The transformation towards a circular economy is seen as an opportunity for companies to engage in market-shaping, in which markets are seen as influenceable and malleable systems. Customer value propositions (CVPs) are critical business model devices for companies in their endeavours for change. This study explores which market elements companies aim to shape for circularity, and how companies design CVPs for shaping the market. A qualitative multiple-case study is conducted including five cases of reusable packaging business model development for fast-moving consumer goods. We identify four focus areas of designing market-shaping CVPs: (1) product ownership, (2) customer role in the value concepting process, (3) social representations and community and (4) consumption practices. The study contributes to the circular business model literature by illustrating the dynamics that is integrated in balancing between incumbent and emerging circular systems, and to the marketing literature by integrating the concepts of CVPs and the circular economy.