Markets can be efficient mechanisms for allocating resources, but can also be deployed for other goals. Extant sustainability research has primarily focused on market regulation and the creation of dedicated marketplaces, e.g., for emissions trading, thus overlooking other ways of transforming markets for increased sustainability. Before it is possible to shift from this reactive “fixing market-failures” approach to a more proactive “shaping markets for sustainability”, research is needed on how different conceptions of value and value creation logics influence the organization and outcomes of markets. Furthermore, insights are needed into the dynamics of multiple actors simultaneously seeking to influence markets, giving rise to unpredictable – and potentially unsustainable – outcomes. Thus, we conduct an in-depth case study in the Nordic forestry sector where the plurality of value creation logics and shaping efforts is visible in the increasing tensions between, e.g., biodiversity, carbon offsets, renewable energy, recreation, and traditional industrial uses of wood. Theoretically, our research fills an important gap left between the current understanding on how to make individual firms more sustainable and how to shape markets for improved economic – but not environmental or social – outcomes. Practically, we provide a toolkit to identify and navigate conflicting value creation logics and shaping efforts that often obstruct needed sustainability transformations.