The circular economic model aims to produce goods and services sustainably through limited consumption and waste management at all stages of a product’s lifecycle. In contrast to the linear economy, the circular economic model aims to break the produce-consume-dispose pattern by recycling the waste generated during these stages. This is then transformed into raw materials to be used for production and other purposes. However, only 7.2% of the world’s total economy is circular. This is largely due to increased material consumption. This has reduced the global circularity from 9.1% in 2018 to 8.6% in 2020 to 7.2% in 2023. This circularity gap draws attention to the reality that the world exclusively uses virgin resources, of which 90% are wasted, lost, or otherwise unusable since they are consumed by permanent stock.

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