For most of its 25 years, Essential Oils of Tasmania has been a price-taker, selling drums of botanical extract to multinational flavour companies. However, its development of a world-first perfume based on pearl extract, and a push to enter the medical cannabis market, are among new initiatives to move up the value chain.

Based in Kingston, near Hobart, the steam distillation and solvent extraction business was bought in 2013 by a company itself struggling with commodification – Atlas Pearls & Perfumes.