2024中国人造肉行业研究报告.pdf

2024中国人造肉行业研究报告 目录一、人造肉概述.4（一）人造肉概念及分类.4（1）植物肉（又称大豆蛋白肉、素肉）.5（2）细胞肉（又称试管肉、动物源人造肉）.5（二）人造肉发展历程.6（三）人造肉与传统肉的区别及制作流程.72.人造肉制作流程图.8（四）人造肉发展意义.82.缓解原料消耗.93.促进人类健康.94.缓解动物需求.9二、人造肉行业发展环境及驱动因素.9（一）人造肉行业发展环境.92.城镇化进程加快.103.人口数量不断增长.104.饮食消费习惯改变.115.居民收入持续增长.116.消费潜力不断释放.13（二）人造肉行业发展驱动因素分析.132.人造肉可以减少对环境的负面影响.143.消费者正在寻求更健康的蛋白质来源.144.全球素食消费倾向驱动人造肉行业发展.15三、人造肉行业发展现状.16（一）全球人造肉行业发展现状.162.人造肉行业融资情况.173.人造肉市场规模.19（二）我国人造肉行业发展现状.212.我国人造肉市场大事件.253.国内人造肉行业现状.26（三）人造肉行业发展存在问题.292.人造肉的口感无法比拟真肉.303.人造肉可能存在食品安全问题.30 四、人造肉行业竞争格局及典型案例分析.31（一）人造肉行业竞争格局.311.Kelloggs植物性人造肉市场霸主.322.ConagraBrands通过并购进入人造肉行业.333.BeyondMeat人造肉上市第一股.344.ImpossibleFoods后起之秀.365.MemphisMeats生物制肉领先者.386.人造肉行业其他参与者.39（二）典型案例BeyondMeat公司.402.产品线介绍.423.营销渠道.434.优势与挑战.442.面临挑战.45五、人造肉行业投资方向分析.45（一）投资方向一：豆类蛋白或其他植物蛋白生产企业.46（二）投资方向二：下游投资或涉足人造肉的食品加工企业.48四、人造肉行业竞争格局及典型案例分析.31（一）人造肉行业竞争格局.311.Kelloggs植物性人造肉市场霸主.322.ConagraBrands通过并购进入人造肉行业.333.BeyondMeat人造肉上市第一股.344.ImpossibleFoods后起之秀.365.MemphisMeats生物制肉领先者.386.人造肉行业其他参与者.39（二）典型案例BeyondMeat公司.402.产品线介绍.423.营销渠道.434.优势与挑战.442.面临挑战.45五、人造肉行业投资方向分析.45（一）投资方向一：豆类蛋白或其他植物蛋白生产企业.46（二）投资方向二：下游投资或涉足人造肉的食品加工企业.48 A 2050 96 100 BeyondMeat A 2019 2018 一、人造肉 概述 2050 96 100 BeyondMeat A 2019 2018 1.2.1 BeyondMeat2019 4.3/MemphisMeats 1 2020 2011 11 2012 8 9 25 20 30 1953 60 2016 Memphis Meats 2017 1.1 23 40-60/70/2 C 20-50%1.14 18%2.BeyondMeat 4 3 3.4.二、人 造肉行业发展环境 及驱动因素 1.2018 50 2018 GDP 90 6.6%30.51 9.7%1660 1386 28228 6.5%2.2012 52.57%2018 59.58%4 2012-2018 3.2018 13.95 530 1523 10.94 4.5 5.2018 28228 8.7%6.5%6 2013-2018 7 2013-2018 6.2018 38 9%13776 10.2%1.2016 55 2050 68 2050 98 8 2050 98 68%2.9 3.16%21%10 4.Harris Interactive 2008 2015 700 1000 3.2%3.4%Veganlife 15 50 Euromonitor 2016-2017 11 2016-2017 三、人 造肉行业发展现状 1.2050 1.66 Markets and Markets 2018 46 2023 61 2.2018 169 43%.2018 Impossible Foods 2018 1.14 Tyson Foods,General Mills 12 2017 Clara foods 2015 B 2019 4 1680 Impossible Foods 2011 D 2019 3 38750 Beyond Meats 2009 H 2018 10 12200 2019 5 24100 Kite Hill 2013 C 2018 10 6550 Hail Merry A 2018 5 680 Ripple Foods 2014 C 2018 10860 Memphis Meats 2011 A 2018 1 2010 Soylent 2014 B 2017 5 7240 JUST 2011 D 2017 22000 3.OECD 2018 8829.6 4426.7 4134.9 100 2030 3800 13 2018 MarketsandMarkets 2019 121 15.0%2025 279 14 2019-2025 MarketsandMarkets 2018 40%15 2018-2025 1.2014 6864.16 2016 6502.65 2018 6522.87 2018 5403.7 82.8%644.06 9.87%475.07 16 2010-2018 2017 1600 1072 64.31%595 35.69%2018 1713.1 2019 1775 17 2017 794 494 2017 29.21 20 2018 10 400 5.9%5%2019 6 26.7%10 2018 10 2019 6 7 18 2019 1-8 400 3 6 21.59 4.7%29.8%19 2018-2019 2.2016 100 BeyondMeat A BeyondMeat 20 2019 5 8 2019 5 15 2019 5 2019 5 2019 6 2019 6 2019 8 Starfield 9 3.Beyond Meat 1993 蒟篛 300 2010 2010 21 1993 10/200 2010 32/250 2010 10/220 2018 3 6000 3000 Beyond Meat 2018 8790 Beyond Meat 500 3000 70%5000 1.Beyond Meat Impossible Foods 12-16/92-123/9 62 Beyond Burger 6.99/Big Mac 3.99 Double Quarter Whopper 5.39 22 12-16/9/6-7/5/2013 Mosa Meat MarkPost 32.5 2017 3 Memphis Meat 9000 2018 5 Future Meat Technologies 220 2020 1 10 2.23 3.