I think one of the problems with having fake meat would eventually be animal overpopulation.
I mean, look at India.
"India now has so many cattle, according to Professor Ram Kumar of the India Veterinary Council, that there is only sufficient food for 60 percent of the cattle population. This means that of an estimated 300 million calves, bulls, and bullocks, some 120 million of these animals, especially in arid regions (and elsewhere during the dry season and droughts when fodder is scarce), are either starving or chronically malnourished. Because the majority of Indians are Hindus, and thereby hold the cow sacred, many consider the killing of cattle even for humane reasons unthinkable."