Kings Research today announced the release of its latest market intelligence study, “Global Circular Economy Market: Size, Share, Trends & Forecast 2024–2031.” The report delivers a comprehensive analysis of the market’s size, trajectory, drivers, and opportunities for stakeholders.
According to Kings Research, the global Circular Economy Market was valued at USD 583.55 billion in 2023, projected to reach USD 696.19 billion in 2024, and expected to grow to USD 2,882.11 billion by 2031, at a CAGR of 22.50% during the forecast period. This growth is fueled by increasing global focus on sustainability, waste reduction, resource efficiency, and regulatory mandates encouraging circular business models.
The circular economy is an economic system aimed at eliminating waste and the continual use of resources. It involves rethinking product design, materials, manufacturing processes, and consumption patterns to maximize the value of resources and minimize environmental impact.
Circular economy initiatives range from sustainable packaging and product life extension to closed-loop recycling and sharing economy models. These practices are critical in addressing resource scarcity, climate change, and rising regulatory expectations for environmental stewardship.
Kings Research underscores the main reasons behind the expansion of the dynamics of the circular economy market. These include:
- Governmental Policy & Circular Economy Roadmaps
The European Union adopted the Circular Economy Action Plan under the European Green Deal, aiming to ensure all packaging is reusable or recyclable by 2030, significantly reducing waste and improving resource efficiency.
- Corporate Sustainability Commitments
According to the Ellen MacArthur Foundation, corporate commitments to circular economy models have grown exponentially, with over 100 major companies integrating circular principles into their operations as part of sustainability strategies (Source: https://www.ellenmacarthurfoundation.org/).
- Innovation in Recycling & Resource Recovery
The annual production of plastics and plastic garbage worldwide increased in 2019 compared to 2000, contributing to plastic pollution. By 2060, the trend is expected to triple under normal circumstances. Research by the United Nations Environment Programme (UNEP) highlights that innovative recycling technologies, such as chemical recycling and AI-enabled sorting, can increase recycling rates for certain materials, drastically cutting resource extraction. (Source: https://www.unep.org/)
- Consumer Demand for Sustainable Products
A European Commission survey found that 83% of EU consumers consider sustainability when making purchasing decisions, driving brands to adopt circular strategies to meet customer expectations (Source: https://europa.eu/).
- Regional Growth Dynamics
Europe is leading in regulatory frameworks and infrastructure supporting circular business models, while North America is innovating in resource recovery, recycling technologies, and circular business model adoption.
For executives—CIOs, CTOs, COOs, Heads of Sustainability—the circular economy market offers:
- Regulatory Compliance: Aligning with global and regional sustainability mandates.
- Operational Efficiency: Reduced raw material costs through reuse and recycling.
- Brand Differentiation: Meeting sustainability expectations to improve customer loyalty.
- Innovation: Developing new business models and sustainable product lines.
- Resilience: Reducing dependency on volatile raw material markets.
Regional Outlook
- Europe: Leading in circular economy initiatives, driven by the European Green Deal and the Circular Economy Action Plan. Key sectors adopting circular models include packaging, electronics, and textiles.
- North America: Growing interest in circular business models, driven by corporate sustainability commitments and innovation hubs advancing recycling technologies and circular supply chains.
Competitive Landscape
Key players advancing circular economy strategies include Adidas AG, Inter IKEA Systems B.V., PepsiCo, Inc., Procter & Gamble, The Coca‑Cola Company, Unilever, ADM, BASF SE, H&M Group, HP Development Company, L.P. These organizations focus on product design innovation, sustainable sourcing, and closed-loop manufacturing.
The full Kings Research report provides detailed segmentation by industry, type, and geography, along with competitive benchmarking. To request a sample, access the complete report, or explore consulting services, please visit https://www.kingsresearch.com/circular-economy-market-1046.
About Kings Research
Kings Research is a global provider of syndicated research and consulting services, enabling organizations to navigate emerging markets, identify opportunities, and make informed strategic decisions.
All market data are sourced from Kings Research proprietary analysis, validated against credible public data and research reports. Examples include European Commission — Circular Economy Action Plan, Ellen MacArthur Foundation — Circular Economy Corporate Initiatives, and United Nations Environment Programme — Circular Economy Global Perspective.