There's huge potential in this space. I worked on a project in college where we examined the viability of using Black Soldier fly larvae as a protein source for animal feed. It's a surprisingly high quality protein and also provides oils that can be processed into biofuels. The larvae can also be further processed to extract chitosan [1], which can sell for $100/kg [2](depending on quality).

Of course, there are many challenges around mass-rearing of insects, especially for human consumption.

[1] https://en.wikipedia.org/wiki/Chitosan [2] http://www.alibaba.com/showroom/chitosan-price.html