Market Dynamics in the Circular Economy: A Case Study of the Adjacent Biofertilizer and Biogas Markets

This study explores the interlinked development of Sweden’s biogas and biofertilizer markets as part of efforts to close resource loops in a circular economy. While biogas benefits from robust policy support and a clear energy narrative, biofertilizers face persistent challenges related to marketization, pricing, certification, and public perception. Applying a constructivist market studies approach together with a lens of concerned markets, the paper investigates how societal and sector-specific concerns interact with market-shaping processes. Findings show that market formation is shaped by evolving exchange practices and material reconfigurations, efforts to validate biofertilizers through experimentation and certification, and shifting narratives that reposition biofertilizers from waste by-products to valuable contributors to soil health and circularity. The paper calls for integrated policy frameworks that align energy and nutrient recovery to support more balanced and sustainable market infrastructures.