What the OP is talking about mostly is factory farming, where cows will likely not eat very much grass, and where animals will not be free to graze.
I think most people would agree that traditional livestock farming is a much better system, ethically and environmentally, but it would struggle to meet global demand.
Probably correct. I guess meat consumption should go down.
However as someone who has worked on farms and even studied farming at least here in Norway there is plenty of room for increasing meat production from traditional farming, it just isn't economically viable in most cases.
I personally could agree to see meat prices rise 10 or 20% overnight if I knew the price difference would go to the farmers and especially if more of it went to the ones who use their resources reasonably.
I think most people would agree that traditional livestock farming is a much better system, ethically and environmentally, but it would struggle to meet global demand.