CIIE helps US company dōTERRA benefit from Chinese market
SHANGHAI, June 14, 2023 /PRNewswire/ -- The American company dōTERRA, which started off as a small firm with a few dozen employees, has found success in China through its participation in the China International Import Expo.
In just five years, dōTERRA, which sells high-grade essential oils, has become a major contender in the Chinese market and now has ambitions to make China its largest market in the world by 2030.
The company is one of the beneficiaries of the CIIE, through which global enterprises can access the vast Chinese market.
The CIIE, the world's first national-level exhibition focused on imports, has become an international public good and a window for China to build a new development pattern and promote high-level opening-up.
As the event provides a platform that enables connections with various parties involved in the industry, dōTERRA has become more confident about its localization in China.
The company, which started with a small 9-square-meter booth at the inaugural CIIE five years ago, expanded its booth to 200 square meters in 2021.
The value of tentative deals signed between dōTERRA and Chinese buyers at each CIIE has also increased - from 380 million yuan ($53.3 million) in 2018 to 1 billion yuan in 2020.
"Participating in the CIIE is like standing on the shoulders of giants," said Owen Messick, president of dōTERRA China. "Our brand has gained more awareness and the business in China has made new breakthroughs." China is currently dōTERRA's second largest market.
Since the second edition of the CIIE, in addition to showcasing existing products, dōTERRA has also released new essential oil products with unique Chinese characteristics.
"The CIIE has provided us with a tremendous platform to enter the Chinese market and we hope to bring our best products to the expo," said Messick, who noted that the company is presently making preparations, including developing a new product, for the upcoming sixth CIIE.
Many small and medium-sized enterprises like dōTERRA are looking forward to showcasing themselves and establishing partnerships with the Chinese market, according to Messick.
"I hope that SMEs can make progress together, seize opportunities, and benefit from China's economic development through the CIIE," he said.
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