South Korea’s insect-related industry has grown 80 to 90 percent in the past four years to over 300 billion won, or nearly 251 million U.S. dollars.

According to a report released Friday by the Korea Rural Economic Institute, the current size of the country’s insect industry was presumed to range between 303-point-nine billion won and 319-point-three billion won. The amount is 80 percent to 90 percent larger than the level measured in 2011 at 168 billion won.

Growing local insect-themed festivals, such as a butterfly festival and a firefly festival, accounted for a large chunk of the industry with expenditures for those events amounting to 181-point-six billion won in total.

The market for pet insects was valued at 37-point-two billion won to 49-point-six billion won, while the market for insects used in pollination amounted to 43-point-two billion. The market for edible insects has also grown to six billion won.

The institute predicted that the local insect industry will grow one-point-seven times in the next five years and reach 550 billion won by 2020.