Economic evaluation of a business model of a Vanilla planifolia bio-factory using BIT® bioreactors

Abstract

Objective: To evaluate the economic and financial viability for the implementation of a biofactory responsible for the in vitro propagation of Vanilla planifolia with TIB® bioreactors. Design/methodology/approach: A completely randomized design was used. The data were processed with the IBM SPSS Statistics software (version 21). A Mann-Whitney U test was performed (p≤ 0.05). An Economic-Financial Evaluation was carried out, determining the main economic indicators: Profitability, Minimum Acceptable Rate of Return (MARR), Internal Rate of Return (IRR), Net Present Value (NPV) and Benefit-Cost Ratio (B/C R). Results: TIB® temporary immersion bioreactors were used in this study. An average multiplication rate of 18.37 shoots per explant was obtained. When performing the economic-financial analysis of this agribusiness model over a five-year horizon, it yielded an Internal Rate of Return of 12.36%, a Benefit-Cost Ratio of 1.81, and a Net Present Value of MX$286,506.73 pesos (US$ 14,474.93), with a payback period of two years and seven months. Limitations on study/implications: Using semi-solid culture media in the multiplication stage in vanilla decreases the production capacity and significantly lowers the profitability of the biofactory. Findings/conclusions: The profitability of a biofactory for the production of vanilla depends on the multiplication rate, achieved in this case satisfactorily through the use of TIB®. This vanilla biofactory agribusiness model using bioreactors can be adopted by investors as an economic development strategy.