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Abstract Transforming the agri-food system from a “take-make-waste”, or linear production system, to a circular bioeconomy that reduces, recycles, recovers, reuses, and regenerates wastes and transitions from fossil to biobased fuels and products is being hailed as critical for meeting a growing population’s food and fuel needs in environmentally sustainable ways. While a transformation towards a circular bioeconomy is an appealing strategy to achieve multiple environmental goals, we argue that this strategy needs to go beyond a techno-centric focus and adopt an economic value-based lens to balance the desire for circularity with its costs, benefits, and distributional effects on society. This perspective analyzes the mechanisms that sustain the existing linear economy and proposes a novel social cost-benefit framework to determine the optimal level and path to circularity. We present five critical pathways to achieve a sustainable circular bioeconomy in a market economy consisting of decentralized decision-makers.