Marketing Strategy - Innocent Smoothies

Market Research Report

Spoke to four companies (Exo, Gryllies, Jimini’s and Edible Bug farm) with a reasonable response from Exo and Jimini’s and complete answers from Gryllies and Edible Bug Farm. All the other companies contacted either did not respond or were unwilling to answer any questions.

Aims

Speak to at least 3 edible insect companies to get a better understanding of these companies and find out:

1.) What problem they are solving

2.) What their Unique Selling Point

3.) Who their customers are and what markets they are focusing on

4.) Estimations of total stock sale (and monthly sales)

5.) Do they have returning customers?

6.) Thoughts on the future of edible insects as a whole and their company

7.) Market trends they have noticed

8.) Do they have any problems as a business?

9.) What bad assumptions did they make?

Gryllies (Canada)

1. As a company what is the main problem you are you trying solve? (If it is sustainability do you believe there is such a thing as a ‘sustainable diet’?)

The main problem Gryllies is trying to solve is food insecurity.

2)        What is your unique/ best selling point (can be more than one)?

Gryllies is the only edible insect product in North America that can seamlessly be incorporated into meat dishes, thereby directly offsetting meat and the social and environmental concerns arising around meat intake.

3)        Who are your customers/ what markets are you focusing on?

Gryllies is focusing on targeting Milennials and Generation X Moms as our main target demographics. We have identified these two customer segments as most conscious and concerned about the health effects associated with red and processed meat products, the environmental concerns with the livestock industry, and are the most willing to change their diet, due to their increased level of education, and concern for their children's' futures, respectively.

4)        What percentage of your customers are returning?

Gryllies has yet to start selling our products.

5)        What do you believe is the future of edible insects as a whole and have you noticed any market trends?

The future of edible insects will likely be incorporation of the whole cricket into everyday meals, since this requires the least processing on the manufacturing end, and will be the least expensive on the consumer end. This is, of course, several years down the road. Currently, trends in the industry show that insect protein is being incorporated into snack foods as a value-add/differentiation from the traditional food (i.e. cookies with insect protein) to help normalize eating insects. We believe this trend will continue into even more commonly eaten foods.