An exploratory study into emerging market SMEs' involvement in the circular economy: evidence from India’s indigenous Ayurveda industry

This paper explores the extent to which SMEs can adapt and develop circular economy practices in an emerging market context. Since the evidence provided by the literature is mostly based on large firms operating in developed countries, our focus on India's indigenous Ayurveda industry allows a much-needed and nuanced lens through which to view circular economy activities. We use a two-step research design involving a systematic bibliometric analysis as a first step in the highlighting of numerous themes emanating from the circular economy literature. Second, we complement these insights with two case studies based on SMEs in the Indian Ayurveda industry. Our findings reveal that SMEs engage and contribute to the circular economy. More specifically, we present unique insights into the reasons, drivers, and motivations for SME involvement in the circular economy, wherein we observe a blending of indigenous practices and modern technology. Our findings allow us to propose several important implications for theory and practice.