Expo West continues to “walk the talk” as the premier event in the emerging consumer brands world, often likened to the Super Bowl of the industry.
This year, Expo West 2025 brought together nearly 70,000 attendees and 3,200 exhibitors, and the overall mood was a blend of excitement about growth and new consumer health needs, with questions about the impact of tariffs and inflation on the overall economy. Conversations centered around protein, personalized nutrition and hydration – but also tariffs, consumer volatility, and the evolving acquisition strategies of large strategics. While uncertainty looms, one thing remains clear: the brands that will emerge as category winners are those that execute best. That’s where Manna Tree sees a significant opportunity—our combination of financial and operational expertise positions us to partner with the next generation of industry leaders.
Our team that attended (left to right): Grace Zuncic, Managing Director, Human Talent; Ali McNutt, Senior Associate, Investments; Tyler Mayoras, Managing Director, Food and Beverage; Carley Nelson, Vice President, Investments; Ryan Klas, Director, Investments; Steve Young, Managing Partner; Drew Connor, Vice President, Investments.
“Expo West is an inspiring time for both our industry and our team at Manna Tree,” says Steve Young, Managing Partner. “There are so many opportunities in health and wellness – and they have the power to transform the consumer products industry with a new generation of brands that meet consumer needs – all while delivering returns to our investors.”
Read on for our investment team’s 2025 observations and trends.
Protein Reigns Supreme
If one trend dominated Expo West this year, it was protein. From classic high-protein products to novel formulations, brands raced to highlight protein content and grams per serving. Animal-based protein innovation also surged, with chicken- and egg-based products leading the charge.
Grace Zuncic, Managing Director, Human Talent connects with the Good Culture team, including Jesse Merrill, Co-Founder and CEO, Good Culture.
Functional Hydration Gains Momentum
Hydration innovation extended beyond electrolytes, with companies infusing water and beverages with micro and macro-nutrients for added functionality. Some of these products are even HSA-approved.
Functional Coffee & Tea
Consumers continue to seek functional benefits from their daily routines, and coffee and tea brands capitalized on this behavior.
Global Flavors Continue to Thrive
Authentic, global flavors took center stage, reinforcing a durable consumer trend. Mexican, Asian, and Indian-inspired brands continued to resonate —each delivering bold flavors with premium execution.
Personalized Supplements & Women’s Health
The personalized nutrition space remains crowded, particularly in women’s health and supplement powders. The consumer demand for tailored health solutions remains strong – and both the supplements and food space feel ripe for an explosion of new ideas to bring the promise of “personalized nutrition” to life.
Clean Skincare & Personal Care Expansion
The clean beauty movement continues to evolve, with skincare, cosmetics, shampoos, and soaps gaining traction. Many new brands are bringing clean formulations to a broader audience.
The Natural Products Industry is Stronger Than Ever Due to Profitability
Over the past three years, the number of brands in the $15M to $100M revenue range that are not only profitable but strongly profitable has increased significantly. This financial discipline has put the industry in a strong position for sustainable growth.
DTC is Back
After facing challenges from iOS and Google privacy changes and rising transport costs following the Ukraine war, the DTC sector was in a tough spot. However, in the last three years, founders have adapted, proving they can thrive in this evolving landscape. Now, we see promising opportunities from both DTC-only brands looking to expand into retail and omnichannel businesses with strong DTC metrics.
Managing Partner, Steve Young catching up with Charlotte Mostaed, Chief Marketing Officer, Health-Ade.
Big CPG’s Move Upmarket Has Created a Growth Opportunity
Large CPG companies have increasingly focused on acquisitions of brands above the $200M to $300M revenue range, leaving a significant gap in the mid-tier market ($30M to $100M). To successfully scale into this next tier, brands must strengthen their management teams, supply chains, fulfillment strategies, and brand awareness. Manna Tree is well-positioned to help bridge this gap.
Looking Ahead
Expo West 2025 reaffirmed our belief that execution is everything—great ideas alone aren’t enough. As Manna Tree continues to assess opportunities, we remain focused on brands that combine strong fundamentals, differentiated positioning, and clear paths to scale.
From left to right, Steve Young, Ricky Khetarpaul, CFO, Health-Ade, Chris Lansing, CEO, Health-Ade, Grace Zuncic, Drew Connor.
From left to right Drew Connor, Jason Burke, Co-Founder and CEO New Primal and Grace Zuncic.
Our team snaps a selfie with Manna Tree Operating Partner Jill McIntosh.
