The circular economy consists of production systems that take into account the end of life of products. It is a new way of thinking that supports the transition towards sustainable development. Within the agricultural waste management domain, multiple initiatives have been started that manage waste and by-products in order to optimise the consumption of natural resources and reduce the environmental impact of economic activities. This article discusses the business models and value propositions of four different initiatives, the aim of which is to valorize agricultural by-products. Results show that if the value proposed targets a direct market, the corresponding business model is based on the market structure and delivers economic as well as social and environmental value. In contrast, for initiatives offering value that is not guided by direct market logic, public financial support and the participation of target stakeholders are crucial.