Circular Economy Towards Sustainable Businesses: Exploring Factors Shaping Adoption And Implementation Barriers

Abstract

A circular economy is emerging as a vital opportunity to promote sustainability in business practices as the globe struggles with resource constraints and environmental issues. This study explores the factors that influence and impede businesses' adoption of circular economy concepts. The study identifies the primary forces pushing businesses to embrace circularity, including regulatory pressures, consumer demands for eco-friendly products, cost savings through resource efficiency, and improved brand reputation. It does this by drawing on a thorough review of the literature, case studies, and empirical research. On the other hand, the analysis reveals important obstacles that prevent the broad implementation of circular economy practices, including high initial investment costs, a lack of adequate technology infrastructure, unclear regulations, and deeply ingrained linear business models. The study also looks at how these obstacles and drives are related to one another, emphasizing the intricate dynamics at work in the move towards circularity. The purpose of this research is to provide light on these important variables in order to educate stakeholders, businesses, and policymakers about the advantages and disadvantages of putting circular economy strategies into practice. This will help to ease the shift to more resilient and sustainable business models.