WRAP report finds circular business strategies reap rewards
The NGO finds significant value creation opportunities for businesses adopting circular living strategies.
Working with OC&C Strategy Consultants, WRAP says its report assessing 200 UK businesses and 1,500 consumers shows how a growing number of circular living strategies are helping to improve their financial performance and mitigate against future uncertainties linked to climate change.
Are businesses leaving money on the table? – creating value through circularity examines how a range of strategies are becoming more common in UK boardrooms.
Early adopters of circular living strategies are said to benefit from revenue growth, competitive advantages and cost savings. Their survey finds that since 2020, circular industries have been growing 3.1% faster than linear industries and 'circular-native' businesses are growing 2x faster.
The report warns that many companies are missing out and risk future disruption from supply chain insecurities if they continue business as usual.
WRAP CEO Catherine David says, 'Here we show how circular business models can build resilience, unlock growth and help secure customer retention by staying relevant in an ever-changing marketplace.
'Our report highlights the key strategies and rewards they’re delivering and is essential reading for any business wishing to future-proof itself.'
Circular design initiatives were found to be the most common circular strategies within the businesses assesed, with 60% desiging products for durability or repairability.
Also, there were 184 financial investments made in circular economy ventures in 2023, an increase of 42% on 2022.
Investment volume growth saw a 34% per annum rise between 2018-22.
For more like this....
