Market insights to business strategy

: a foundational study for a European insect-based food start-up

Abstract

This thesis investigates the industry for insect-based products with a focus on German-speaking countries and aims to provide a comprehensive analysis of the market landscape, consumer acceptance, and potential marketing strategies for start-ups in this emerging field. A mixed methods approach was used for the research, including a comprehensive literature review, competitive analysis, consumer survey, market analysis, and market segmentation. Key findings indicate a growing trend in the acceptance of insect-based products, particularly among the population's younger, educated, and physically active segments. The market analysis revealed the potential for value innovation via a blue ocean strategy that addresses untapped niches such as fitness and health enthusiasts, and environmentally conscious consumers. Given the unique and novel challenges associated with marketing insect-based products, a multi faceted marketing strategy that leverages niche marketing, online presence, influencer collaboration, and educational initiatives is recommended. While this study provides valuable insights into the insect-based products industry, it also reveals the need for further research, particularly in areas such as the regulatory landscape, sustainability issues, multiple product categories, and consumer behavior psychology. Overall, this work provides a foundation for future academic research and practical strategies for start-ups seeking to compete in the insect products industry.

Date of Award	27 Jun 2023
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Rute Xavier (Supervisor)