Let's face it, lots of this is cultural. Why would you eat a lobster, but not a cockroach for instance?
I spent the past 18 months developing a new process to make Mycoprotein (most commonly sold in the UK as Quorn), and that's basically a fermented mould. The market for alternative protein sources is absolutely massive, and growing at a phenomenal rate.
However, because culturally, we're a long way off accepting insects as food, it's more likely that in Europe we'll farm insects to feed to chickens or fish for example, which we'll then eat. It amounts to the same thing really, but is just less efficient!!
Now here's a question - industrially grown meat (i.e. mammalian cells) - Yes or no?