The study highlights the need for alignment among the elements of a business model as a key condition for its successful implementation in a bio-economy.
Highlights
The shift towards a circular and bio-economy is one of the main focuses of political initiatives that aim to ensure that renewable biological sources are available to society while still achieving economic growth [1]
To advance the understanding of value generation in a bio-economy, the present study consists of a systematic literature review with a specific focus on research related to forest-based business models
The emerging research on a forest-based bio-economy has identified a need for a holistic perspective about business model activities because this would support the commercialization process of bio-based products in the forest sector [2,21]
Summary
The shift towards a circular and bio-economy is one of the main focuses of political initiatives that aim to ensure that renewable biological sources are available to society while still achieving economic growth [1]. The bio-economy is defined as the production of renewable biological resources and the conversion of these resources and waste streams into value-added products, such as food, bio-based products, and bioenergy, including both traditional and emerging sectors (e.g., agriculture, forestry, food, and pulp and paper production) as well as parts of chemical, biotechnological, and energy industries [4]. The literature on this type of economy devotes much attention to the technological aspects of new bio-based products as well as the political strategies that support a shift toward a sustainable bio-economy [5,6]. This literature does not fully explore the potential of the circular business model in a bio-economy, and several research gaps exist that show a need to study the bio-economy from the perspective of a business model
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