The global botanical extracts market—which includes all uses for botanicals, of which dietary supplements account for the largest market—is projected to reach $7.59bn by 2025, growing at a CAGR of 8.7%, according to Market Watch.
The market for foods and beverages that contain botanicals is projected to be valued at $1.49bn by 2025, growing at a CAGR of around 3.2%, according to Zion Research. Of this, beverages hold a predominant share.
According to Buckner, who founded TeaSquares in 2016 infusing ingredients such as green tea, ashwagandha, matcha, and blueberry açai into bite-sized snacks squares, botanicals and beverages have a natural history together.
"There’s this legacy of usage in the beverage category. Even if you look at ingredients from Eastern medicine, a lot of time they're blended as a beverage or as a tea," he told FoodNavigator-USA.
Consumers also tend to naturally associate beverages (e.g. coffee, tea, wellness shots) with providing functional benefits, he said.
Botanicals in food, challenges and opportunities
However, the opportunity for botanicals is continuing to extend beyond beverages and into functional snacks -- thanks in part to the growing 'food as medicine' consumer notion, notes Buckner -- and snacks leveraging botanicals have a unique opportunity to capitalize on the botanicals trend.
Buckner who now leads Foodbevy.com, an online community connecting food and beverage entrepreneurs with resources to grow their brand/business, is witnessing this trend first hand.
"There are a number of brands that are starting to incorporate them into foods," he said. One of Foodbevy's members, B.T.R. Bars, makes a line of functional bars using ingredients including ashwagandha and other adaptogens.
Botanicals and snacks: In conversation with TeaSquares founder - FoodNavigator-USA.com
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