2025年循环经济趋势报告

Contents A word from Todd Mills01 Circular Economy UK investments02 Through the investor lens03 Circular Economy trends dashboard05 Spotlight on industrials06 The role of CVCs in supporting industrialsolutions in the Circular Economy08 Scaling circular business09 Case study: Smart CT11 Case study: CIRQLR12 Get in touch with ourCircular Economy experts14 A word from Todd Mills In 2024 it was the industrials and technology sectors that reallydrove circular deal activity. This is perhaps not a surprise whenreflecting on our survey in last year’s report, where 40% of UKmanufacturers surveyed acknowledged they might not exist inten years’ time without adopting circular principles. Prominentcircular themes within the sector include manufacturingproducts using innovative non-virgin materials or creatingprocesses that deliver product or energy from waste. Todd Mills Director M&A,Circular Economy Lead After several years of rapid growth, 2024 broughtachange in tempo for circular economy investment.Deal volumes held steady compared to 2023, ending afive-year streak of rapid year-on-year growth. But whileon the surface this shift suggests a cooling of investorappetite, look a little closer, and a more meaningfulpicture emerges. Whilst deal volumes have held firm,deal values have increased significantly, with£2.2bn of disclosed investment, up 60% from2023. The circular economy is no longer a niche oremerging theme – it’s maturing, earning its place asamore established part of the investment landscape. Consumer-facing industries have experienced challengesconsistent with the broader macroeconomic environmentwhichonly increase investor scrutiny. However circulareconomyprinciples can be a catalyst for improving investorconfidence. Sustainable fashion and products is the fastestgrowing consumer market segment with annual growth of17%. 62%ofGen Z shoppers prefer to buy from sustainablebrands, and 73% are willing to pay more for sustainableproducts. Asinvestor confidence returns to the sector,itwillbebrandswith positive sustainability credentialsthatprove most attractiveto consumers. In today’s business climate, sustainability strategies must standon firm commercial ground. Establishing circular principles hasbeen long acknowledged as being environmentally progressive.However investors are now clear on the positive impact they canhave on investment returns. Not only do they reduce emissions,they reduce risk, insulate supply chains, create cost efficienciesand differentiate products. These characteristics provide theplatform for long term value creation. There’s no ignoring the macroeconomic pressures that shaped thisyear’s market: high interest rates, stubborn inflation and politicaluncertainty have all made investors more focused and moreselective. In an environment where every pound invested must proveits worth, the circular economy is holding its own with183 dealsrecorded in 2024,nearly triple the number seen just five years ago. But even with growth in deal volumes catching a breath,dealsizes continued to climb with the average value of disclosedinvestment increasing from £10.7m to £17.5m.This is in linewith broader sustainability trends globally, where funding hasshifted away from early-stage activity and towards more provenbusiness models. Circular economy investments are increasinglyseen not just as environmentally responsible, but as facilitatorsofimpressive financial returns. So, while the pace of growth may have slowed,thesignal is clear: the circular economy has notlostmomentum. Instead, it is evolving. It’s enteringa new, more resilient phase – one built not just onidealism, but on the solid foundation of returns,resilience and real-world impact. Circular Economy UK investments 2024 highlights Based on an average disclosedinvestment of£17.5m pertransaction,we estimatethat the total capital investedinto the UK circular economywas around£3bn in 2024 Disclosedcapital investedhas increased by over60%from £1.3bn in 2023 to£2.2bn in 2024 withaverageinvestment increasing 64%from £10.7m to £17.5m Annual deal volumes havestayed relatively consistentat183 in 2024comparedto184 in 2023 131 of 183 deals werefunded by generalistinvestorsevidencing thebreadth of market appetiteforthe circular economy Venture capital accountedfor58%of 2024 circulareconomy transactions,followed by privateequityat19% Through the investor lens Claire Frangou, Partner, M&A and Emma Llewellyn-Powell, Assistant DirectorofGrowth Advisory at BDO UK, assess the investment landscape As this report will show, circular economy activityisaccelerating – not just in terms of deal volume,but inthe variety and maturity of business modelsattracting attention. Across sectors we’ve seena growing pipeline of high-potential companies,increased investor appetite and the steadymainstreaming of circular innovation. The rise of generalist capital Investor behaviour is shifting. As the data in this report shows,traditional capital is moving