Background: A significant increase in the global food demand is expected to occur in the near future. Since the currently implied food system will not be able to meet this demand without impacting the environment negatively, it is crucial to consider alternative ways of producing food. Entomophagy thereby presents an approach that could be deployed to meet the future demand in an environmental and sustainable way. However, whereas multiple studies investigate consumers’ acceptance of insect-based products, little is known about their purchase intentions. Purpose: The purpose of this study is to explore the underlying factors affecting Swedish university-attending Generation Y consumers’ purchase intentions towards insect-based products. In order to fulfill the purpose of this study, two research questions have been developed. Thereby, the Theory of Planned Behavior was chosen as a theoretical framework. Method: The research philosophy of this study adopted elements of both constructionism and interpretivism. Further, this study applied an abductive approach and a qualitative research design with an exploratory purpose. A total of three focus groups were conducted in order to explore purchase intentions towards insect-based products. In addition, a taste test was incorporated in each focus group to explore the participants’ reactions when given the opportunity to try an insect-based product. To adequately reach the selected target population, a combination of a self-selection sampling technique and a convenience sampling technique was employed. Lastly, a content analysis following a directed approach was applied in order to properly analyze the collected data. Conclusion: The empirical findings of this study suggest that eleven factors are contributing to the target populations’ purchase intentions towards insect-based products. Thereby, ten of these factors are connected to the components of attitude, subjective norm, and perceived behavioral control of the theoretical framework whereas the remaining factor was not categorized within these components. Regarding the conducted taste test, it was found that the large majority of the participants were willing to try. Further, the taste test showed that all participants followed their initial intentions.