The implementation of circular business model (CBM) in the manufacturing industry is affected by operating context (contingency factor) such as sectors and their respective demography and company size. Due to limited research on implementation in specific operating contexts, companies often draw insights from other contexts thus missing its full potential. This issue is responsible for the low adoption rate of CBM as well as the decrease in the global circularity rate. To address this problem, the researchers aim to examine the operating context explored in existing studies and the characteristics addressed (research areas and business model archetypes). By employing the Scientific Procedures and Rationales for Systematic Literature Reviews protocol, the study conducted a content analysis on 42 peer-reviewed articles. The findings identified the demographics and company sizes explored in sectors such as electrical and electronic, automotive, fashion and textile, and others. Additionally, research areas such as capabilities, barriers, risk factors, digital technologies along with business model archetypes such as product-service systems, product life extension, and gap exploiter that was explored in these operating contexts were identified.