The circular economy (CE) has emerged as a key framework for addressing sustainability challenges in the food sector, but existing literature remains conceptual or policy-focused. Limited attention has also been given to how CE principles are translated into business model innovation (BMI) at the company level, particularly within national contexts considered circular economy pioneers. This thesis addresses these gaps by examining how four Finnish food companies integrate CE principles into their business models and which factors shape this process.

By adopting a qualitative case study design and purposive sampling, the thesis analyses four food-related organisations operating in Finland: Fazer, Hesburger, K-Supermarket, and ResQ Club. Data was collected through a mix of document analysis, site observations, and semi-structured interviews. Data is analysed using Business Model Innovation (BMI) as the primary perspective, supported by Institutional Theory (IT) and the Resource-Based View (RBV). 

The findings show that while all of the selected companies engage with CE principles, their levels of business model implementation vary significantly. Physically-established companies like Fazer, Hesburger, and K Supermarket, for example, will integrate circularly through step-by-step operational innovations (such as side-stream valorisation, waste-to-energy solutions, and data-driven food waste reduction) while maintaining their existing business models. In contrast, digital platform businesses like ResQ Club puts circularity at the core of its value proposition which allows for more radical business model innovation focused on surplus food distribution. The analysis further shows that institutional pressures encourage circular engagement but do not determine the extent of transformation. Instead, company-specific resources, capabilities, and strategic positioning play a more decisive role.