四、人 造肉行业竞争格局 及典型案例分析 IRR 47.7%Beyond Meat 6.8%9.8%Kraft Heinzs Boca 4.2%24 1.Kellogg s Kelloggs Keebler Pop-Tarts Eggo Cheez-It Nutri-Grain Rice Krispies Special K,Murray Austin Morningstar Farms 2018 Kellogg 112 180 20 70 MorningStar Farms 40 Gardenburger 20 90 47.7%MorningStar Farms Gardenburger 2.Conagra Brands Conagra Brands Gardein Conagra 4 21 52 Gardein 5000 4700 2500 25 Gardein 3.Beyond Meat Beyond Meat 2009 2010 2012 2016 Beyond Burger 26 Beyond Meat 2017 Kroger A&W(Canada)Bareburger 3 2019 5 3 2.41 2000 2 163%27 Beyond Meat IPO 2019/5/3 241-H 2018/10/5 50 G 2017/12/7 55 Cleveland Avenue Blue Horizon 2017/8/15 8.41 Powerplant Ventrues F 2016/10/10 23.46 E 2015/10/16 17 301 Inc New Crop Capital Colaborative Fund D 2014/7/29 S2G Ventures WIT investment Seth Goldman C 2012/12/6 Morgan Creek Obvious Ventures 4.Impossible Foods Impossible foods 2011 2016 7 Impossible burger 2017 3 2019 1 Impossible Burger 2.0 2019 5 3 E 28 Impossible Foods Impossible Foods Impossible Foods 2018 5 Impossible Foods Little Bao Happy Paradise Beef&Liberty Impossible Foods 150 3 3 Beyond Meat Impossible Foods 2018 Impossible Burger 5,000 2019 4 Burger King Whopper 700 inMarket inSights 59 4 18.5%Horizons Ventures(Temasek)2019.5.15 3 7.5 Beyond Meat 29 Impossible Foods E 2019/5/15 300 Temasek Horizons Ventures Jay Brown Kirk Cousins 2019/3/29 2018/4/3 114 Temasek Sailing Capital 2017/8/1 75 Temasek Khosla Ventures Horizons Ventures 2016/5/26 16.5 D 2015/9/30 108 UBS Viking Global Investors Horizons Ventures Gate Ventures C 2014/6/27 40 B 2013/7/17 25 A 2011/7/14 9 5.Memphis Meats Memphis meats 2005 CEO Uma 2015 2016 30 Memphis Meats 6.Mosa Meat JUST Good Catch Future Meat 31 Most Meat 2013 A 840 JUST 2011 2.2 Good Catch 2016 A 870 Future Meat 2018 220 JBS Memphis meats Futrue Foods 2018 6 Garden Gourmet 4 32 Beyond Meat Impossible Foods Memphis meats Mosa Meat Kelloggs Conagras Kraft Heinzs Boca JBS Beyond Meat 1.Beyond Meat 11 2009 2019 5 3 Beyond Meat 46 84%65.75 163%11000 2011 Kleiner Perkins Kleiner Perkins 2016 2018 0.16 0.88 2019 0.4 215%2016 0.25 2019 0.07 33 Beyond Meat 34 Beyond Meat Beyond Burger 2017 2018 48%70%1.7 1.1 2.Ready-to-cook Beyond Burger Beyond Sausage Ready-to-heat Beyond Beef Crumbles Beyond Chicken Strips 2016 81.3 2017 1810.9 2127%2018 5153 2019 3880.6 304.4%Beyond Burger 2016 4%2017 48%2018 82%2019 90%Beyond Burger 35 3.2.8 Albertsons,Kroger,Wegmans Whole Foods Market 2016 Beyond Burger 11,000 BurgerFi Bareburger TGI Fridays A&W Canada 2016 1234.2 2018 3717.3 2019 1957.9 110.8%2016 384 2017 709.1 2018 1924.7 2019 2062.7 491.4%36 4.1 Beyond Meat 2016-38%2017-6%2018 3 20%2019 28%20%Beyond Meat Ethan Brown Seth Goldman 21 Albertsons,Kroger,Wegmans Whole Foods Market 2017 78%BurgerFi Bareburger TGI Fridays A&W Canada 2 Beyond Meat Beyond Meat 2017 Q2-63%Boca Foods Field Roast Grain Meat Co.Gardein Impossible Foods Lightlife Morningstar Farms Tofurky JBS 五、人 造肉行业投资方向 分析 Beyond Meat 37 002481.SZ 95.5%90%2018 23.8 15.06%5.1 70.62%21.32%2018 55.1%11.5%38 2019 3 1475.HK 73.89%2016 65.3%62.6%19.8%9