Globally, economies are experiencing a paradigm shift from linear production practices (make-use-dispose) towards circular economy (CE) pathways as critical development strategies to achieve Agenda 2030. In the context of the progressive shift to CE, we critically review extant literature to comprehend the trends and constraints concerning adopting CE practices. Our review reveals burgeoning literature encompassing a gamut of CE practices prevalent in multiple domains globally. We also discuss the emergent trends and patterns in adopting CE across sectors in India. Our study also confirms that implementing the transition to CE with ad hoc policies or as a tactical response to external or internal stimuli is unsustainable; instead, it necessitates organisational agility and strategic collaboration among stakeholders. We also identify consumer perceptions and economic feasibility as the most significant criteria determining the institutionalisation of CE. Further, responding to calls for investigation of CE in small and medium enterprises, we present a conceptual framework that can enable a non-disruptive transition towards CE. We contribute to existing explorations into the overlap of CE and Sustainable Development Goals (SDGs) by conceptualising a direct (SDG12) and indirect (SDGs 2, 6, 8, and 13) link between the three major stakeholders of CE (society, environment, and economy. This framework discusses the interlinkages of the above objectives and underscores the need for collaborative efforts from all stakeholders toward a sustainable circular economy. When practices align with these objectives, firms can successfully manage low environmental impacts while enhancing their economic relevance and social responsibility.