Abstract Feeding cost is among the main drivers in the price competitiveness of intensively‐fed‐aquaculture (IFA) products. As soaring energy prices increase the costs of technologies used to increase the digestibility of plant protein feeds, there is an urgent call for comprehensive knowledge on the mass use of insects as fish feed. This review identifies the key aspects of insect incorporation into established IFA practices and puts them into a commercial context. Larvae of Black soldier fly (BSFL) is identified as the most versatile in terms of (a) variety of biowaste usable for its rearing, (b) automatization and scaling up, (c) nutritional value and (d) circular and environmental aspects. Furthermore, modifications insect diets can increase the levels of valuable compounds such as omega‐3 fatty acids in fish. Other insects such as ants or mealworms have the potential to meet the nutritional requirements of various fish species. While today the production costs of BSFL (mostly around 3.5 € kg −1 ) are mostly determined by labour costs, it is predicted that intensified industrialization of insect rearing could reduce the production cost below 2 € kg −1 . In addition, multiple positive economic impacts, as well as environmental spillovers, have been identified. It is proposed that further research should be directed towards the refining and further valorization of byproducts from insect farming which could further dissolve the rearing cost. Bringing the IFA into compliance with the principles of the circular economy increases its competitiveness by reducing production costs and improving public opinion.