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https://nccur.lib.nccu.edu.tw/handle/140.119/141596
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| Title: | 新穎植物肉創業計劃研究
Research on Novel Plant-based Meat Entrepreneurship Plan |
| Authors: | 張有勝
Chang, Yu-Sheng |
| Contributors: | 李志宏
Lee, Jie-Haun
張有勝
Chang, Yu-Sheng |
| Keywords: | 肉類替代蛋白質
植物肉
組織化植物蛋白
全肉型植物肉
多維纖維結構
Anisotropic fiber structure
Alternative protein
Plant-based meat
Texturized vegetable protein (TVP)
Whole-cut vegetable meat |
| Date: | 2022 |
| Issue Date: | 2022-09-02 14:55:50 (UTC+8) |
| Abstract: | 隨著非動物性蛋白成為一種健康的選擇，消費者對替代蛋白質的需求正在增長。當替代蛋白質的味道和質地與傳統動物蛋白質相當，而且價格平價化時，消費者將更有意願採用非動物來源的替代蛋白質。本創業計劃是以新一代的肉塊直接成型技術，生產高品質、擬真口感的植物肉胚半成品與植物肉調理產品。取代傳統組織化植物蛋白(TVP)需黏著重組成型，可省去重組加工及過多的添加劑。
藉由技術優勢、適當的市場策略與財務規劃，以優質的肌理化植物肉胚及合理的價格，有機會快速進入市場增加市佔率。由於我們是目前市場上唯一可量產肌理化植物肉胚的新創公司，而且肉胚產品可以直接作為料理食材，依本計畫預估公司成立五年後，可佔有台灣5%以上的植物肉胚市場。在合理的成本及訂價策略下，除首年因創辦初期的產線建置與市場測試，保守估計產品銷售量與收入外，在成立的第二、三年即有機會達到損益兩平。此外，本研究針對肉胚的價格競爭及變動成本上漲等因素，進行利潤敏感度分析，得到即使售價降幅達20%，預估114年的銷貨淨利率仍有12.34%，股東權益報酬率ROE仍有4.27%；而對變動成本的敏感性則較低。
本創業計劃預計種子輪募資2,500萬元成立公司並建置肌理化肉胚生產線，並可維持至少兩年的公司營運。而且在公司設立初期，先採取較保守的投資策略，以承租合作廠商現成GMP廠區空間建置生產線，待確認市場的接受度及需求後，再評估投資自行設廠。本計畫預估114年時，首輪2,500萬元資金的IRR為6%；後續因應建廠需求進行溢價增資台幣6,000萬元，則在116年時的IRR為8%。
Consumer demand for alternative protein is growing as non-animal protein becomes a healthy option. When the taste and texture of alternative protein is comparable to traditional animal protein, as well as the price is affordable, consumers will be more willing to adopt alternative protein from non-animal sources. This entrepreneurial research is based on a new technology to produce whole-cut vegetable meat that texture like real meat with anisotropic fiber structure. It eliminates the need for reconstituted processing and excess additives, allowing it to replace traditional texturized vegetable protein (TVP) that need to be adhered and reconstituted.
Thanks to our new technology, proper market strategy and financial planning, and affordable prices, we have the opportunity to enter the market quickly and increase our market share. That`s because we`re the first company on the market to mass-produce whole-cut vegetable meat that can also be used as a culinary meal. Under this entrepreneurial plan, the newly established company has the opportunity to break even in the second and/or third year through a reasonable pricing strategy. This is a conservative estimate of product sales and revenue based on the company`s first year of production line construction and market testing. The company is expected to capture more than 5% of the market share of plant-based meat in Taiwan five years after its establishment. Furthermore, this study conducts profit sensitivity analysis for factors such as product price competition and variable costs. The result is that even if the selling price drops by 20%, the estimated net sales margin in 2025 is still 12.34%, and return on equity remains at 4.27%; conversely, there is less sensitivity to variable costs.
