To me, it seems that the question comes down to energy efficiency. How many calories in are required to produce one calorie of beef? Our World In Data claims the efficiency is 1.9% [1], whereas Yale Center for Business and the Environment claims it's 2.5% [2]. So, it seems that if somehow you could figure out how to reconfigure plants into meat in a way that isn't as inefficient, you could come out ahead on cost. Now, maybe this is way too hard to do currently (I don't know since I don't know much of the science), but it at least seems like there could be an opportunity.
Another place where cost could cost factor in would be if governments were to enact a carbon tax (or, alternatively, tax meat, or subsidize plant based meats). If the actual cost to the environment could be reflected in the cost consumers pay, that's another opportunity for plant based meats to come out cheaper.
[1] https://ourworldindata.org/grapher/energy-efficiency-of-meat... [2] https://cbey.yale.edu/our-stories/disrupting-meat