This is only an excerpt of the full article that appeared in P&F Magazine. The full content is not currently available online.
According to a new Natural Marketing Institute (NMI; www.nmisolutions.com) report, when it comes to the triple bottom line concept—people, planet and profit—consumers have turned against the “‘whatever the cost’ strategy” of previous years in favor of the first two pillars. “[C]onsumers clearly want more focus on the social and environmental legs of the stool, while profit takes a back seat,” the report notes. “Whereby this result might be expected, it points out the need for responsible capitalism.” NMI adds that, far from being anti-profit, the financial opportunities are significant, estimating that the market for lifestyles of health and sustainability (commonly referred to as LOHAS) is about $209 billion and growing rapidly.
The renewed focus identified by the report encompasses social issues, employee workplace and environmental initiatives in the service of increased profi ts. NMI found that social issues somewhat trumped those of the environment, which strategically positions products made with fair trade and socially responsible ingredients. Such human-resource focused programs are extremely marketable, NMI found, making them an obvious opportunity for clients in the flavor and fragrance industry. Here, author Daemmon Reeve provides a case in point—fair trade organic mint oils.