The start-up company is expected to raise NT$25 million that can build a whole-cut vegetable meat production line and maintain operations for at least two years. Moreover, in the early stage, the company adopted a relatively conservative investment strategy, building production lines by leasing the existing GMP factory space of strategic partners. This study foresees an IRR of 6% for the first round of TWD 25 million in 2025. After that, the company will raise an additional NT$60 million three years after its establishment to meet the demand for factory construction. As such, the 2027 IRR would be 8%. |
| Reference: | 一、中文文獻
徐郁婷、蕭宜庭 (2020)。食品產業年鑑，第19章植物肉業。食品工業發展研究所，民109年7月。
徐郁婷、陳怡文、陳麗婷 (2021)。食品產業年鑑，第19章植物肉業。食品工業發展研究所，民110年7月。
網際網路
朱曼寧報導 (2022)，ESG成全球趨勢 研究顯示：分數與公司股價淨值成正比。經濟日報，民111年1月24日。取自https://money.udn.com/money/story/5613/6056886?from=edn_newest_index
李彥瑾報導 (2022)，綠色飲食退燒？Oatly、BYND失寵...今年股價都腰斬。MoneyDJ新聞，民111年5月16日。取自https://www.moneydj.com/kmdj/news/newsviewer.aspx?a=6540140e-509d-4a51-83d3-90dc3f39c4be
吳昱賢報導 (2020)，植物肉好處多！救動物 救地球 美研究：還可降低心血管疾病風險。DPG動物友善，民109年8月15日。取自 https://animal-friendly.co/farm/23814/
林玉婷編輯 (2022)，植物肉市場2021年銷售持平！Beyond Meat與Impossible Foods如何挽救業績？食力電子報，民111年4月15日。取自https://www.foodnext.net/news/newsnation/paper/5111693714
林珮萱報導 (2021)，獨家曝光！大成研發植物肉「NEO Foods」，搶攻全球素肉市場。遠見雜誌，民110年8月27日。取自https://www.gvm.com.tw/article/81990
陳苓報導 (2020)，素肉商Beyond Meat掛牌飆163% 創近20年美IPO最大漲幅。MoneyDJ理財網，民109年5月3日。取自https://wealth.businessweekly.com.tw/m/GArticle.aspx?id=ARTL000137401
聯合早報 (2021)，以色列「培植雞肉」須排隊數月才吃得到。聯合早報，民110年6月24日。取自https://www.zaobao.com.sg/news/world/story20210624-1160096
二、西文文獻
Blue Horizon and BCG analysis (2021). Food for Thought: The Protein Transformation. March 2021.
Osterwalder A and Pigneur Y (2010). Business model generation: a handbook for visionaries, game changers, and challengers. Wiley. July 2010.
Osterwalder A, Pigneur Y, Bernarda G, Smith A and Papadakos T (2014). Value Proposition Design: How to Create Products and Services Customers Want. Wiley. October 2014.
Porter, M (1979). How competitive forces shape strategy. Harvard Business Review. March/April 1979.
Porter, M (1980). Competitive Strategy. The Free Press, New York. 1980.
Renub Research (2021). Plant Based Meat Market Global Forecast By Source, Product, Food, Regions, Company Analysis. March 23, 2021.
Research and Markets (2021). Global Plant Based Meat Market Report 2021-2027: Market is Forecast to Reach $14.9 Billion - Opportunities in Innovation, New Product Launches, Partnership and Merger & Acquisition. April 02, 2021.
Vision Research reports (2021). Plant-based Meat Market (By Source: Soy, Pea, Wheat; By Product: Burgers, Sausages, Patties, Nuggets, Tenders & Cutlets, Grounds; By Type: Chicken, Pork, Beef, Fish; By End-use: Retail, HORECA (Hotel/Restaurant/Café); By Storage: Refrigerated Plant-based Meat, Frozen Plant-based Meat, Shelf-stable Plant-based Meat) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021–2030. December 2021.
Warner R D (2019). Review: Analysis of the process and drivers for cellular meat production. Animal 13(12), 3041-3058.
網際網路
FAO Food Price Index eases in April (2022). Food and Agriculture Organization of the United Nations. Release date: May 06, 2022. https://www.fao.org/newsroom/detail/fao-food-price-index-eases-in-april/en
FAO Food Price Index dips in May (2022). Food and Agriculture Organization of the United Nations. Release date: June 03, 2022. https://reliefweb.int/report/world/fao-food-price-index-dips-may-enarzh
Welch D. (2020). The future of food: business opportunities in alternative proteins. April 16, 2020. https://www.slideshare.net/DavidWelch18/the-future-of-food-business-opportunities-in-alternative-proteins |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
109932136 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109932136 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202201316 |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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