Traditional dietary supplements are often discussed on the NutraCast (think powders, pills and gummies), but let’s turn our attention to a less traditional format: Essential oils. With a global market size projected to reach $40 Billion by 2030, the essential oils market category is a force to be reckoned with. Leading the way is Utah-based doTERRA.
The company’s CEO, Kirk Jowers, explained the evolution of essential oils, noting that when they were initially introduced to the public, people were unsure how to use them. Today, the global market for essential oils’ is valued at $24.7 billion, with a growing demand driven by their use in aromatherapy, wellness practices and as dietary supplements.
Jowers also attributes the company’s success to social media platforms like TikTok, which can also get tricky when celebrities like Halle Berry mention doTERRA products.
“We had no relationship and still don’t with her. We sent her some products to say thank you. But, you know, that really helped.”
With moments like that in mind, Jowers said doTERRA recognized early on that the company needed to be the masters of its own supply channel.
“So we instituted what we call co-impact sourcing, where we work directly with the farmers and distillers, often in developing countries, and allow them to share in our success. We didn’t want to just use middlemen where all sorts of mischief can occur and where growers and distillers sometimes don’t get what they’re due, and so we are now in 46 different countries sourcing our essential oils and we sell them in over a hundred, so we have an amazing supply chain,” Jowers said.
To hear more on doTERRA’s rise to the top, upcoming launches and the company’s emphasis on education, listen to the full NutraCast.
If you enjoy listening to the NutraCast, feel free to leave a review. You can subscribe on Apple, iHeart, Spotify or wherever you get your podcasts.
