What to expect for Circular Economy in 2023?
2022 witnessed the rise of Circular economy practices. We see waste reduction strategies everywhere, and the usage of new materials makes it possible to create a closed-loop economy. Therefore, circular economy solutions increase the lifespan of goods and materials while converting waste into resources. Businesses, big and small, are relying on technology like artificial intelligence (AI), the internet of things (IoT), and blockchain for this, making them key components of circular economy trends.
Hereunder are the Top 8 Circular Economy Trends & Innovations in 2022 (StartUs insight, 2022).
Moving forward to 2023, the circular economy trend is continuing and even accelerating. Businesses and governments everywhere are becoming more conscious of how crucial it is to move away from a typical linear economy. In order to reduce waste, improve resource efficiency, and create a more sustainable future, several nations are already taking action to develop their own circular economy policies and initiatives.
This article will explore some of the key trends in the Circular economy to emerge in 2023.
The Rise of Collaborative Consumption
The idea of "collaborative consumerism" is gaining popularity in 2023, which is not surprising given how many businesses are using the circular economy to their advantage. Businesses are seeing the possibilities of implementing a more sustainable approach to their operations and learning that doing so is advantageous for both the environment and their bottom line.
So what exactly is collaborative consumption?
Collaborative consumption refers to the notion that promotes the sharing of resources and services rather than relying on the conventional notion of ownership. Companies can access a variety of resources and services, from automobiles and bicycles to electronics and furnishings, for a fraction of the price by utilizing an internet platform. The circular economy also enables businesses to react quicker to shifting customer needs. Companies can now provide customers with a variety of specialized services, such as renting out goods or being flexible with subscription plans and payment methods.
The possibility of firms becoming more socially responsible has also increased thanks to the collaborative economy. Businesses may support the local economy and lower poverty by collaborating with the community. They can also give them access to services and employment possibilities that they wouldn't otherwise have.
Reimagining Waste Management
In order to establish a circular economy, waste management will need to be redesigned in 2023. The emphasis today is on reuse, repurposing, and recycling rather than the antiquated method of disposal. Waste is no longer just an environmental burden, thanks to creative solutions. But is instead used as a chance for economic expansion.
Thinking differently about how we manage our waste was the first step on this journey toward a circular economy. We now recycle waste to produce new goods, materials, and energy instead of disposing of it in landfills and incinerators.
Additionally, we have transformed how we handle our natural resources. An exciting trend that will revolutionize the business in the upcoming is the rise of new sustainable packaging materials. Many enterprises, especially those that are consumer-facing, are likely to become more popular as they use natural materials like seaweed. Consumers are now consciously choosing to buy products that are classified as biodegradable, compostable, or reusable, which is a trend that many firms can no longer ignore.
Accelerating Circular Economy with Technology
The year 2023 is shaping up to be a year for the circular economy. The idea of circularity has been a hot issue for a while, but it's finally becoming more of a reality thanks to amazing technological advancements that are enabling adoption by businesses easier and more effective.
The speed at which this transition is happening is simply amazing. The advantages of this shift for the economy and the environment are already evident.
AI will transform creative processes.
"AI will dominate the aesthetics and the conversation around design – knocking aside the more important and pressing subject of sustainability," said Dixon.
British designer Tom Dixon and French designer Starck stated that using artificial intelligence (AI) in the product-creation process will become more commonplace in 2023.
Digital experimentation continues to push boundaries.
"I also think we will continue to see attempts to use the digital realm to widen perspectives and expand offerings in a way that hasn't been explored before,"
A larger adoption of digital technologies, from AI to CGI, would "produce a new hybrid and co-existence" between the virtual and physical worlds, according to Andrés Reisinger, a 3D artist who used CGI to construct a virtual chair that was later put into production.