Plant-based protein market projected to reach USD 2.79 billion by 2031

The global textured vegetable protein (TVP) market is projected to grow from USD 2.00 billion in 2026 to USD 2.79 billion by 2031, representing a compound annual growth rate of 6.9%. This expansion is driven by rising demand for plant-based foods and advancements in extrusion and protein texturization technologies. Major industry players include ADM and Cargill, which provide plant-based protein ingredients for meat alternatives, snacks, and prepared foods.

In Finland, the RETHINK project is focusing on maximizing the economic value of plant protein production by utilizing side streams. Experts suggest that creating high-value uses for carbohydrate-rich fractions—potentially in sectors like cosmetics—is essential for profitable business models. Collaborative efforts, such as the partnership between Viking Malt and Valio to develop germinated faba bean protein granules, highlight the importance of cross-company cooperation to scale production and reduce supply risks.