That's the main reason a lot of companies are working on lab-grown meat. If they manage to get it cheaper than cows, the impact will be enormous. In principle it should be possible, since it requires far less resources.
The recent book Clean Meat covers the field in detail. Steaks will be a while, but for ground meat we're a lot closer than I'd expected. Dairy is even easier: no cells, just fats, sugars, and proteins that can be produced by engineered yeast.
(The book also has a chapter on just going vegan, but points out that despite decades of advocacy, people's behavior has barely changed. When people can afford meat, they eat it, and it's been that way for pretty much all of human history.)