I've been a vegetarian for some time and don't really miss meat. There are some fake meat solutions, but they tend not to be very good (at least as meat proxies) and are also very expensive averaging about $8 a pound - a very expensive protein source.
But making meat from animals is very energy intensive - animals are about 10% efficient energy conversion devices and that can rise quickly with ethically treated animals. Some people have an interest in relying on energy from plants a bit more through "meatless mondays" and a larger percentage of vegetarian dishes. There is real room for innovation in the mostly static fake meat industry - Mark Bittman reports.
Synthetic meat is noted in the Guardian - an attempt at real meat derived from real meat and a commerical project to make a plant based fake chicken and beef designed to be a better tasting, better texture and cheaper substitute. The later - Beyond Meat is documented by NPR. Beyond Meat is on sale in Whole Foods in Northern California. If it is "good enough" and cheaper than meat, they may have a huge winner. Probably more from people who are looking for a few meatless meals rather than real vegetarians, but I could be interested if it is cheap and not terrible.
(hat tip to Bjarne for the Guardian article)