Here are two more alternatives for you:
- left: putting two (or three) more nodes as labels
- right: same idea, but anchored south (i.e. using same amount of space)

Did some refactoring wrt styles, also to simplify code lines:
\begin{tikzpicture}[
crc/.style={circle,anchor=west,draw},
lbl/.style={align=center},
]
% ~~~ cicles ~~~~~~~~~~~~~~~~~~~~~
\node[crc, minimum size=8cm, fill=pink] (a) {};
...
To place the labels, just shift them wrt to the colored nodes, either using cartesian or polar notation:
% ... two alternatives ...........
\node[yshift=33mm] at (a) {Total Market};
\node[lbl] at ([shift=(30:3.0)] a) {Total\\Market};
Code:
\documentclass[tikz,border=2mm]{standalone}
\begin{document}
\begin{tikzpicture}[
crc/.style={circle,anchor=west,draw},
lbl/.style={align=center},
]
% ~~~ cicles ~~~~~~~~~~~~~~~~~~~~~
\node[crc, minimum size=8cm, fill=pink] (a) {};
\node[crc, minimum size=6cm, fill=green,] (b) {};
\node[crc, minimum size=3.6cm, fill=orange] (c) {Inner Market};
% ~~~ labels ~~~~~~~~~~~~~~~
\node[yshift=22mm] at (b) {Private Market};
% ... two alternatives ...........
\node[yshift=33mm] at (a) {Total Market};
\node[lbl] at ([shift=(30:3.0)] a) {Total\Market};
\end{tikzpicture}
\begin{tikzpicture}[
crc/.style={circle,anchor=south,draw},
%lbl/.style={align=center},
]
% ~~~ cicles ~~~~~~~~~~~~~~~~~~~~~
\node[crc, minimum size=8cm, fill=pink] (a) {};
\node[crc, minimum size=6cm, fill=green,] (b) {};
\node[crc, minimum size=3.6cm, fill=orange] (c) {Inner Market};
% ~~~ labels ~~~~~~~~~~~~~~~
\node[yshift=16mm] at (b) {Private Market};
\node[yshift=27mm] at (a) {Total Market};
\end{tikzpicture}
\end{document}
(-90:<radius>) arc[start angle=-90, delta angle=180, radius=<radius>]. – Qrrbrbirlbel Nov 13 '23 at 20:57text along pathdecoration itself. – Qrrbrbirlbel Nov 14 '23 at 00:22