Current estimations showed that the number of people affected by hunger doubled in the last two years, reaching 9.8% of the global population. According to FAO, in order to satisfy the demand for food in the next few years, it will be necessary to double food production. Moreover, the call for a change in dietary patterns has been raised, showing how the food sector is responsible of 1/3 of climate change where meat-based diets or overconsumption of meat play an important role in the negative environmental impact. Consequently, there is a growing concern in how to achieve the goal of increasing food productions without exploiting environmental resources and to explore the production and use of alternative resources, such as insects. Insects are gaining interests both as food and feed not only to reduce the environmental costs in feed production for common livestock, but also to reduce farmers' dependence on traditional protein sources. In this work we aimed to provide an overview of the state-of-the-art upon insect studies, highlighting the most important results obtained from both an industrial and market perspective. The legislative framework concerning edible insects as food and feed is also analyzed, with the final purpose to highlight recent reforms, relevant case-law as well as unsolved regulatory challenges. From a normative perspective, regulatory efforts are still required to fully take advantage of the potentialities of insects-industry. From a consumer point of view, consumers' willingness to pay a premium is going to be a key issue for economic sustainability of the insect farming chain. To meet the food and feed security challenges, insects will have to be considered all-around, including applications in the food, feed, and other sectors. We believe that this review is an important contribution to the field of food science and will be of interest to researchers, food industry professionals, and policymakers in order to prioritize research questions and help communicate scientific knowledge to a broader audience.